统计研究 ›› 2006, Vol. 23 ›› Issue (7): 36-40.

• 论文 • 上一篇    下一篇

控股股东类型与公司绩效——基于中国上市公司的证据

王鹏 秦宛顺   

  1. 北京大学
  • 收稿日期:1900-01-01 修回日期:1900-01-01 出版日期:2006-07-15 发布日期:2006-07-15

  • Received:1900-01-01 Revised:1900-01-01 Online:2006-07-15 Published:2006-07-15

Abstract: Abstract:Using a finn-level dataset from China' s A-share stock market over the period of 2001 - 2004, this paper examines the effects of large shareholder' s control rights and the separation between control rights and cash flow rights on finn value (Tobin-Q). We find that large shareholders' control rights are associated with negative "entrenchment effect". Also we find a negative effect with the separation, but it is different among different owner type: the negative effect is larger for central government-owned and university-owned listed firms, and is smaller for local government-owned and private-owned.