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本文以2005年以前在我国沪、深两地上市的196家民营上市公司为样本,研究了少数股权控制结构与民营上市公司价值之间的关系。结果发现,少数股权控制结构不利于公司价值,控制权与现金流权的分离程度越大,公司价值越小;最终控制人所拥有的控制权比例越大,公司价值越低;同时还发现,现金流权比例与公司价值显著负相关,这可能与民营上市公司的最终控制人谋取“控制权私人收益”有关。
This article takes 196 private listed companies listed in Shanghai and Shenzhen before 2005 as a sample to study the relationship between the minority ownership structure and the value of private listed companies. The results show that minority ownership structure is not good for company value, the greater the degree of separation of control rights and cash flow rights is, the smaller the value of the company is. The greater the proportion of controlling rights owned by ultimate controller is, the lower the company value is. There is a significant negative correlation between the proportion of cash flow rights and the company value, which may be related to the ultimate controller of private listed companies seeking “private benefit of control”.