笔者以深交所上市公司为例,实证研究控股股东减持对公司价值的影响。结果表明无论是国家控制的上市公司还是非国家控制的上市公司,控股股东减持都可以提升上市公司价值。但是,国家控制公司控股股东减持所带来的公司价值的提高低于非国家控制公司价值的提高。控股股东减持有利于公司股权结构的优化,对其应该进行正确的引导,既有控股股东又有制衡股东的股权结构应该成为后股权分置时代上市公司股权结构调整的方向。
An empirical study on the impacts of reduction of controlling shareholder on value of companies listed on Shenzhen Stock Exchange shows that reduction of controlling shareholder increases value of either state controlled companies or non-state-controlled ones.However,the value raise of State-controlled Company due to reduction is less than that of non-state-controlled company.Anyhow,the share-holding reduction of controlling shareholders contributes to optimizing ownership structure.