基于信号传送理论的公司价值的非传统研究

Unconventional Study of the Corporation Value Based on Signaling Models

基于信号传送理论对公司市场价值进行了理论与实证研究 .Ross的信号传送模型表明负债比例越高 ,公司质量越高 ;LP模型表明首次公开发行后原始股东股权留存比例可以向投资者传递关于公司质量的信息 ,比例越高 ,公司质量越高 .实证结果完全支持两个模型的结论 ,而且负债比例较LP信号有更强的解释力 .

The corporation value utilizing the signaling theory is studied theoretically and empirically. Ross′s signaling model indicates that the debt proportion of a company that its manager chooses is a management signal on the company value that is passed to outside investors. The more the debt proportion, the more the company value is. LP model shows that the proportion of ownership retained by initial shareholders before IPO listing can communicate some information to the outside market. The more the proportion, the more the company value is. Our empirical results completely support the predictions of these models, furthermore the debt proportion is more stronger to account for the company value than LP signal.