我国创业板公司股权结构与公司价值的关系研究

A Study on the Equity Structure and Value of China's GEM Companies

股权结构对公司价值的影响很大,而创业板上市公司的股权结构与主板市场上市公司的不同。因此,选取了深圳证券交易所创业板2012年底前上市的355家公司作为研究样本,通过最小二乘法以股权集中度来对公司价值进行回归分析。结果表明,创业板上市公司第一大股东持股比例与公司价值呈负相关,第二至第五大股东持股比例与公司价值呈正相关,高管持股和公司价值呈负相关。

Equity structure plays an important role in determining the value of a company, and the equity struc- ture is different from that of GEM board firm and that of the main board company. This paper selects the 355 compa- nies listed in the GEM board of Shenzhen Stock Exchange before the end of 2012 as the research samples, by the method of least squares to do a regression analysis of the correlation between equity concentration and firm value. The results show that the firm value is negatively affected by the largest shareholder of the company, that the firm value is positively related to the share portion of the second to the fifth largest shareholders, and that the value of the company is negatively affected by the shares that the top managers hold.