股权结构与企业价值

X(100084):20,,,,,,:10,,,Gross2manHart(1980),,(Hart),ShleiferVishny(1986),,,,HoldernessSheehan(1988),DemsetsLehn(1985)511,()McConnellServaes(1990)1000,40%,Q;40%50%,QMehran(1995),(Q)HanSuk(1998),(Blockholders)Myeong-Hyeon,Cho(1998),,,,,,PedersenThomsen(1999)12435,MorckNakamuraShivdasani(2000)66:X©1995-2006TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.Q,,Q;,,Holderness(2001),,,,,XuWang(1997),,,,Claessens(1997),Claessens,Djankov,FanLang(1998a),,Lins(1999)18:,,MakhijaSpiro(2000)988,,,,,;,,(1999)ABH(1999)1998503,Q,,Q(2000),,,,(2001),,,,,,,,,STST,,STSTSTST(114%),,,(1),,,,1,199910,5%,24%,;(2),;(3),,76200112©1995-2006TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,,,,,,2000:,,,,,,:(1),,,,3-4,;(2),;(3),,,,,11:,21:1994,21,9,12200151,,211994,(19942001)21,H,(),,AB,1998,21,131(1)-:Q,(MBR)7,(2)FST:FLP:FTS:,ABFSL:,,86:Q=()=P©1995-2006TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.F5:5F10:10HERF:10,10DAR:,1(1998.12.31)60063777.4513.568.9860083564.55-35.4560083957.022.6430.7260083153.195.1641.65055241.6320.8237.54600633-91.328.68600854-73.9526.050020-66.1831.560533-64.6135.390016-61.0938.90600690-57.2642.740548-56.5642.61600634-54.3545.6560065425.95-74.05056129.989.0460.29000732.9711.6355.4160060244.78-55.220527-44.9455.06052129.8315.6754.47600625-46.0553.9560061938.3514.4047.25:41:(20,ST)(6-7),,(MBR),,,,,:96200112©1995-2006TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.MBRit=i+1F10it+2HERFit+3FSTit+4FLPit+5FTSit+it(1)SAS,,DASILVA,(GLS)11FSTFLPFTSF10F5HERFDAR,(1),6(19952000),20DASILVA:TT3.19531612.9918590.2459480.8062F100.0317170.0497730.6372470.5253HERF-3.9982814.481378-0.8921990.3742F50.0109100.0605510.1801810.8573FST-3.69380613.499003-0.2736350.7849FLP-1.30441813.232062-0.0985800.9216FTS-5.40073813.083123-0.4128020.6805DAR6.4338421.9949033.2251400.0017R20.1299,R2,T,15%,MBR,,21(MBR),FSTFLPFTSDAR(FST+FLP+FTS=1,,),,7(1994-2000),20DASILVA:TT2.0274770.9645922.1019000.0374FST-1.3225681.139318-1.1608420.2477DAR4.6301411.7231432.6870330.0081R20.0506TT0.4198541.1095880.3783870.7057FLP2.9673761.0443992.8412300.0052DAR5.3609491.6686493.2127480.0016R20.09433.7193561.1739343.1682840.001907:©1995-2006TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.TTFTS-3.7840421.532993-2.4684010.0148DAR4.0153011.6105362.4931460.0139R20.0818,FSTT,FSTMBR,FLPMBR,AMBR,,R20.1,,31MBR,F10F5HERFFSL(FSTFLP)DAR,,6(19952000),20DASILVA:TT-2.4803092.009558-1.2342560.2196F100.0303930.0500180.6076490.5446F50.0414970.0570030.7279810.4681HERF-6.9238553.928512-1.7624630.0807FSL2.4924162.6310210.9473190.3455DAR5.6684261.9013502.9812640.0035R20.1100TT-0.0353801.643016-0.0215340.9829F100.0348850.0215231.6208150.1077DAR4.7925701.8460082.5961810.0106R20.0714TT-0.4186461.705499-0.2454680.8065F50.0412170.0229171.7985510.0747DAR4.9750041.8438262.6981960.0080R20.0770TT1.8612521.1560371.6100280.1101HERF0.7250892.4783120.2925740.7704DAR4.6042141.8909822.4348270.0164R20.0510TT0.1610281.4762050.1090820.9133FSL3.3877411.8409571.8402070.0683DAR4.6020451.8458872.4931350.0141R20.0757,,HERF17200112©1995-2006TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,F10F5FSLT,,,F10F5FSLMBR,,,,,2000:,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,--,,,,,,2000,8,2000.12,,1999.,12,1999.,2.(92)27:©1995-2006TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.AnanalysisofChinafarmersgrainsupplyimpactundertheduelpricesystemWangDewen&HuangJikunTherearediametricallyopposedviewsinacademiccirclesontheimpactsofthepriceandquantityregardingthefixedquotasforpurchasinggrainongrainsupply.Thisstudyattemptstomakeafurtheranalysisboththeoreti2callyandempirically.Inthisarticlethreedifferentmodelsofsupplyresposetothedualpricesystemaredevel2opedbasedonmarginaltheory,partialregulationmodelandthetheoryofpriceexpectation.Theempiricalanal2ysisshowsthatboththequantityandthepriceofthefixedquotasforpurchasinggrainmakeanotableimpactongrainoutputandthemarket2orientedreformofgrainpurchaseandmarketingistheimportantconditiontogivefullplaytothelocalcomparativeadvantage.EquityStructureandFirmValue:AnEmpiricalAnalysisofListedCompaniesofHouseholdElectricAppliancesIndustryZhuWuxiang&SongYongWeexaminetherelationshipbetweenfirmvalue(market2bookratio)andequitystructurebasedonasampleof20listedcompaniesinhouseholdelectricappliances.Wefindnosignificantrelationshipbetweenfirmvalueandequitystructure.Wethinkthatequitystructureisacommercialchoiceoffirmsforcedbycommercialcompeti2tionandcapitalmarkets.Itisimportanttoenhancethefunctionsinappraisalofcompaniesstrategy,performanceandcorporategovernance,andcorporatecontrolmarkets.(72)Claessns,Stijn,SirneonDjankov,JosephP.H.Fan,andLarryH.P.Lang,1998a,OwnershipStructureandCorporatePerformanceinEastAsia,Workingpaper,UniversityofChicago.Demsetz,Harold,LehnandKenneth,1985,TheStructureofCorporateOwnership:CausesandConsequences,TheJournalofPoliticalEconomy,Chicago,Dec.Holderness,CliffordG,2001,ASurveyofBlockholdersandCorporateControl,SSRNWorkingpaper.Holderness,CliffordG.andDennisP.Sheehan,1988,TheRoleofMajorityShareholdersinPubliclyheldCorporations:AnExploratoryAnalysis,JournalofFinanc