公司股权结构对公司治理绩效影响的实证研究——以深圳证券交易所上市公司为例

Study of the Relationship between Share Hold Structure and Company's Performance Governance——Taking the listed companies in Shenzhen Stock Exchanges as an example

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...