大股东风格、股权集中度、股权制衡与公司价值——中国上市公司2003年—2011年度非平衡面板数据的实证

Major Shareholder Style,Ownership Concentration,Shareholder Balance and Corporate Value——Evidence from Chinese Listed Companies of 2003-2011 Unbalanced Panel Data

基于稳定制度背景下,运用2003年—2011年度中国资本市场上市公司非平衡面板数据,对中国公司中大股东风格(大股东的身份与控制程度)、股权集中度以及股权制衡度这些因素对公司价值的影响展开实证研究。研究中设计相应的财务等控制变量对异质性因素进行控制,同时运用不同价值代理变量提升研究的稳健性。研究显示在中国背景下大股东的风格特征直接影响公司的价值,但其影响是复合性的,而股权集中度高不利于公司价值,股权制衡度提升有利于公司价值增加。

On based of stable institution, this study uses the unbalanced panel data of capital market from China＇s listed companies in 2003-2011 to test the impact of major shareholders style （the major shareholders identity and the degree of control） , ownership concentration and shareholders balance on companies value. The research de-signs appropriate financial and other control variables to control the heterogeneous factor, and uses different values proxy variables to enhance the study robustness. The results show that major shareholder style directly influences the company value, but its influence is complex. High ownership concentration is not conducive to corporate value, shareholder balance is benefit to corporate value.