公司治理水平对多元化上市公司价值增长的影响研究

多元化投资下的上市公司价值一直受到学术界的关注,然而对多元化上市公司价值增长影响因素的研究较少。从公司治理的三个方面,即股权结构、董事会特征和管理层激励机制构建回归模型研究公司治理水平对多元化上市公司价值增长的影响。研究发现,较高的股权制衡度、较高的董事会成员持股比例、较小的董事会规模和较高的管理层持股比例能够显著提高多元化上市公司价值。

The Study on the Effect of Corporate Governance on the Value Growth of Diversified Listed Companies

The academic has focused on the diversified investment value of listed companies for a long time. However,there were little studies on diversified factors of the increase value of the listed company. In this paper,we built a regression model to study how the level of corporate governance of listed companies＇ effect on the value of diversified value growth from three aspects,namely ownership structure,board characteristics and management incentives. This study found that higher the equity restrained ratio would lead to higher percentage of shares of board members,while smaller director＇s size and higher managerial ownership can significantly increase the diversified value of listed companies.