所有权结构、资本结构、董事会治理与公司价值被引量：74

Ownership Structure,Capital Structure,Board Governance and Firm Market Valuation

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摘要本文以中国上市公司为样本,实证检验了公司所有权结构、以董事会监督为核心的治理结构及资本结构对公司价值的影响。结果显示:法人股权与国家股权相比占相对多数时,公司价值上升。公司债务比率上升时,公司价值下降。董事会监督并未对公司价值产生显著影响。然而,如果考虑到公司所有权结构对资本结构、治理结构与公司价值之间关系的影响,我们发现,随着法人股权的增加,公司债务比率的上升以及有效的董事会监督将会促进公司价值上升。 This paper examines empirically the influence of ownershipstructure, capital structure and board monitoring on firm market valuationwith a sample of Chinese listed companies. The result shows that legalshareholding is positively related to Tobins Q, which is proxy for firmmarket valuation, debt ratio is negatively associated with Tobins Q, andOutsider representation has no significant influence on Tobins Q. Afurther test indicates of legal shareholding, higher debt ratio and moreoutsider sitting on the board positively related to Tobins Q.

作者何卫东张嘉颖

机构地区南开大学现代管理研究所天津大学管理学院

出处《南开管理评论》 CSSCI 2002年第2期17-20,共4页 Nankai Business Review

关键词所有权结构资本结构董事会中国公司价值上市公司 Ownership Structure Capital Structure Board Monitoring Firm Market Valuation

分类号 F271 [经济管理—企业管理] F279.246 [经济管理—企业管理]

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