中文摘要：

法律赋予公司法人以独立地位,独立于投资者即股东和债权人,法人财产与投资者财产相分离,从而公司法人的价值也应该独立于股东和债权人价值。但传统公司价值的MM模型、FCF模型、NPV模型、EVA模型都只考虑股东和债权人的价值。本文基于法人独立的视角所提出的公司价值修正模型能满足公司法人与投资者的财产分离原则,反映留存收益的持续投资和持续获利所导致的公司增长,区分公司法人折现率和股东折现率,并体现股东和公司法人之间的利益冲突,大股东的隧道挖掘行为可通过该修正模型加以解释。

英文摘要：

Law endows corporate with independent legal person status,which is independent from shareholders and debt holders.Accordingly,the corporate value should also be independent from the value of shareholders and debt holders.But the traditional corporate value models,which include MM,FCF,NPV,EVA models,tend to estimate in behalf of shareholders and debt holders.In this paper,the modified model of corporate value based on independent legal person can satisfy the principle of separation between corporation＇s properties and investor＇s properties,reflect the growth induced by the continuous investing of retained earning,distinguish the discounted rate of corporation and shareholders,and reflect the benefit conflict between the corporation and shareholders.The tunneling of controlling shareholder can be explained by this modified model of corporate value.