中国金融学术研究网
CHINA FINANCIAL RESEARCH NETWORK

公司财务--公司治理
工作论文
2010-12-09 第3卷 第16期

编: 清华大学经管学院金融学教授。

执行主编: 杨之曙清华大学经济管理学院金融学副教授。


本期目录

股权分置改革降低了信息风险吗?

许慧 中南财经政法大学会计学院

The Impact of Ownership and Ownership Concentration on the Performance of China's Listed Frim

Shiguang Ma University of WollongongSchool of Accounting and Finance
Tony Naughton RMIT UniversitySchool of Economics, Finance and Marketing
Gary Tian University of WollongongSchool of Accounting and Finance

The Role of Institutional Development in the Prevalence and Value of Family Firms

Raphael Amit Wharton SchoolUniversity of Pennsylvania
Yuan Ding China Europe International Business SchoolChina Europe International Business School
Belén Villalonga Harvard Business SchoolHarvard Business School
Hua Zhang China Europe International Business School China Europe International Business School


论文摘要

股权分置改革降低了信息风险吗?

许慧中南财经政法大学会计学院

本文将异常应计波动作为信息风险的代替变量,在考虑了控股股东性质和治理环境以及新会计准则实施等因素下,研究发现完成股改的上市公司信息风险有所降低,但这种效果仅存在于非国有性质的上市公司;在治理环境差的地区股权分置改革信息风险效果的边际效应更高;而将信息风险分为固有和可操纵信息风险后,发现股权分置改革仅对可操纵信息风险有影响,即公司治理结构的改善能对可操纵信息风险起到及时降低的效果。

The Impact of Ownership and Ownership Concentration on the Performance of China's Listed Frim

Shiguang Ma University of WollongongSchool of Accounting and Finance
Tony Naughton RMIT UniversitySchool of Economics, Finance and Marketing
Gary Tian University of WollongongSchool of Accounting and Finance

This paper investigates the impact of ownership and ownership concentration on the performance of China’s listed firms. By recognizing the differences between ownership and ownership concentration and between total ownership concentration and tradable ownership concentration, we conduct simplex, interactive and joint analyses. We find that ownership concentration is approximately associated with higher firm performance. Ownership concentration is more powerful than any category of ownership in determining firm performance. Firm performance is better when the state is the largest of the top shareholders and/or institutions dominate ownership among the top tradable shareholders. Our results support the theory that high ownership concentration mitigates the agency problem.

The Role of Institutional Development in the Prevalence and Value of Family Firms

Raphael Amit Wharton SchoolUniversity of Pennsylvania
Yuan Ding China Europe International Business SchoolChina Europe International Business School
Belén Villalonga Harvard Business SchoolHarvard Business School
Hua Zhang China Europe International Business School China Europe International Business School

We investigate the role played by institutional development in the prevalence and value of family firms, while controlling for the potential effect of cultural norms. China provides a good research lab since it combines great heterogeneity in institutional development across the Chinese provinces with homogeneity in cultural norms, law, and regulation. Using hand-collected data from publicly listed Chinese firms, we find that, when institutional efficiency is low, family ownership and management increase value, while family control in excess of ownership reduces value. When institutional efficiency is high, none of these effects are significant.


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