markdown测试

2019-01-20 本文已影响0人虚童

标题:
期刊:
Abstract:

This study analyzes how the relationship between non-controlling and controlling large shareholders affects corporate valuations. Using data from the Chinese market, we find that a firm’s value is lower when its non-controlling large shareholders have a relationship with its controlling shareholder. In addition, higher ownership stakes and board representation of relational non-controlling large shareholders are associated with lower firm value. This effect is more pronounced when the agency conflicts between the controlling and minority shareholders are greater. Our findings suggest that it is important to consider the identities of non-controlling shareholders when examining the effects of multiple large shareholders on corporate governance or firm value.

本文分析了非控股大股东与控股大股东之间的关系对公司估值的影响。通过对中国市场的数据分析，发现非控股大股东与其控股股东存在关联关系时，公司价值较低。此外，关系型非控股大股东的持股比例和董事会代表性越高，公司价值越低。当控股股东和少数股东之间的代理冲突越大时，这种影响就越明显。我们的研究结果表明，在考察多个大股东对公司治理或公司价值的影响时，考虑非控股股东的身份非常重要。

</font>