摘要
本文以上海证券交易所的A股上市公司2003年和2004年的横截面数据为基础,计量了第一大股东持股与公司价值之间的经验关系,并考察了第一大股东持股对公司价值影响的区间特征。作者观察到,第一大股东对公司价值同时存在激励效应和防御效应,第一大股东持股与公司价值之间存在显著的三次非线性曲线关系。
This paper studies incentive effect and entrenchment effect of the largest shareholder. The author investigates A-share listed companies in SHSE, explores the statistical relation between the largest shareholding and corporate performance based on 2003-2004 cross-section data. The author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Statistic relationship between largest shareholding and corporate value shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is less than 36.39 percent of the whole share, Then firm value rises when the proportion of the largest shareholder＇s rights increases to 64.20 percent, consistent with a positive incentive effect. But with the increase （more than 64.20 percent） of the share of the largest shareholding, firm value fall again.
出处
《南开管理评论》
CSSCI
2007年第1期21-25,共5页
Nankai Business Review
基金
广东省自然科学基金项目(5300372)的阶段性研究成果
关键词
第一大股东
激励效应
防御效应
公司价值
The Largest Shareholder
Incentive Effect
Entrenchment Effect
Corporate Value
作者简介
谢军，华南师范大学经济与管理学院副教授、会计系主任，管理学博士，主要研究方向为公司财务理论和公司治理等
