Ownership Structure, Industrial Competitiveness and Corporate Value
- 经济学院－已发表论文 
股权结构根本反应了公司治理结构,在很大程度上影响着企业价值的实现。以市净率作为被解释变量,以股权结构为解释变量,利用平行数据模型解释他们之间的相关关系,并对竞争性相异的不同行业进行对比分析,从而说明行业竞争性在此发挥的重要作用。最后得到的结论是,不同性质的股权对于企业价值的作用方向存在明显差别,少数大股东相互制衡的股权结构对企业价值的提升更为有利。The ownership structure, reflecting fundamentally operating structure of corporation, influences greatly the achievement of corporate value. This paper that chooses MBR as dependent variable and ownership structure as independent variable examines the relation among these variables by using Panel-Data Model. At the same time, to explain the importance role of industrial competitiveness, the paper analyse comparatively the different industries whose competition are unlike. Finally, we can draw the conclusion that differences in corporate ownership will straightly operate the corporate value in different way and the restricted ownership structure by few strong shareholders will promote corporate value effectively.