The Impact of Business Model,Asset Ownership Structure and Operating Performance on Companies Value -Evidence from Chinese Multinational Corporations (MNCs)
In this paper,we carried out an empirical study by employing the structural level model in an attempt to find out the impact of business model,asset ownership structure and operating performance on Chinese Multinational Corporations (MNCs) value.Our conclusion is as follows:First,the disparity between the maximum value and the minimum value of selected indices is rather significant,which can be explained by the varied operating methods employed by the firms and their sizes; Second,though operating performance has positive impact on the companies value, asset ownership and operating model have overall negative effects;Third,as far as the impact on the latent variables is concerned,such indices as FS/TS,multinational business methods and operating model have negative effects;besides,internal index of ownership structure and proportion of state-owned shares have negative effects on ownership structure.Hence,we suggest in order to obtain the sustainable growth, domestic MNCs must be in cautious in identifying international business models and investment fields as well as enhancing competitive capacity with the perquisite of optimization of ownership structure and corporate governance.
Multinational business methods Asset ownership structure Company value Structural equation model
Piao,Zhefan Shen,Li
School of Finance, Zhejiang University of Finance & Economics, Hangzhou,China, 310018
国际会议
西安
英文
590-599
2010-08-01（万方平台首次上网日期，不代表论文的发表时间）