多个大股东控制对企业价值影响的实证的研究.doc

摘  要  随着我国经济的发展，股权结构已经成为国内外研究的热点，也是我国完善上市 公司治理机制的一个焦点。上世纪九十年代外国学者开始研究大股东的存在及其对企 业价值的影响。九十年代后转向多个大股东的存在性质和其对企业价值的影响。国内 对股权结构的研究稍晚于西方，我国目前研究的内容只是停留在唯一大股东的情况， 聚焦于大股东与管理层、大股东与中小股东之间的冲突。本文在吸收西方学者的研究 的基础上，结合我国上市公司的特点来研究我国上市公司多个大股东控制和持股情况 对企业价值的影响。 本文以从多个大股东的视角出发，研究了上市公司存在多个大股东控制和单一大 股东控制对企业价值的影响；并进一步分析了当多个大股东股权性质不同时，股权制 衡程度对企业价值的作用差异。本文以理论假设为基础，借鉴西方对次控制大股东划 分标准，以我国 2003 年—2006 年间存在多个大股东和单一控制股东的上市公司为研 究样本，运用多元回归的方法对其进行实证研究。 实证研究结果表明：存在多个大股东时的企业价值比只存在单一大股东控制的上 市公司的企业价值要高。这说明存在多个大股东时，多个大股东相互监督制约，从而 减少了股东窃取企业的利润的机会，增大上市公司的企业价值。多个大股东股权分布 越集中，股权的增加内部化了联盟成本，减少了控制权人的收益，从而使企业价值有 所提升。存在多个大股东时，大股东股权差距不大的时候，有利于提高企业价值；而 当上市公司中多个大股东的性质不一致时，控制竞争程度越强，股权越集中越会对企 业价值产生积极的影响。 关键词：多个大股东，股权差距，企业价值，股东性质 I ABSTRACT With the development of Chinese economy, the research on ownership structure is the hotspot both at home and abroad. It is also a focus on the improvement of governance mechanisms in listed companies. In fact, foreign scholars has started their research on the existence of the large shareholder and its effect on the firm value in 1990s. After that, the research turned into the multiple large shareholders. Domestic research is more lately. Most Chinese scholars focus on the existence of a single large shareholder and its conflict with the administrators and other minority shareholders. This paper, with the regard of western research and characters of the Chinese listed companies, makes the research on the existence of the multiple large shareholders and its effect on firm value. Firstly, this paper analyzes the difference between multiple large shareholders and a single large shareholder in the firm value. Further more, this paper analyzes the different reaction of the balance degree of ownership to the firm value as the ownership properties of multiple large shareholders are different. Based on the theoretical hypothesis and using the classification standard of second large shareholder’s controlling for reference, this paper studies the Chinese listed companies from 2003 to 2006 i