Investor Protection and Corporate Valuation
构建模型分析少数股东法律保护及控股股东现金流所有权对公司估值的影响，并用27个富裕经济体的539家大公司数据验证，发现更好的少数股东保护和更高的控股股东现金流所有权与更高估值相关。
ABSTRACT We present a model of the effects of legal protection of minority shareholders and of cash‐flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 539 large firms from 27 wealthy economies. Consistent with the model, we find evidence of higher valuation of firms in countries with better protection of minority shareholders and in firms with higher cash‐flow ownership by the controlling shareholder.