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论文以中国深沪两市A股非金融类上市公司2001-2005年跨越多个年度的大样本数据为基础,实证分析了股权集中背景下大股东持股及其他治理机制对公司价值的影响。结果表明,大股东持股比例对公司价值的影响具有区间特征,两者间呈现出一种“N”型的三次曲线关系。且本研究验证了前人的研究结论,公司价值与大股东控制权与所有权的分离度负相关,而与股权结构的制衡水平正相关。此外,与现有的理论预期和研究结论完全相反,本研究发现公司价值与独立董事比例显著负相关。
Based on the large sample data of A-share non-financial listed companies in China’s Shenzhen and Shanghai stock markets spanning several years from 2001 to 2005, this paper empirically analyzes the impact of large shareholder ownership and other governance mechanisms on corporate value in the context of ownership concentration. The results show that the influence of the shareholding proportion of large shareholders on the company value has the characteristics of interval, showing a “N” type of cubic curve relationship between the two. And this study validates the conclusion of previous studies that corporate value is negatively related to the degree of ownership separation and ownership control, but positively correlated with the balance of ownership structure. In addition, contrary to the existing theoretical expectation and conclusion, this study found that there is a significant negative correlation between corporate value and the proportion of independent directors.