The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate ...The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.展开更多
China’s restructuring of state-owned enterpsies has been a major component of the country’s reform and opening, and a driver of its impressive economic growth of the last two decades. An examination of this restruct...China’s restructuring of state-owned enterpsies has been a major component of the country’s reform and opening, and a driver of its impressive economic growth of the last two decades. An examination of this restructuring is important not only as a contribution to the general economic development literature, but also for China to best understand how its development has played out so far, and thus how it might best be continued.展开更多
文摘The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.
文摘China’s restructuring of state-owned enterpsies has been a major component of the country’s reform and opening, and a driver of its impressive economic growth of the last two decades. An examination of this restructuring is important not only as a contribution to the general economic development literature, but also for China to best understand how its development has played out so far, and thus how it might best be continued.
