| 控股股东代理冲突与公司价值的关系研究 |
| The Controlling Shareholders Agency Conflicts and the Value of the Company Relations |
| 投稿时间：2011-06-16 |
| 中文关键词:两权分离 公司价值 股权结构 代理冲突 |
| 英文关键词:two rights separation company value equity structure agency conflict |
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| 中文摘要: |
| 以2007—2009年连续三年都在沪、深两地挂牌交易的639家制造业上市公司作为样本，通过Eview统计软件，实证分析控股股东代理冲突与公司价值的关系。证明了两权分离度与公司经营业绩显著负相关；股改后，现金流权与公司经营业绩显著正相关；控制权与公司经营业绩呈倒U型关系且显著；公司规模与公司经营业绩正相关、资产负债率与公司经营业绩负相关且两者都显著；上一年度的经营业绩对本年度公司经营业绩的影响不确定。 |
| 英文摘要: |
| Taking 639 listed manufacturing companies listing for trading in both Shanghai and Shenzhen for three consecutive years 2007 to 2009 as the samples, and by Eview statistical software, this paper makes an empirical analysis of the relation between controlling shareholders agency conflicts and company value. It is proved that two rights separating degree and company's performance are significantly negative correlated; Cash flow right and company’s performance are significantly positive correlated; Control and company’s performance is of U shaped relation and is significant; Company size and performance are significantly positive correlated, asset liability ratio and company’s performance are significantly negative correlated; The influence of business performance of the previous year on the performance of this year is not certain. |
| 屈冬冬,刘嫦.控股股东代理冲突与公司价值的关系研究[J].石家庄铁道大学学报(社会科学版),20115(4):16-. |
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