소유구조와 순부가가치와의 관계에 대한 연구

Ownership Structure and the Relation of Net Value Added

The Value Added is that the enterprise creates total wealth. It means and becomes theintegral part of Gross Domestic Product(GDP). When it sees from the economic side, size of the Net Added Value which the total property one unit creates is more important than maximizing net profit. This study examines the ownership structure and the relation of Net Value Added for 3years. In preceding studies of ownership structure and firm vale, they used Tobin-Q. But, we used Net Value Added. According to empirical results, first, if manager’s share goes down, management efficient characteristic which it measures net value added should increases. That is management efficient characteristic increases in condition that possession and management is separated. Second, the management efficient characteristic of the enterprise which is included to largescale enterprise group is lower than the general enterprise.