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| Investor Protection, Ownership Structure and Corporate Valuation | |
| 引用本文： | 刘培堂 吴冲锋. Investor Protection, Ownership Structure and Corporate Valuation[J]. 西南交通大学学报(英文版), 2007, 15(1): 55-58 |
| 作者姓名： | 刘培堂 吴冲锋 |
| 作者单位： | Antai School of Management Shanghai Jiaotong University，Shanghai 200052 China，Antai School of Management Shanghai Jiaotong University，Shanghai 200052 China |
| 摘 要： | Introduction The extent of legal protection of investors in acountry is an important determinant of the develop-ment of its financial markets[1,2]. In contrast to thedevelopment of Chinese economy, the developmentof stock market is not very satisfying. Co… |
| 关 键 词： | 投资者 所有权结构 法人代表 企业管理 |
| 文章编号： | 1005-2429（2007）01-0055-04 |
| 收稿时间： | 2006-03-19 |
Investor Protection, Ownership Structure and Corporate Valuation |
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| LIU Pei-tang,WU Chong-feng. Investor Protection, Ownership Structure and Corporate Valuation[J]. Journal of Southwest Jiaotong University, 2007, 15(1): 55-58 | |
| Authors: | LIU Pei-tang WU Chong-feng |
| Abstract: | The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuation by relaxing the assumption of La Porta's model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed. |
| Keywords: | Investor protection Corporate valuation Ownership structure Cross-Listing Splitting of corporate ownership |
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