| 内部人所有权与企业价值——对中国民营上市公司的研究 |
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| 引用本文： | 李新春,杨学儒,姜岳新,胡晓红. 内部人所有权与企业价值——对中国民营上市公司的研究[J]. 经济研究, 2008, 0(11) |
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| 作者姓名： | 李新春 杨学儒 姜岳新 胡晓红 |
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| 作者单位： | 中山大学管理学院;广东外语外贸大学国际工商管理学院; |
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| 基金项目： | 国家自然科学基金项目(批准号70732005;70872118); 教育部人文社科重点研究基地项目(批准号07JJD820180)的资助 |
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| 摘 要： | 本文在理论分析的基础上,重新定义了内部人所有权,将其区分为"广义内部人所有权"和"狭义内部人所有权",考察了其不同的委托代理问题。运用中国民营上市公司数据,发现企业价值与"广义内部人所有权"之间存在"U型"曲线关系,同时也验证了"狭义内部人所有权"与企业价值之间的"倒U型"曲线关系。结论表明,监督效应与侵占效应在中国民营上市公司中发挥作用,企业大股东易于勾结起来和高管形成串谋侵占小股东利益;堑壕效应与利益趋同效应在中国民营上市公司中同样发挥作用,但由于在中国,"狭义内部人所有权"普遍极低,现有数据难以给出完美的分析。
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| 关 键 词： | 内部人所有权 企业价值 公司治理 |
The Relationship between Insider Ownership and Firm Value:The Study for the Chinese Listed Private Firms |
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| Li Xinchun,Yang Xueru,Jiang Yuexin , Hu Xiaohong. The Relationship between Insider Ownership and Firm Value:The Study for the Chinese Listed Private Firms[J]. Economic Research Journal, 2008, 0(11) |
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| Authors: | Li Xinchun Yang Xueru Jiang Yuexin Hu Xiaohong |
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| Affiliation: | Li Xinchun1,Yang Xueru1,Jiang Yuexin1 , Hu Xiaohong2(1. School of Business Sun Yat-Sen University,2. School of Business Guangdong University of Foreign Studies) |
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| Abstract: | On the basis of the theoretic analysis, this paper redefined insider ownership by classifying it into insider ownership in broad sense and insider ownership in narrow sense,and examined their different principal-agent problems. With the data of the Chinese listed private firms, we found the curve relationship shaped like the letter U between Tobin's Q and insider ownership in broad sense,also confirmed the curve relationship shaped like the symbol reverse U between Tobin's Q and insider ownership in narrow ... |
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| Keywords: | Insider Ownership Firm Value Corporate Governance |
| 本文献已被 CNKI 等数据库收录！ |
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