股权投资、超额控制与企业价值:民营上市公司的经验分析被引量：6

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摘要股权投资是控股股东超额控制的表现形式。本文通过经行业调整后的股权投资比率、名义投资公司的数目、名义投资公司的总股本和银行抵押贷款比例等四种方式对股权投资进行了测算。通过对在沪深两地276家民营上市公司进行的经验分析,检验了股权投资行为、治理结构与公司绩效之间的关系。结论表明现金权与股权投资行为负相关,董事会中控股股东所占席位与股权投资正相关,股权投资比例过大将导致公司价值降低。最后对投资者保护提出相关建议。

作者谢玲芳吴冲锋

机构地区上海交通大学管理学院

出处《世界经济》 CSSCI 北大核心 2005年第9期63-69,共7页 The Journal of World Economy

关键词股权投资超额控制民营公司股权投资比率民营上市公司经验分析企业价值控制控股股东投资公司

分类号 F224 [经济管理—国民经济]

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