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Using a firm-level dataset from China’s A-share stock market over the period of 2001～2004,this paper examines the effects of large shareholder’s control rights and the separation between control rights and cash flow rights on firm value(Tobin-Q).We find that large shareholders’ control rights are associated with negative “entrenchment effect”.Also we find a negative effect with the separation.but it is different among different owner type:the negative effect is larger for central government-owned and university-owned listed firms,and is smaller for local government-owned and private-owned.
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基本信息:
DOI：10.19343/j.cnki.11-1302/c.2006.07.007
中图分类号:F224
引用信息:
[1]王鹏,秦宛顺.控股股东类型与公司绩效——基于中国上市公司的证据[J].统计研究,2006(07):36-40.DOI:10.19343/j.cnki.11-1302/c.2006.07.007.
2006-07-15
2006-07-15