所有权结构与影响因素分析

中国管理科学 ›› 2004, Vol. ›› Issue (6): 143-148.

• 论文 • 上一篇

所有权结构与影响因素分析

李志彤¹, 张瑞君²

1. 西安交通大学管理学院西安 710049;
2. 中图人民大学商学院北京 100872

收稿日期:2004-05-18 修回日期:2004-09-29 出版日期:2004-12-28 发布日期:2012-03-07
基金资助:
国家高技术研究发展计划(863计划)资助项目(2003AA4Z3230);国家自然科学基金资助项目(70372066)

An Empirical Analysis of Company's Ownership Structure and Influence Factor

LI Zhi-tong¹, ZHANG Rui-jun²

1. School of Management, Xi’an Jiaotong University, Xi’an 710049, China;
2. Business School, Renmin University of China, Beijing 100872, China

Received:2004-05-18 Revised:2004-09-29 Online:2004-12-28 Published:2012-03-07

摘要/Abstract

摘要： 本文以821家上市公司1999-2001年的观察值为样本,研究分析了一些决策公司所有权结构的要素,即公司价值最大化规模、潜在控制和系统管制,并引入公司的特殊风险等作为与不稳定考核的因素.本文的研究发现公司所有权结构的变化,始终以与价值最大化相一致的方式进行,受管制公司所有权的平均集中程度比其他公司更重要,公用事业类公司的所有权结构受管制的影响比金融业更大.本文的研究为国有股减持和股权多元化提供了经验证据.

关键词: 所有权结构, 价值最大化, 潜在控制, 系统管制

Abstract: This paper regards observation value of 821 listed companies in 1999-2001 years,analyses some key elements of company’s ownership structure,namely maximal size of company’s value,control potential and systematic regulation,and introduces special risk of the company,etc.as with the unstable and closely linked factors.The research finds the change of company’s ownership structure,and goes on by way of maximizing the compatible one with value all the time.Average concentration degree of ownership to control company is more important than that of other company.The ownership structure of the public utilities company is influenced by those control more greatly than finance industry.The paper has offered the experience evidence in decreasing of state shares and shares diversification.

Key words: ownership structure, value maximize ation, control potential, systematic regulation

中图分类号:

F830.9

李志彤,张瑞君. 所有权结构与影响因素分析[J]. 中国管理科学, 2004, (6): 143-148.

LI Zhi-tong, ZHANG Rui-jun. An Empirical Analysis of Company's Ownership Structure and Influence Factor[J]. Chinese Journal of Management Science, 2004, (6): 143-148.

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所有权结构与影响因素分析

An Empirical Analysis of Company's Ownership Structure and Influence Factor

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