股权构成与公司绩效:一项基于深圳股票市场的实证研究

Ownership Structure and Corporate Performance: an Empirical Research of Listed Companies in Shenzhen Stock Market

在现有理论与实证分析框架的基础上,以在深圳证券交易所上市的331家上市公司为研究对象,运用线性和非线性回归模型对我国上市公司股权构成与经营绩效的相关性进行了实证检验。实证结果表明:国家股由于其有效持股主体缺位,可能会产生严重的“内部人控制”问题,公司经理层可能利用职权侵吞股东利益,国家股比例(PS)与公司绩效显著负相关;法人股东拥有足够的激励和能力去监控公司经理人员,法人股比例(PL)与LnAMBR显著正相关,而和CROA之间存在显著的倒U型曲线关系;社会公众股东的分散性导致其在公司治理中的无效率,社会公众股比例(PL)与LnAMBR显著负相关。

Based on the theoretical analysis and empirical research frameworks in existence,taking 331 listed companies in Shenzhen Stock Exchange as the object of survey,this paper tries to check up the correlation(between) the composition of shares and corporate performance by means of non-linear and linear regression(models).The empirical results suggest that there will probably be inside control by the reason of a vacant of a valid state share holder,so corporate managers maybe make use of their rights to encroach shareholders' benefit,hence there is a obvious negative correlation between PS and firm performance;legal persons shareholders(possess) enough incentives and capability to supervise managers,therefore there is a obvious positive correlation(between) PL and LnAMBR,whereas the relation between CROA and PL is marked U-shaped curvilinear;and social public shareholders diversity results in non-efficiency in corporate governance,thus there is a obvious negative correlation between PT and LnAMBR.