制度环境、最终控制人投资组合集中度与民营上市公司价值

最终控制人与公司价值是近二十年来财务与会计理论研究的焦点话题之一。目前学者主要从单个公司的所有权或现金流权研究最终控制人与公司价值，甚少从投资组合的视角研究这一问题。本课题首先构建考虑“新兴加转轨”的制度环境时最终控制人投资组合集中度影响公司价值的扩展性分析框架，然后运用我国民营上市公司样本实证检验最终控制人投资组合集中度选择行为的影响因素及从资本投资效率、管理层薪酬等监督激励和风险承受、创新活动等风险集聚两方面考虑最终控制人投资组合集中度对公司价值的影响，同时挖掘最终控制人异质性、控制层级、高管政府背景、外资持股比例及地区财产权保护等制度安排对它们间相关性变化的影响，丰富和拓展了中国资本市场上最终控制人动机和行为研究。本研究有可能揭示“新兴加转轨”的制度环境下影响公司价值的最终控制人投资组合集中度选择的行为动因，系统地提出其影响公司价值的途径、方法及约束条件，提出相应的支撑性制度安排。

Ultimate ownership and corporate value is one of the focuses in the financial and accounting field during the past two decades. At present, scholars mainly study the relationship between ultimate ownership and corporate value based on ownership or cash flow rights of a single firm, rarely from the perspective of the ultimate owner's investment portfolio. In this project, in order to enrich and expand the research on the motivation and behavior of ultimate owner in Chinese capital market, we firstly constructed an expansible analysis framework of ultimate owner's portfolio concentration influencing corporate value, considering "emerging and transitional" institutional environment; and then using Chinese private listed companies as sample, we empirically tested influencing factors of ultimate owner's portfolio concentration selection, and investigate the impact of ultimate owner's investment portfolio concentration on corporate value, considering capital investment efficiency, management compensation incentive as well as risk taking, innovations and risk accumulation. We also study how this impact altered by institutional arrangements such as ultimate owners' heterogeneity, control hierarchy, executives' government background, foreign ownership and regional property rights protection. This study may shed light on influencing factors of ultimate owner's portfolio concentration selection under the "emerging and transitional" institutional environment, and systematically propose the approach, method and constraints of its impact on corporate value, and provide some supportive institutional arrangement.