作者：张天舒
摘要/Abstract
本文考察了我国上市公司所有权对企业价值的影响以及所有权与控制权分离对企业价值的影响。发现中国上市公司的价值随所有权增加而增大，但是由于中国大部分上市公司为国有控股，所有权与控制权分离程度不大，所以所有权与控制权的分离对企业价值影响不显著。但是在所有权与控制权分离较大的非国有控股的上市公司中，随所有权与控制权的分离，企业价值减小。
This paper evaluates the corporate value effects of ownership structure and the separation of ownership and control rights. It is found that corporate value increases as the ownership is more centralized. However, the documented relation between the separation of ownership and control rights and corporate value is not significant, partly because many listed companies are state controlled resulting weak separation of ownership and control rights. In addition, we find corporate devalues as ownership is more separated from control rights in non state controlled listed companies which are more diversely held.