上市公司股权结构与公司绩效实证研究

Ownership Structure and Corporate Governance in Chinese Listed Companies

文章以我国上市公司1999年至2002年的数据为基础,考察了股权结构对公司绩效的影响。实证结果表明,非流通股对公司绩效存在显著的消极影响,从而从实证上证明了我国目前股权分置改革的必要性。在考察国有股和公司绩效的关系时,我们发现国有股对公司绩效呈现非线性关系,它们之间的关系是一个倒U型的函数关系。在考察股权集中度对公司绩效的影响时,我们发现股权集中度高的大股东对公司绩效的影响在我国更多地体现为正向的激励效应。

This paper,using the dataset of Chinese listed companies from 1999 to 2002,investigates the relationship between ownership structure and firm performance.We find that the non-dealable stock has negative influence on the firm performance;this evidence supports the necessary of today s ownership-reform in Chinese stock market.But the relationship between stated-owned stocks is nonlinear.The investigation about the relationship between ownership concentration and firm performance shows that ownership concentra...