关于股权结构与企业价值关系的实证分析

An Empirical Analysis of the Relationship between Shareholding Structure and Enterprise Value

优化股权结构是保证公司治理效率的重要环节,股权结构的合理性直接影响企业价值,因此,对股权结构以及企业价值之间的关系进行分析具有重要的意义.运用托宾Q值以及最小二乘回归分析法,对A股上市公司价值以及股权结构的关系进行分析.通过实证分析研究发现,股权结构与企业价值具有U型关系,因此,可以通过优化股权结构来实现企业价值的提升.

Optimizing equity structure is an important part of the guarantee efficiency of corporate govern- ance, the rationality of the shareholding structure directly affects the enterprise value, therefore, to analy- sis the relationship between ownership structure and corporate value is significant. This paper analyzes the relationship between the value of the listed company and the shareholding structure through the analysis of a--share listed companies, using the tobin Q and the least squares regression analysis. Based on the empirical analysis, the structure of equity and the value of the enterprise have a u--shaped relationship, so the enterprise value can be improved by optimizing the shareholding structure.