股權(quán)結(jié)構(gòu)、控股股東利益輸送和企業(yè)價值的關(guān)系研究.pdf

1、答辯小組成員名單姓姓名名職稱稱研究方向向院系系孫孫立堅堅教授授比較金融，匯率率復(fù)旦大學(xué)經(jīng)濟(jì)學(xué)院世界經(jīng)濟(jì)研究所所唐唐朱昌昌教授授世界經(jīng)濟(jì)、俄羅斯斯復(fù)旦大學(xué)經(jīng)濟(jì)學(xué)院世界經(jīng)濟(jì)研究所所經(jīng)經(jīng)經(jīng)經(jīng)濟(jì)及其對外關(guān)系系系沈沈國兵兵教授授世界經(jīng)濟(jì)、國際金金復(fù)旦大學(xué)經(jīng)濟(jì)學(xué)院世界經(jīng)濟(jì)研究所所融融融融和國際貿(mào)易易易胡胡榮花花副教授授歐洲經(jīng)濟(jì)一體化化復(fù)旦大學(xué)經(jīng)濟(jì)學(xué)院世界經(jīng)濟(jì)研究所AbstraetOurseeuritiesmarketandlistedeomPani

2、esgrewquieklywiththefasteeonomiedeveloPmentsineeChinesereformandoPening，whiehimProvedtheeapitalmarketandProvidedstrongfundsuPPortfoureeonomy.However，therearestillProblemswiththegovernaneestruetureesPeeiallytheshareholdin

3、gstruetureofthelistedcomPanies，mainlyreflectedasthehighly一eoneentratedshareholdingstruetureevenwithonedominantshareholder.IntheeontextofequitydivisionandweakProteetionofinvestors，thePhenomenon15eommonthatthedominantshare

4、holderswouldtransfertheresourcesfromthelistedcomPaniesandunderminethebenefitsofsmallshareholders.Theequitydivisionrefmbeginningin2005wasatumingPointinthedeveloPofChineseseeuritiesmarket.ThestudyfirstlysumsuPthefeignanddo

5、mesticresearehaboutshareholdingstructure，turmelingandfirmvalue.AndthenweanalyzetheeharaeteristiesoftheshareholderstruetureinChineselistedeomPanies，andanalyzethedeePinstitutionalreasonsfromtheasPeetofthedeveloPrnentofChin

6、eseeapitalmarketandlistedeompanies.ThereafterweexPlorethemainwaysusedbytheeontrollingshareholderstotunLnelingthroughaswell.AfterxvardswedeveloPatheoretiealmodelbasedonLaPtaetal.(2002)’5analysisgaintherelationshiPamongthe

7、shareholdingstrueture，tunnelingandfirmvalue.IntheemPiricalanalysis，wegathertheunbalaneedPaneldataof7，081ChineselistedeomPaniesduring2005一2009，andestablishtheemPiriealmodelwiththeotherreeeivablesasthemeasureofturmeling.Th

8、emaineonelusionsarethatastheORECJI’A15loweringthrough2005一2009，theturmelingofeontrollingshareholders15imProving.WhenthestakePositionoftheeontrollingshareholders15low，thetumielingwasmoresevere.ButWhenthestakePosition15hig

9、henough，theturmelinglevel15weakeningastheshareholdingratioincreasessineethecontrollingshareholdersbearmorelosses.Lastbutnotleast，tunneling15negativelyrelatedwiththefirmvaluemeasuredbyTObinQ，whiehmeansthetunnelingwoulddee

10、reasethefirmvalue.Thiseonclusion15differentwiththePreviousresearehandreflectsthegrowingtransPareneyandmaturityofChineseseeuritiesmarketalongwiththereformandinstitutionalstandardizationreeentyears.Basedontheconelusions，we