公司治理环境和股权结构分别是从公司外部宏观层面和内部微观层面影响公司价值的两类主要因素。在上市公司终极股东普遍存在超额控制权的现实背景下,本文基于终极股东超额控制权中介效应的视角,利用中国上市公司的大样本经验数据和结构方程模型的数理统计方法,实证研究了公司治理环境和股权结构对公司价值的影响机制。研究发现,终极股东的超额控制权会显著损害上市公司价值;公司治理环境和股权制衡基本不具有直接的价值创造效应,但可以通过抑制终极股东的超额控制权进而间接具有价值创造效应;股权集中具有显著的直接价值创造效应,虽然股权集中会促进终极股东的超额控制权从而具有间接的价值损害效应,但大股东与上市公司的利益趋同大于对上市公司的利益侵占,使得股权集中的总价值效应仍表现为价值创造效应。结论表明,通过遏制终极股东的超额控制权,能够有效实现公司治理环境和股权结构的价值创造功能。 Corporate governance environment and shareholding structure are two main types of factors that influence the value of the company from the external macro level and the internal micro level respectively. Based on the fact that the ultimate shareholders of listed companies are overly controlled, based on the ultimate controlling shareholder’s mediation effect, this paper uses the empirical data of Chinese listed companies and the mathematical statistics method of structural equation model to empirically study the corporate governance The Impact of Environment and Ownership Structure on Firm Value. The study found that the ultimate shareholder’s over-control will significantly damage the value of listed companies; corporate governance environment and equity checks and balances basically do not have the direct value-creating effect, but can indirectly have the value creation effect by inhibiting the ultimate shareholder’s excess control; Has significant direct value creation effect. Although the ownership concentration will promote the ultimate shareholder’s over-control and thus has the indirect value damaging effect, the interest convergence between the major shareholder and the listed company is greater than the interests encroachment on the listed company, making the total value of the equity concentration The effect is still manifested in the value creation effect. The conclusion shows that by curbing the excess controlling power of ultimate shareholders, the value creation function of corporate governance environment and equity structure can be effectively realized.