股权结构特征与造纸企业价值关系研究——兼论纸业上市公司治理

A study on the relationship between the characteristic of stock equity structure and the value of paper enterprise——On the management of listed enterprises in paper industry

基于2008～2010年我国造纸产业上市公司的面板数据,重点从四个维度对股权结构与企业价值关系进行了实证分析。结果表明,第一大股东持股比例与公司价值呈倒U型关系,股权集中在利于形成控制权共享收益同时也存在利益侵占效应;股权制衡、管理层持股比例虽然对公司价值有积极的促进作用,但统计上并不显著;而两权分离度则与公司价值负相关。所作研究,既为投资者理性投资提供了新思路,也为完善纸业上市公司治理提供了经验证据。

Based on the panel data of listed companies of China paper industry from 2008 to 2010,the empirical analysis of the relationship between the characteristic of stock equity structure and the value of paper enterprise was made basically from four dimensions.The results show that the relation between the proportion of the first shareholder and the value of the enterprise is inverted U-shaped;equity restriction and the stock proportion of the management have actively role in improving the value of enterprise,but the effect is not so significant based on the statistics.The study introduced in this paper not only supplies new ideas for the rational investment,but also an empirical evidence for the management of listed companies.