公司財務的經驗主義(英文版)(ppt 113頁)

Ownership Comparison：
1. Ownership structure in the US is not as disperse as it is widely believed
-On average, insiders of non-S&P firms owned 48.2% of equity!
-Even for S&P 500 firms, average insider ownership is 21%!
2. Although ownership in China is more concentrated, the more important distinction probably lies in the nature of ownership! (Private vs. State)

Appropriate Prices of Non-tradable State Shares?
1. US market-to-book is around 3
2. Surprisingly, if we price the non-tradable shares at the market level, the M/B ratio is also close to 3 in China!
-M/B is around 1.5 if we price the non-tradable shares at their book value
3. Questions
-Are the book values equally accurate?
-Comparable ages of the firms?
-Industry differences?

Why do we care the unrealistic (ideal) capital market?
Of course, it is never claimed that the real world follows these assumptions. What is hoped is that by modeling the universe of the firms in such a way, and by relaxing the assumptions one by one, it is possible to identify and discuss the weight or relevance of each of the different factors in the search for the optimal financial decisions.

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