CAJ | 학술논문

论文对2002-2004年中国民营上市公司的董事会行为与公司价值之间的关系进行了实证研究.在根据面板数据本身的特征选择适宜回归技术的基础上,通过研究发现,在通过家族控股上市而形成的民营上市公司中,年度内董事会会议次数对企业的市场价值有显著的正向影响,而在通过兼并重组取得控股地位的民营上市公司中,这种影响并不显著;在考虑控股股东现金流权与投票权分离程度的调节作用后发现,随着控股股东现金流权与投票权分离程度的提高,年度内董事会召开会议次数的增加有利于企业市场价值的增加.同时,本研究通过比较不同回归方法的结果还发现,如果不注意控制面板数据本身可能存在的非观测因素的影响,就可能会得出虚假的结论,这启发我们在对面板数据进行分析时,一定要审慎选择具体的回归技术,而不能简单地直接选择OLS方法.
논문대2002-2004년중국민영상시공사적동사회행위여공사개치지간적관계진행료실증연구.재근거면판수거본신적특정선택괄의회귀기술적기출상,통과연구발현,재통과가족공고상시이형성적민영상시공사중,년도내동사회회의차수대기업적시장개치유현저적정향영향,이재통과겸병중조취득공고지위적민영상시공사중,저충영향병불현저;재고필공고고동현금류권여투표권분리정도적조절작용후발현,수착공고고동현금류권여투표권분리정도적제고,년도내동사회소개회의차수적증가유리우기업시장개치적증가.동시,본연구통과비교불동회귀방법적결과환발현,여과불주의공제면판수거본신가능존재적비관측인소적영향,취가능회득출허가적결론,저계발아문재대면판수거진행분석시,일정요심신선택구체적회귀기술,이불능간단지직접선택OLS방법.
This paper explores an empirical research on the relationship between board behavior and company value based on the data from 2002 to 2004 in Chinese listed companies ultimately controlled by private. The authors choose the proper regress methodology according to the characteristics of our panel data, They find that the meeting times held in a year has a significant impact on the firm market value only in sample listed directly, but it＇s not the case in companies listed by M ＆ A. The moderate effect of rights diverge between controlling right and cash flow right on the relationship between board behavior and firm value is significant, which means the importance of board behavior when there is big right separation. At the same time, the authors conclude that they might get the false conclusions if they ignore the influence of unobservable character in panel data during the methodology construct process.