摘要
用多变量分析检验公司股权结构对公司治理绩效的影响,会得出如下结论:1.大股东持股比例与企业绩效指标托宾q之间存在曲线关系,支持权衡理论(Trade-off theory)。2.托宾q值和第二到第五大股东持股集中度、代表机构投资者的基金比例表示显著正关联,非控股股东的持股比例与企业价值水平正相关,但是大股东持股比例集中度在45%左右,非控股股东不能有效地发挥监督大股东的作用,大股东有绝对权利控制公司。
If the effects of company's share hold structure on the performance governance are tested by multivariate analysis,the following conclusions can be made accordingly: 1.the proportion of major shareholder's stake and the company's performance indicator Tobin q make up a curve,which supports Trade-off Theory;2.Tobin q value and the second to fifth shareholders' stake concentration as well as the proportion of institutional investors' fund are positively correlated;3.though the proportion of non-shareholding p...
出处
《延边大学学报(社会科学版)》
2009年第6期142-145,共4页
Journal of Yanbian University:Social Science Edition
基金
吉林省社会科学基金项目(2008Bg1x11)
关键词
股权结构
公司治理结构
托宾Q
公司绩效
share hold structure
structure of company's governance
Tobin q
company's performance