资产结构、资产效率与企业价值

Assets Structure,Asset Efficiency and Enterprise Value

在委托代理模型和生产函数的基础上,利用股东最大化剩余推导了生产效率参数的求解方法。以此为基础,主要研究了资产结构与资产效率、资产效率与企业价值之间的关系。利用1999-2006年期间存在管理层持股745个企业年数据,发现在资产结构与资产效率、资产效率与企业价值之间存在"倒U型"规律,但管理层持股比例与企业价值存在正U型关系。因此可以得出资产结构能够影响生产效率和企业价值的结论。

On the basis of principal-agent model and production function, we derivate solution method of productivity parameters by Shareholders maximum expected total surplus. Using the productivity parameters of total assets and managerial ownership, we research the relationship between asset structure and asset efficiency, asset efficiency and enterprise value. In our sample of 745 firm-year data in 1999-2006, we find that the ＂inverted-U＂ rule exists in between asset structure and asset efficiency, and between asset efficiency and enterprise value. However, the relationship between Tobin＇s Q and managerial ownership is in the ＂U＂ shape. Therefore, we conclude that asset structure can affect productivity and enterprise value.