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终极控制人与中小股东之间的利益冲突问题一直是公司治理研究中的热点,而衡量两者之间利益冲突的研究范式就是研究终极控制人的所有权特征与企业价值的关系。因此,本文首先对终极控制人的所有权特征与企业价值的相关研究进行综述。在此基础上,以2010至2011年深沪两市上市公司为研究对象进行回归分析。研究发现:终极所有权与控制权对企业价值有显著的负影响;两权分离程度与企业价值也有显著负相关关系;而且非国有企业比国有企业对于上述因素的影响更为敏感。
The conflict of interest between the ultimate controller and the minority shareholders has always been a hot topic in corporate governance research. The research paradigm to measure the conflict of interests between the two is to study the relationship between ownership characteristics and enterprise value of the ultimate controller. Therefore, this article first reviews the research on the relationship between the ownership of the ultimate controller and the enterprise value. On this basis, we take the regression analysis of listed companies in Shenzhen and Shanghai from 2010 to 2011 as the research object. The study found that: ultimate ownership and control have a significant negative impact on corporate value; the separation of ownership and corporate value also have a significant negative correlation; and non-state-owned enterprises are more sensitive to the above-mentioned factors than state-owned enterprises.