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法律赋予公司法人以独立地位,独立于投资者即股东和债权人,法人财产与投资者财产相分离,从而公司法人的价值也应该独立于股东和债权人价值。但传统公司价值的MM模型、FCF模型、NPV模型、EVA模型都只考虑股东和债权人的价值。本文基于法人独立的视角所提出的公司价值修正模型能满足公司法人与投资者的财产分离原则,反映留存收益的持续投资和持续获利所导致的公司增长,区分公司法人折现率和股东折现率,并体现股东和公司法人之间的利益冲突,大股东的隧道挖掘行为可通过该修正模型加以解释。
The law gives corporate jurors an independent status, independent of investors, shareholders and creditors, and the separation of corporate and investor property, so that corporate juridical values should also be independent of the value of shareholders and creditors. However, the MM model, the FCF model, the NPV model and the EVA model of the traditional company value only consider the value of shareholders and creditors. The model of corporate value correction based on the perspective of legal person independence can meet the principle of property separation between corporate legal person and investor. It reflects the continuous growth of retained earnings and corporate profits caused by continued profit growth. It divides corporate corporate discount rate from shareholders’ Discount rate, and reflects the conflict of interests between shareholders and corporate legal persons, tunneling behavior of major shareholders can be explained by the revised model.