控股股东类型与公司绩效——基于中国上市公司的证据

被引：10

作者：

王鹏 ^{[1
]}

秦宛顺 ^{[1
]}

机构：

[1] 北京大学光华管理学院

来源：

统计研究 | 2006年 / 07期

关键词：

控制权; 分离水平; 控股股东; 控股类型; 公司绩效;

D O I：

10.19343/j.cnki.11-1302/c.2006.07.007

中图分类号：

F224 [经济数学方法];

学科分类号：

0701 ; 070104 ;

摘要：

Using a firm-level dataset from China’s A-share stock market over the period of 2001～2004,this paper examines the effects of large shareholder’s control rights and the separation between control rights and cash flow rights on firm value(Tobin-Q).We find that large shareholders’ control rights are associated with negative “entrenchment effect”.Also we find a negative effect with the separation.but it is different among different owner type:the negative effect is larger for central government-owned and university-owned listed firms,and is smaller for local government-owned and private-owned.

引用

页码：36 / 40

页数：5