上市公司股权结构对企业价值的影响分析

本文基于大股东所属产权类型，从理论和实证两方面就我国上市公司股权结构对企业价值的影响进行研究，试图克服目前国内相关研究“股权分类不彻底、股东持股比例计算方法不合理、ROE度量企业价值不合理”的缺陷。研究结果表明，第一大股东持股比例对企业价值的影响呈倒U形态；较之于其他类型，私营产权控股股东对企业价值的影响要显著很多。本文还分析了股权分置改革后上市公司股权结构对企业价值影响的新变化。

Shareholding Structure and Corporate Value

This is a theoretical and empirical study of how shareholding structure affects corporate value, in a view to overcome the existing setback in research field in China. The findings indicate that the impact of top shareholder interest on corporate value is embodied like an upside down U. In comparison with other share classes, effect of private controlling stake is more obvious. The author elaborates the new tendency how shareholding structure affects corporate value as a result of split-share reform.