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首页> 外文学位 >Valuation, operating performance, expenditure decisions and management ownership of listed Canadian dual-class firms.
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Valuation, operating performance, expenditure decisions and management ownership of listed Canadian dual-class firms.

机译：加拿大上市两类公司的估值，运营绩效，支出决策和管理所有权。

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摘要

Dual-class capital structures, which are characterized by holders of one class of common stock having greater voting rights than holders of another class, are relatively common among Canadian corporations. The cash flow ownership and voting rights ownership of M&D (management and directors) diverge substantially for many Canadian firms with dual-class equity structures, and M&D voting rights ownership generally exceeds cash flow ownership. The relation between firm value and M&D voting ownership is negative and convex. In contrast, the relation between firm value and M&D cash flow ownership is indeterminate, which corresponds with the notion that the primary motive for dual-class equity structures is to ensure voting control. The relation between capital expenditures and M&D voting ownership is negative and convex with increasing M&D voting ownership. The relations between measures of operating performance (such as sales growth, net profit margin and return on equity) or combined R&D and advertising expenditures relative to assets and sales with either M&D cash flow or voting ownership also are indeterminate.
机译：双重资本结构的特点是，一类普通股的持有者具有比另一类持有者更大的投票权，在加拿大公司中相对常见。 M＆D（管理层和董事）的现金流所有权和投票权所有权在许多具有双重股权结构的加拿大公司中存在很大差异，并且M＆D投票权所有权通常超过现金流所有权。企业价值与M＆D投票所有权之间的关系是消极的和凸的。相比之下，公司价值与M＆D现金流量所有权之间的关系是不确定的，这与这样的观念相对应：双重股权结构的主要动机是确保投票控制。随着M＆D投票所有权的增加，资本支出与M＆D投票所有权之间的关系是负的和凸的。运营绩效的度量（例如销售增长，净利润率和净资产收益率）或与资产和销售相关的R＆D和广告支出（具有M＆D现金流或有表决权的所有权）之间的关系也不确定。

著录项

  • 作者

    Fang, Lei.;

  • 作者单位

    Concordia University (Canada).;

  • 授予单位 Concordia University (Canada).;
  • 学科 Business Administration Management.;Economics General.
  • 学位 M.Sc.
  • 年度 2006
  • 页码 41 p.
  • 总页数 41
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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