股权集中度与上市公司价值关系的实证研究

本文综合考虑股权的所有者属性和集中程度,分析了国家为第一大股东和法人为第一大股东的上市公司的股权集中度与公司价值之间的关系,结果发现仅在法人为第一大股东的上市公司中,股权集中度与公司价值之间存在既符合理论假说又能解释现实情况的倒U型曲线关系,负债和公司成长性对公司价值的正影响也才可以显现出来.因此,在进行股权分置改革的同时提高公司法人股持股比例,降低股权集中度,并积极推进股票全流通,是提高我国上市公司价值的关键所在.

Empirical Study on the Relationship between Concentration Degree of Equity and Corporate Value of the Listed Companies in China

Combining the ownership structure of equity with the concentration degree of equity, considering the identity and behavior characteristic, separating total sample into two sub - samples listed companies with state as the biggest shareholder and legal person as the biggest shareholder, this paper studies empirically the relationship between concentration degree of equity and corporate value, concluding that only in the listed companies with legal person as the biggest shareholder, there exists convert - U curves relationship between concentration degree of equity and corporate value and positive correlation between debt and growth opportunity and corporate value which accords with both theory and practice. It implies that the key to improve corporate value of the listed companies in China is to reducing stated - owned share and the concentration degree of equity; increase legal share and circulating share, and consummate capital market.