| 家族上市公司与机构投资者持股内因:权限抑或公司价值 |
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| 引用本文： | 吴从锋,赵卫斌. 家族上市公司与机构投资者持股内因:权限抑或公司价值[J]. 改革, 2011, 0(7) |
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| 作者姓名： | 吴从锋 赵卫斌 |
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| 作者单位： | 华中科技大学管理学院;南京大学商学院; |
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| 摘 要： | 基于机构投资者持股对家族上市公司价值影响的实证分析表明,机构投资者持股提高了家族企业价值,机构投资者持股比例和公司价值正相关。在控制性家族股东现金流权增大的情况下,机构投资者持股可以提高公司价值,而在控制性家族控制权增大的情况下,机构投资者持股对公司价值的提升作用会减弱。控制权与现金流权偏离程度越大时,机构投资者持股对公司价值的提升幅度也会降低,但不显著。
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| 关 键 词： | 家族企业 机构投资者 上市公司股东 |
The Internal Cause of Family Listed Companies and the Institution Investor Shareholder:Limits of Power or Firm Value |
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| Wu Congfeng Zhao Weibin. The Internal Cause of Family Listed Companies and the Institution Investor Shareholder:Limits of Power or Firm Value[J]. Reform, 2011, 0(7) |
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| Authors: | Wu Congfeng Zhao Weibin |
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| Affiliation: | Wu Congfeng Zhao Weibin |
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| Abstract: | The empirical analysis of the influence of institutional investors for family listed companies shows that,the holdings of institutional investors can increase the family enterprise value,and the share of institutional investors has positive relation with firm value.Based on the cash flow right of controlling family shareholders increase,the share of institutional investor can increase the firm value.However,when the control power of controlling family shareholders increase,the effect of institutional invest... |
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| Keywords: | family business institutional investors listed company shareholders |
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