| 自由现金流 金字塔股权结构与公司价值关系实证研究 |
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| 引用本文： | 赵立忠. 自由现金流 金字塔股权结构与公司价值关系实证研究[J]. 山东纺织经济, 2013, 0(2): 19-21 |
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| 作者姓名： | 赵立忠 |
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| 作者单位： | 石河子大学经济与管理学院,新疆石河子832000 |
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| 摘 要： | 本文以2007-2010年的A股上市公司为样本,从终极控制人角度研究了上市公司终极控股股东两权分离下自由现金流、控制层级和控制链条与公司价值的关系。自由现金流约束可以抑制控股股东的掏空行为,提高企业价值。控制层级与企业价值呈负相关关系,而控制链条数与企业价值呈正相关关系。
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| 关 键 词： | 终极控制人 自由现金流 金字塔结构 公司价值 |
The Empirical Research of the Relationship between Free Cash Flow, Pyramid Structure and Firm Value |
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| Zhao Lizhong. The Empirical Research of the Relationship between Free Cash Flow, Pyramid Structure and Firm Value[J]. Economy of Shangdong Textile, 2013, 0(2): 19-21 |
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| Authors: | Zhao Lizhong |
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| Affiliation: | Zhao Lizhong (Economics and Management School of Shihezi University, Shihezi 832000, China) |
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| Abstract: | This article try to study the relationship between free cash flow, control level control of chain and the corporate value, using the empirical data of China private listed companies between the years of 2007-2010. The results of the empirical analysis indicate free cash flow constraints can restrain the tunnel- ing behavior of the controlling shareholder and improve the company value. Control level and enterprise value is a negative correlation between control chain number and enterprise value are negatively related. |
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| Keywords: | the ultimate controlling owners free cash flow Pyramidal Structure finn value |
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