第四章以中石化为例，使用现金流量折现法对中石化的股权价值进行了评估。
Chapter four, Regard Sinopec as example, use discounting cash flow model assesses at the stock values of Sinopec.
实证结果显示每股净现金流量、股权结构、资产流动性等因素和每股现金股利不相关；
Positive analysis shows that net operating cash flow per share, the capital structure, asset fluidity are irrelated to cash dividend per share.
考虑权力制衡对公司价值的影响，发现当控股股东的控制力和其现金流量权分离越大时，公司价值越低。股权制衡和控制权竞争程度越高时，公司价值越高。
Consider the effect of the balance power of shareholder, it shows the higher degree of the separation, the lower the company value it gets.
考虑权力制衡对公司价值的影响，发现当控股股东的控制力和其现金流量权分离越大时，公司价值越低。股权制衡和控制权竞争程度越高时，公司价值越高。
Consider the effect of the balance power of shareholder, it shows the higher degree of the separation, the lower the company value it gets.
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