股权结构、公司治理与企业业绩——来自中国上市公司的新证据

Ownership Structure, Corporate Governance and Performance New Evidence from the Listed Companies in China

在充分考虑股权替代变量之间可能存在多重共线性问题的基础上 ,本文对股权结构在公司治理中作用的各种理论假设进行了检验。研究发现 ,经理人员持股比例与上市公司业绩相关性不显著 ;国有股比例与上市公司业绩显著负相关 ;法人股比例与上市公司业绩正相关 ;社会公众股比例对公司财务业绩的影响虽然是负面的 ,但极不显著 ,而与公司市场业绩显著正相关 ;股权集中度与公司业绩显著负相关。

Considering multi-collinearity problem between proxy variable of ownership structure, this paper investigates various theoretical hypothesis on the effect of ownership structure in corporate governance. We found that the influence of the share held by the managers on firms' performance is insignificant, if not completely irrelevant. Firms' performance is negatively correlated with the proportion of state-owned shares and significant, and positively correlated with the legal person shares. The correlation between ownership concentration and firms' performance is negative and significant. The evidence also shows that the influence of individual shareholders on firms' profitability is negative and very insignificant, but is positive and significant on firms' value.