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股权结构与企业价值朱武祥宋勇(100084):本文以家电行业20家上市公司为样本,分析股权结构与企业价值的相关性结果表明,在竞争比较激烈的家电行业,股权结构与企业价值并无显著相关性我们认为,增强资本市场对上市公司战略经营绩效业绩和公司治理质量的评价功能和控制权收购功能,可以促进上市公司在日益激烈的产品市场和评价控制权收购功能日益有效的资本市场双重压力下,选择有利于驱动公司长期可持续发展和股东价值增长的股权结构:股权结构企业价值平行数据模型10,,,GrossmanHart(1980),,(Hart),ShleiferVishny(1986),,,,HoldernessSheehan(1988),DemsetsLehn(1985)511,()McConnellServaes(1990)1000,40%,Q;40%50%,QMehran(1995),(Q)HanSuk(1998),(Blockholders)Myeong-Hyeon,Cho(1998),,,,,,PedersenThomsen(1999)12435,MorckNakamuraShivdasani(2000)66:Q,,Q;,,Holderness(2001),,,,,XuWang(1997),,,,Claessens(1997),Claessens,Djankov,FanLang(1998a),,Lins(1999)18:,,MakhijaSpiro(2000)988,,,,,;,,(1999)ABH(1999)1998503,Q,,Q(2000),,,,(2001),,!,,,,,,,STST,,STSTSTST(114%),,,(1),,,,1,199910,5%,24%,!;(2),;(3),,67200112,,,,,,,,,,2000:,,,,,,:(1),,,,3-4,;(2),;(3),,,,,1:,2:1994,21,9,12200151,,211994,(19942001)21,H,(),,AB,1998,21,13(1)-:Q∀,(MBR)7,(2)FST:FLP:FTS:,ABFSL:,,68:∀Q=()=F5:5F10:10HERF:10,10DAR:,表1家电行业上市公司按第一大股东类别分类(1998.12.31)分类股票代码股票简称国家股比例法人股比例流通股比例国家股控股公司法人股控制公司流通股比例大于非流通股公司600637广电股份77.4513.568.98600835上菱电器64.55-35.45600839四川长虹57.022.6430.72600831黄河科技53.195.1641.650552甘长风41.6320.8237.54600633双鹿电器-91.328.68600854江苏春兰-73.9526.050020深华发-66.1831.560533万家乐-64.6135.390016深康佳-61.0938.90600690青岛海尔-57.2642.740548湘中意-56.5642.61600634海鸟电子-54.3545.65600654飞乐股份25.95-74.050561陕长岭29.989.0460.290007深达声32.9711.6355.41600602真空电子44.78-55.220527粤美的-44.9455.060521美菱电器29.8315.6754.47600625水仙电器-46.0553.95600619冰箱压缩38.3514.4047.25注:法人股为第一大股份的家电上市公司均无国家股4:(20,ST)(6-7),,(MBR),,,,,:69200112MBRit=i+1F10it+2HERFit+3FSTit+4FLPit+5FTSit+it(1)SAS,,DASILVA,!(GLS)1FSTFLPFTSF10F5HERFDAR,(1),6(19952000),20DASILVA:解释变量系数估计标准误差T检验值对应T值常数项3.19531612.9918590.2459480.8062F100.0317170.0497730.6372470.5253HERF-3.9982814.481378-0.8921990.3742F50.0109100.0605510.1801810.8573FST-3.69380613.499003-0.2736350.7849FLP-1.30441813.232062-0.0985800.9216FTS-5.40073813.083123-0.4128020.6805DAR6.4338421.9949033.2251400.0017复相关系数平方R20.1299,R2,T,15%,MBR,,2(MBR),FSTFLPFTSDAR(FST+FLP+FTS=1,,),,7(1994-2000),20DASILVA:解释变量系数估计标准误差T检验值对应T值常数项2.0274770.9645922.1019000.0374FST-1.3225681.139318-1.1608420.2477DAR4.6301411.7231432.6870330.0081R20.0506解释变量系数估计标准误差T检验值对应T值常数项0.4198541.1095880.3783870.7057FLP2.9673761.0443992.8412300.0052DAR5.3609491.6686493.2127480.0016R20.0943常数项3.7193561.1739343.1682840.001970:解释变量系数估计标准误差T检验值对应T值FTS-3.7840421.532993-2.4684010.0148DAR4.0153011.6105362.4931460.0139R20.0818,FSTT,FSTMBR,FLPMBR,AMBR,,R20.1,,3MBR,F10F5HERFFSL(FSTFLP)DAR,,6(19952000),20DASILVA:解释变量系数估计标准误差T检验值对应T值常数项-2.4803092.009558-1.2342560.2196F100.0303930.0500180.6076490.5446F50.0414970.0570030.7279810.4681HERF-6.9238553.928512-1.7624630.0807FSL2.4924162.6310210.9473190.3455DAR5.6684261.9013502.9812640.0035R20.1100解释变量系数估计标准误差T检验值对应T值常数项-0.0353801.643016-0.0215340.9829F100.0348850.0215231.6208150.1077DAR4.7925701.8460082.5961810.0106R20.0714解释变量系数估计标准误差T检验值对应T值常数项-0.4186461.705499-0.2454680.8065F50.0412170.0229171.7985510.0747DAR4.9750041.8438262.6981960.0080R20.0770解释变量系数估计标准误差T检验值对应T值常数项1.8612521.1560371.6100280.1101HERF0.7250892.4783120.2925740.7704DAR4.6042141.8909822.4348270.0164R20.0510解释变量系数估计标准误差T检验值对应T值常数项0.1610281.4762050.1090820.9133FSL3.3877411.8409571.8402070.0683DAR4.6020451.8458872.4931350.0141R20.0757,,HERF71200112,F10F5FSLT,,,F10F5FSLMBR,,,,,2000:,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,--,,,,,,2000#∃,#∃8,2000.#∃∃12,,1999.#∃,#∃12,1999.#∃,#∃2.(92)72:AnanalysisofChinafarmersgrainsupplyimpactundertheduelpricesystemWangDewen&HuangJikunTherearediametricallyopposedviewsinacademiccirclesontheimpactsofthepriceandquantityregardingthefixedquotasforpurchasinggrainongrainsupply.Thisstudyattemptstomakeafurtheranalysisboththeoreticallyandempirically.Inthisarticlethreedifferentmodelsofsupplyresposetothedualpricesystemaredevelopedbasedonmarginaltheory,partialregulationmodelandthetheoryofpriceexpectation.Theempiricalanalysisshowsthatboththequantityandthepriceofthefixedquotasforpurchasinggrainmakeanotableimpactongrainoutputandthemarketorientedreformofgrainpurchaseandmarketingistheimportantconditiontogivefullplaytothelocalcomparativeadvantage.EquityStructureandFirmValue:AnEmpiricalAnalysisofListedCompaniesofHouseholdElectricAppliancesIndustryZhuWuxiang&SongYongWeexaminetherelationshipbetweenfirmvalue(marketbookratio)andequitystructurebasedonasampleof20listedcompaniesinhouseholdelectricappliances.Wefindnosignificantrelationshipbetweenfirmvalueandequitystructure.Wethinkthatequitystructureisacommercialchoiceoffirmsforcedbycommercialcompetitionandcapitalmarkets.Itisimportanttoenhancethefunctionsinappraisalofcompaniesstrategy,performanceandcorporategovernance,andcorporatecontrolmarkets.(72)Claessns,Stijn,SirneonDjankov,JosephP.H.Fan,andLarryH.P.Lang,1998a,OwnershipStructureandCorporatePerformanceinEastAsia,!Workingpaper,UniversityofChicago.Demsetz,Harold,LehnandKenneth,1985,TheStructureofCorporateOwnership:CausesandConsequences,!TheJournalofPoliticalEconomy,Chicago,Dec.Holderness,CliffordG,2001,ASurveyofBlockholdersandCorporateControl,!SSRNWorkingpaper.Holde