股权制衡度与公司价值关系研究(4)
2017-11-21 04:56
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Research on the Check-and-balance ownership structure
and Corporate value
Abstract: This paper empirically analyzes the relationship between the equity restriction ration and listed corporate value from the year 2002 to 2004.The results show:corporate value is significantly “reversed U-style” related with the equity restriction ration, the optimal equity restriction ration is 1.06.In our opinion, the rational structure of Check-and-balance ownership should be the stock held by the largest blockholder is obviously more than other single large blockholders’, but little less than their summation, represents other large blockholders unitedly restrict the largest blockholder.
Key words: Check-and-balance of ownership; Corporate value; Equity restriction ratio
