摘要
外资参股并不直接影响上市公司价值,而是通过股权集中度、高管持股比例、管理费用、营业收入增长率等变量的变化影响上市公司价值,这些变量与公司价值之间的关系各不相同,但总得来说,外资参股比例与公司价值正相关。在实证分析的基础上,该文提出了应对外资参股上市公司的政策建议。
Foreign equity participation indirectly affects the value of listed companies by ownership concentration, executive shareholdings, management fees, revenue growth and other variables. There are various relationships between these variables and the value of listed companies, but there is positive correlation between foreign equity participation and the value of listed companies. Based on the empirical analysis, the author proposed some policy recommendations to deal with foreign shares of listed companies.
出处
《南京财经大学学报》
2012年第2期54-61,共8页
Journal of Nanjing University of Finance and Economics
基金
国家社科基金项目(11BJY138)
教育部人文社科规划项目(10YJA790162)
国家自科基金项目(71073030)
关键词
外资参股
上市公司价值
股权集中度
管理费用
Foreign equity participation
the value of listed companies
Ownership concentration
Management costs
GMM analysis
