新三板挂牌金融企业股权结构与企业价值关系研究

Research on the Relationship between Ownership Structure and Corporate Value of NEEQ Listed Financial Enterprises

文章选取2015年新三板挂牌金融企业数据,运用回归分析方法对其股权结构与企业价值的关系进行实证,得出结论:新三板挂牌金融企业股权集中度与企业价值存在非线性关系,这种关系可用先增后减的倒U型曲线描述;股权制衡度与企业价值不存在显著的线性关系;第一大股东性质与企业价值无关;高管持股比例与企业价值之间显著正相关。据此,提出相关建议。

The authors selected data of listed financial enterprises in NEEQ in 2015 and empirically tested the relationship between ownership structure and corporate value with regression analysis. The conclusions are as follows： There is a nonlinear relationship between the market share concentration and the value of the listed financial enterprises in NEEQ, which could be described by the inverted U curve which was increased firstly and then decreased; Equity balance degree and the enterprise value did not have significant linear relationship; The major shareholders have no relationship with corporate value; There is a significant positive correlation between the proportion of management ownership and corporate value. The authors put forward suggestion based on above analysis.