民营上市公司少数股权控制结构与公司绩效的实证研究

本文以2005年以前在我国沪、深两地上市的196家民营上市公司为样本，研究了少数股权控制结构与民营上市公司价值之间的关系。结果发现，少数股权控制结构不利于公司价值，控制权与现金流权的分离程度越大，公司价值越小；最终控制人所拥有的控制权比例越大，公司价值越低；同时还发现，现金流权比例与公司价值显著负相关，这可能与民营上市公司的最终控制人谋取“控制权私人收益”有关。

Empirical Research on Ownership Structure and Corporate Value of Private Ownership Listed Companies

By constructing a simple theoretical model,this essay researches on ownership structure and corporate value of private ownership listed companies. We then test this model using a sample of 196 private ownership companies listed before 2005. The result shows that the minority interests control structure does not favor the corporate value, when the separation degree of control rights and the cash flow rights is bigger, the corporate value will be smaller; and when the ration of the control right that the ulti...