Empirical Analysis of Effect on Foreign Equity Participation to High-tech Listed Companies' Value

摘要

Foreign equity participation indirectly affects the value of high-tech listed companies by ownership concentration,executive shareholdings,management fees,revenue growth and other variables.There are various relationships between these variables and high-tech listed companies' value,but there is positive correlation between foreign equity participation and the value of high-tech listed companies.Based on the empirical analysis,we find these conclusions:the proportion of foreign equity participation may enhance the value of high-tech listed companies; ownership concentration degree on foreign shares high-tech listed companies a negative correlation to high-tech company value; foreign equity participation could decline management costs of high-tech listed companies; foreign equity may increase operating income of high-tech listed companies.