上市公司股权结构与市场价值的实证研究

Empirical Analysis of the Relations of Equity Structure and Market Value Concerning the Chinese Listed Firms

以 2 0 0 0年以前上市的 86 9家公司为样本 ,对上市公司股权结构、管理股权比例、股权分散程度与公司市场价值的关系进行了实证分析。研究结论 :(1)减持国有股和法人股并使之上市流通是国有及国有控股公司提高市场价值的重要举措之一。 (2 )从提高公司市场价值的角度看 ,调整股权结构的战略决策比扩大公司规模的决策更有意义。 (3)管理股权比率与公司的市场价值不是单调正相关 ,总经理对管理股权比率的边际效用递减。(4 )股权分散型公司的市场价值较股权集中型公司的市场价值高。

For the sake of evidence,we examine 869 samples of listed firms that had A-share in security markets 2000 ago.As a result,we find the following three results:It is an important way enhancing the market value listed firms to decrease the rates of national shares and legal shares;the market value is decreased by national share,but is increased by managerial equity and decentralizing equity .Improving equity structure is more important than enlarging the scale in listed firms.The results show some directions for the listed corporation governance.