Does Stock Pledge of Ultimate Owner Impair Firm Value?
最终控制人股权质押损害公司价值么？
Firm value can be divided into intrinsic value, valuated value and market value.
上市公司的价值可以划分为三类：内在价值、评估价值和市场价值。
Event study method is used to measure the economic impact of events on firm value.
事件研究方法被用来测度经济事件对公司价值的影响。
This paper suggested improving the ownership structure and increasing the firm value.
对此本文提出了改善股权结构、驱动公司价值增长的建议。
In this paper financial permeation theory is applied to examine closely the creation process of firm value.
文章应用金融渗透理论重新审视了企业价值的创造过程。
Firm value is the basis to successful acquisition price, although there are many other valuation factors involved.
在企业并购中，虽然决定并购价格的因素很多，但目标企业自身的价值是最终成交价格的基础。
In this paper, we attempt to show how the dispersion of firm value affects the structure of managerial compensation.
在本文中，我们试图说明公司价值的离差是如何影响管理者薪酬结构的。
What is the difference between stock price maximization, firm value maximization and stockholder wealth maximization?
之间的区别是什么股票价格的最大化，公司价值最大化和股东财富的最大化？
Convertible bond is the contingent claim not only of the firm value, but also of interest rate and its term structure.
企业可转换债券既是企业市场价值的或有债权，又是利率及其期限结构的或有债权。
This study investigated the intermediation of expropriation in the linkage between corporate governance and firm value.
本文研究了大股东掠夺在公司治理与企业价值关系中的传导作用。
So, in western academia it brought about a heated debate on the relationship between firm value and firm diversification.
由此，引发了西方理论界对多样化经营同企业价值间关系的大讨论。
Knowledge economy has changed firm resource's structure. Intellectual capital has became a key driver of firm value-creation.
知识经济使企业的资源结构发生了改变，智力资本成为企业创造价值的关键因素。
This paper studies the relationship between diversification and firm value by considering the impact of growth opportunities.
本文将考虑成长机会的影响，对多元化与企业价值的关系进行研究。
The results show that the stock option compensation amount maximized the firm value are decreased in the manager' s overconfident level;
研究结果表明，使公司价值最大化的股票期权补偿数量将随着经理过度自信程度的提高而减少；
While the first agency relationship degenerates the firm value, the second agency relationship does not necessarily lead to negative influences.
相对于第一重代理关系降低企业价值，第二重代理关系的影响则不一定总是负面的。
Based on the reasonable ownership structure, corporate governance can become perfect, the good performance comes true and firm value is upgraded.
只有股权结构合理，才能形成完善的公司治理结构，进而才能保证企业取得良好的经营绩效，提升企业价值。
Empirical results reveal that tax avoidance behavior reduces firm value, and it does more harm than good to investors in Chinese listed companies.
实证结果表明：税收规避行为降低了企业价值，在中国上市公司中，税收规避是把双刃剑，它带给股东的损害高于其利益。
In addition, a positive link between productivity and firm value has been greatly recognized in many literatures, although there were some exceptions.
此外，从生产力与公司价值已被许多文献广泛认可的一种积极的联系，但是也有例外。
From the data of listed companies in food and drink industry during 2004-2006, this paper researches the relations between diversification and firm value.
本文利用食品饮料造业上市公司2004年- 2006年的公司年报中的数据，对多元化经营与企业价值之间的关系进行了描述性统计分析及回归分析。
Study at home and abroad has not yet come to a very clear conclusion referring to the relationship between shareholding structure and firm value of a company.
关于股权结构与公司价值的关系，目前国内外的研究尚无一个清晰的结论。
The second part of the paper analyses the strategic influence factor of firm value, designs the procedure after putting forward the strategy based on firm value.
文章的第二部分，论文分析了企业价值的战略影响因素，提出了基于企业价值的战略设计流程。
The empirical study finds that the cash flow volatility is significantly negatively related to firm value but earning volatility has no fixed relationship with it.
实证检验发现我国上市公司的现金流波动性与企业价值负相关，而盈余波动性与企业价值无固定关系。
Meanwhile, the article further explores the relationship between the debt maturity structure and the firm value when companies face different growth opportunities.
同时，本研究深入探讨了面临不同增长机会时债务期限结构与公司价值的关系。
First, through the MM model and adjusted MM model, a fundamental firm value model is set to reflect capital structure and financial risk on the basis of time value.
首先从MM模型以及修正的MM模型入手，以时间价值为基础建立反映资本结构与财务风险的企业价值基本模型。
This article studies the value of the firm under the condition of stochastic future net cash flows, and builds up the stochastic optimization model of the firm value.
本文研究了净现金流为随机过程情况下的企业价值，并建立了企业价值的随机优化模型。
This paper presents evidents that cash-flow volatility is negatively related to firm value using a large sample consisting of 2724 firm-year observations from 1998-2008.
本文通过1998-2008年间2724例公司年样本观察值证明现金流波动率与公司价值显著负相关。
Based on endogeneity of ownership structure, this paper empirically analyzes the factors resulting in presence of multiple large shareholders and its effects on firm value.
基于股权结构内生性视角，对形成多个大股东相互制衡的股权结构之影响因素及此类股权结构对公司价值的影响进行了经验检验。
On the other hand, firms should focus more on maintaining low cash flow volatility by financial derivatives to produce smoothing earnings and finally enhance the firm value.
此外，上市公司也应当更加注重运用金融衍生品来降低现金流波动率达到平稳盈利的目标，并最终提高公司的市场价值。
Many Chinese MNCs use foreign currency derivatives to hedge exchange rate risk, however, the relationship between the hedging and firm value has not been examined empirically.
我国不少跨国公司开始使用外汇衍生工具来对冲人民币波动带来的汇率风险。
Many Chinese MNCs use foreign currency derivatives to hedge exchange rate risk, however, the relationship between the hedging and firm value has not been examined empirically.
我国不少跨国公司开始使用外汇衍生工具来对冲人民币波动带来的汇率风险。
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