Relationship Between Reduction of Controlling Shareholder and Value of Listed Companies After Split Share Structure
Based on difference-in-difference model,this paper empirically studies the impacts of reduction of controlling shareholder on value of listed companies in SSE. The results show that reduction of controlling shareholder can increase firm value whether in state-controlled companies or non-statecontrolled ones. However,the improvement of firm value due to reduction in state-controlled companies is lower than that of non-state-controlled ones. Reduction of controlling shareholder contributes to optimizing ownership structure. The direction adjusting equity structure is that there are balances between controlling shareholder and checking one after split share structure.
Reduction of controlling shareholder Value of listed companies Difference-in-difference model Ownership structure
WAN Liquan
School of Accounting, Henan University of Economics and Law, China, 450002 School of Business, Huanghe College of Science & Technology, China, 450063
国际会议
The Sixth International Symposium on Corporate Governance(第六届公司治理国际研讨会)
大连
英文
169-177
2011-08-20（万方平台首次上网日期，不代表论文的发表时间）