【摘要】 本文以中国上市公司2005年横截面数据为研究样本,通过对第一大股东持股和大股东性质的分组描述和回归分析发现,当上市公司第一大股东为国有股东时,其公司价值被低估4.81%,而当第一大股东为一般法人时,公司价值被高估1.30%。上市公司第一大股东持股对公司价值的影响具有状态依存特征。国有股比重较低且一般法人为第一大股东的公司具有最优的股权结构。更多还原

【Abstract】 By means of subgroup description and regression analysis on the largest shareholders based on cross-sectional sample data of Chinese listed companies in 2005,it is found that listed companies would be undervalued by 4.81% if their largest shareholders were state-owned shareholders and overvalued by 1.30% if they were common institutions.The effects of largest shareholders on corporate value are state-contingent.And the best ownership structure belongs to the companies with lower proportions of state-owned shares and largest shareholders of common institution.更多还原