文献类型：会议论文

英文题名：Relationship Between Reduction of Controlling Shareholder and Value of Listed Companies After Split Share Structure

作者：Wan Liquan[1]

第一作者：万立全

机构：[1]Henan Univ Econ & Law, Sch Accounting, Zhengzhou 450002, Peoples R China

第一机构：河南财经政法大学会计学院

会议论文集：6th International Symposium on Corporate Governance: the Common Criteria in Post-crisis Era

会议日期：AUG 20-21, 2011

会议地点：Dalian, PEOPLES R CHINA

语种：英文

外文关键词：Reduction of controlling shareholder; Value of listed companies; Difference-in-difference model; Ownership structure

摘要：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-state-controlled 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.