该文在理论分析的基础上,实证分析了外资参股、资本结构与公司价值三者之间的关系。认为在外资参股上市公司中存在较严重的外资大股东侵害小股东利益的情况,外资机构投资者的监督作用并未发挥,资本市场有待进一步完善以降低上市公司融资成本,同时应该规范证券市场运作,防范证券市场风险。
After the theoretical analysis, the author empirically analyses the relationship between foreign equity, capital structure and firm value. The author thinks that there is a serious behavior of foreign major shareholders against the interests of minority shareholders in foreign equity companies. Foreign institutional investors did not play a supervisory role. The capital market should be further improved to reduce the financing costs of listed companies, and regulate the securities market to prevent market risk.