民营上市公司股权结构与经营绩效的实证研究

The Relationship between Stockholder's Rights Structure and Operating Performance in Privately Listed Companies

本文通过选取67家民营上市公司样本,对股权结构与公司绩效进行回归分析后发现:非国有法人股持股比例和第一大股东持股比例与公司绩效呈正相关,统计性显著,且股权结构变量与公司绩效变量间存在三次方关系;在不同的区间内,非国有法人股持股比例和第一大股东持股比例对公司绩效的影响是不同的,同时也得出了流通股比例与公司绩效呈负相关而国有法人股比例与公司绩效不相关的结论。

With 67 specimen of privately listed companies, on the basis of regression analysis, between the stockholder＇s rights structure and the company achievements, this article shows：the non - state - owned legal person owns stocks proportion and the first major stockholder owns stocks proportion and the company achievements presents the correlation, statistic is remarkable, the stockholder＇s rights structar variable and the company achievements variable has the cubic relations in different area. The non - state - owned legal person owns stocks proportion and the first major stockholder owns stocks proportion to the company achievements influence is different; Simultaneously, the results also display： the circulation stock proportion and the company achievements appear the inverse correlation but the state - owned legal person owns stocks proportion and the company achievements is not related.