【摘要】 利用2004年6月至2011年9月深圳证券交易所上市的小微型企业首次公开发行的数据,运用加权最小二乘法,分析抑价率(IPO期间公司价值替代变量)与公司治理机制的关系。通过实证研究发现:在董事会结构与公司价值关系中,董事会规模、董事会组成与公司价值存在显著的"倒U形"关系,领导权结构与公司价值存在正相关关系;在所有权结构与公司价值关系中,与目前大多数研究不同,在计量模型设立上,公司价值与管理层股权进行了立方关系的设计,因"利益趋同"和"利益侵占"效应的共同作用,公司价值随着管理层股权的增加先增加,然后减少,最后又增加的曲线关系。更多还原

【Abstract】 The paper examines the relationship between under-pricing rate(alternative variable of corporate value during IPO) and corporate governance mechanism by using the weighted least squares method based on data of initial public offerings of small-sized and micro-sized enterprises,which listed on the Shenzhen Stock Exchange(SZSE) from June 2004 to September 2011.Through empirical study,conclusions are drawn that there is a significant inverted U-shaped relationship between the size and the composition of the board of directors and corporate value;the structure of leadership and corporate value has a positive correlation.In terms of the relationship between ownership structure and corporate value,different from the other researches,the paper establishes the econometric model designing a cubic relationship for corporate value and management ownership.Because of"convergence of interest" effect and "encroachment of interest" effect,corporate value increases firstly,then decreases,and finally increases with the increase of management ownership.更多还原