企业价值、盈利性与成长:中国上市公司控制类型的比较研究

本文以我国上市公司为例,对不同控制类型下企业价值、盈利性与成长进行了比较研究,试图发现控制类型对企业所追求的目标是否产生影响。研究结果表明,在不同的控制类型下,企业价值、盈利性与成长存在一定的差异。与国外业主控制型相似的法人控股的企业注重企业价值和成长性,而与经理控制型相似的国有绝对控股企业相对更加重视盈利性,这可能是不同的控制主体持股的目标不同所导致的。

Firm's Value, Profitability and Growth: Comparative Study of Chinese Listed Firms Among Different Control Style

This paper compares the value, profitability and growth of Chinese listed firms under different control styles, and tries to find whether the different control style has different effect on the firm′s goal. The result of this research manifests that there are some differences in the values, profitability and growth with different control styles. The listed firms controlled under legal person are more concerned about firm′s value and growth, which is like the foreign firms controlled by the owners, but the firms absolutely controlled under the state shares care more about the profitability, which is like the foreign firms controlled by managers. This result might be caused by the different goals of different share holders.