实际控制人特征与上市公司价值关系研究——基于股权分置改革后的实证分析

本文根据2007年度上市公司披露的实际控制人资料，将上市公司分为国家控制和非国家控制两类，国家控制分为国资委控制和国资委以外的其他政府部门控制，非国家控制包括民营企业控制等。实际控制人特征与公司价值关系的分析表明实际控制人的所有权有正的激励效应，所有权与控制权的分离有负的壁垒效应，较长的控制链有助于减轻政府对国有公司的干预，国资委控制的公司价值优于国资委以外的其他政府部门控制的公司价值。

A Study on the Relationship between Actual Controller’ Characteristics and Firm Value of Listed Firms ----An Analysis Based on Post-split Share Structure Reform

Based on the data on actual controller disclosed by listed firms in 2007,this paper divides listed firms into two kinds:state-controlled ones and non-state-controlled ones.State-controlled ones are composed of SASAC-controlled ones and non-SASAC-controlled ones.The empirical research shows that actual controller's ownership is correlated with incentive effect while the separation between ownership and control rights is correlated with entrenchment effect and longer chain can alleviate the intervention of go...