代理理論論文：股權(quán)結(jié)構(gòu)、關(guān)聯(lián)擔(dān)保與公司價值

1、代理理論論文：股權(quán)結(jié)構(gòu)、關(guān)聯(lián)擔(dān)保與公司價值【中文摘要】 擔(dān)保，作為一種經(jīng)濟制度的安排，在我國市場經(jīng)濟的 發(fā)展中具有舉足輕重的作用，交易費用理論認為關(guān)聯(lián)擔(dān)保會將市場交 易轉(zhuǎn)為公司集團內(nèi)部的正常交易，可以在一定程度上節(jié)約成本，提升 企業(yè)價值。但是代理理論又認為，控股股東對上市公司擁有絕對的控 制權(quán),會通過關(guān)聯(lián)擔(dān)保轉(zhuǎn)移上市公司的資產(chǎn)，進而損害公司價值。本文 基于 A 股上市公司 2006-2009 年四年非平衡面板數(shù)據(jù)，以發(fā)生關(guān)聯(lián)擔(dān) 保行為的上市公司為研究對象，通過理論和實證分析相結(jié)合的方法對 以前關(guān)于上市公司關(guān)聯(lián)擔(dān)保的研究結(jié)論做出了修正。本文首先考察了 關(guān)聯(lián)擔(dān)保與公司價值之間的關(guān)系，之后從股權(quán)結(jié)構(gòu)

2、的角度出發(fā)，考察 股權(quán)結(jié)構(gòu)與關(guān)聯(lián)擔(dān)保之間的合理關(guān)系。 實證研究的結(jié)論如下：1、控股 股東發(fā)生的關(guān)聯(lián)擔(dān)保的相對余額與公司價值呈顯著的倒U 型關(guān)系,并且國有性質(zhì)的上市公司的關(guān)聯(lián)擔(dān)保與公司價值呈顯著的負相關(guān)關(guān)系。2、股權(quán)集中度與控股股東發(fā)生的關(guān)聯(lián)擔(dān)保余額呈顯著的倒U 型關(guān)系;股權(quán)制衡度與關(guān)聯(lián)擔(dān)保程度之間的負相關(guān)關(guān)系也顯著；股權(quán)分散度與企業(yè)的關(guān)聯(lián)擔(dān)保程度之間有著顯著的正 U 型關(guān)系。3、反應(yīng)公司資本 結(jié)構(gòu)的資產(chǎn)負債率與公司價值呈顯著的倒 U 型相關(guān)關(guān)系?？毓晒蓶|的 持股比例在一定的范圍內(nèi)與公司價值有著顯著的正相關(guān)關(guān)系。本文的研究結(jié)論表明，由于公司股權(quán)結(jié)構(gòu)的不完善，會使控股股東通過關(guān)聯(lián) 擔(dān)保等方式轉(zhuǎn)移上

3、市公司資產(chǎn)，損害中小股東的利益，對公司價值造 成損害。因此，遏制控股股東侵占公司資產(chǎn)的行為首先需要完善公司 的股權(quán)結(jié)構(gòu)，并且需要進一步的完善并且加強上市公司的內(nèi)部控制 同時改善上市公司的外部治理環(huán)境，加強對上市公司的外部監(jiān)管?！居⑽恼縂uarantee system, as an economic one, plays a greatrole in the development of Chinese market economy. In the transactioncost theory, guaranteewill change the associatedmarket transa

4、ctionswithin the Group into the company s normaltradi ng, and this will certa inly save the cost and improve en terprisevalue. But the age ncy theory in sists that majority stockholder hasabsolute con trol over the listed compa ni es, which will transfer thecompany s assets by the correlatedtradi ng

5、, and bring dow n the corporate value.Based on the A-share listedcompa nies for the period 2006-2009 un bala need panel data, this paperstudy the listed compa nies which have the guara ntee behavior and amend the previously con clusi on through a comb in ati on of theoretical andempirical an alysis

6、of the research methods. This paper firstly exam inesthe relatio nship betwee n wealth effect and guara ntee, and the follow ingstudy is the relati on ship among guara ntee and ownership structure.Empirical findings of the study are as follows:1, the occurred relativeguara ntee fee has a sig ni fica

7、 ntinv erted U-shapedrelati on ship with the corporate value, and the state listed compa nieshave a sig ni fica ntnegative correlation.2, ownership concentration occurred in associati onwith the con trolli ng shareholders guara ntee fee was a sig ni fica ntrelati on ship,and the opposite relati on s

8、hipis the equity dispers ion, and the equity was sig nifica ntly n egative. 3, therelati on ship betwee n the leverage of the compa ny capital structure andthe corporate value was a significant inverted U-shaped, the majorityshareholder sown ership perce ntage has a sig nifica nt positive correlati

9、on with thecorporate value in a certa in ran ge.Due to the imperfectionsof thecompany ownership structure,controllingshareholders will offer the guara ntee in order to tran sfer assets from thelisted compa ny, which damage the in terests of min ority shareholdersand the wealth of the en terprise value.Therefore, the first step needs to improve the behavior of the equitystructure and simulta neously stre ngthe n in ternal control of listedcompanies. At the sametime to strengthen andperfect the en vir onment for external g