股权集中或股权制衡能否缓解融资约束对企业绩效的束缚?——基于房地产上市公司数据

Can Ownership Concentration or Equity Balance Ease the Restraint of Financing Constraints on Corporate Performance? Based on the Data from Listed Companies of Real Estate Industry

通过构建实证模型,分析了房地产企业在不同控股状态下,股权制衡和集中两种趋势对"融资约束—企业绩效"这一传导关系的影响。结果表明:提高股权集中度有利于缓解房地产企业融资约束,为扩大绩效"松绑",该作用对股权集中的企业更明显,其调节作用显著;而实证结果并未支持"增强股权制衡度利于缓解融资约束"的推论,无论是股权集中还是分散状态,该作用表现均不显著。依据持股状态,促进企业优化股权结构,可缓解当前房地产企业融资约束,增强企业活力,提升绩效表现。

By establishing empirical models,this paper analyses the influence of ownership concentration and equity balance on the transmission relationship between financing constraints and enterprise performance for real estate companies with different shareholding states.This result shows that the improvement of ownership concentration is conducive to the ease of the financing constraints of real estate industry and helps to improve corporate performance.The impact is more significant in ownership-concentrated enterprises,and the regulatory effect is strong.The empirical results do not support the inference that strengthening the degree of equity balance is beneficial to the ease of financial constraints.The effect is insignificant under either conditions of ownership concentration or separation.According to the specific state of shareholding,the optimization of ownership structure can alleviate the current financial constraints in real estate,enhance the vitality of enterprises,and improve corporate performance.