隐性腐败、股权结构与企业价值关系研究——基于不同产权性质的对比分析

Study on the Relationship Between Implicit Corruption,Equity Structure and Enterprise Value——Comparative Analysis Based on Different Property Rights

高管腐败致使企业资产流失、创新活动受阻、投资效率下降、交易成本提高及债务成本增加等,最终会损害投资者利益和降低企业价值。文章以我国房地产行业上市公司2014-2018年面板数据作为研究对象,通过运用多元线性回归和调节效应检验研究隐性腐败与企业价值之间的关系及股权结构在二者间关系的调节作用。研究结果表明:(1)房地产业上市公司隐性腐败与企业价值负相关,即减少隐性腐败能在一定程度上提高企业价值;(2)股权集中度与企业价值正相关,提高股权集中度能降低管理层隐性腐败的可能性;(3)股权制衡度与企业价值正相关。

Executive corruption leads to the loss of corporate assets,the obstruction of innovation activities,the decline in investment efficiency,the increase in transaction costs and the increase in debt costs,which will eventually damage investors'interests and reduce corporate value.Taking the panel data of listed companies in the real estate industry of China from 2014 to 2018 as the research object,this paper studies the relationship between hidden corruption and enterprise value and the regulating effect of equity structure on the relationship between them by using multiple linear regression and regulating effect test.The results show that:(1)the hidden corruption of listed companies in the real estate industry is negatively correlated with the enterprise value,that is,reducing the hidden corruption can improve the enterprise value to some extent;(2)ownership concentration is positively correlated with enterprise value,and increasing ownership concentration can reduce the possibility of hidden corruption in management;(3)equity balance is positively correlated with enterprise value.