大股东控股与公司绩效的实证分析

Empirical Analysis of Large Shareholder′ Control and Corporate Performance

股权结构决定公司控制权的分布,影响着经营层的行为方式。各国学者均已对股权结构与公司绩效之间的关系进行了大量研究,但结论并不一致。本文基于对中国上市公司的数据研究,发现股权结构与公司绩效之间的关系用初等函数式的模型表示不如用分段模型的表示更接近实际;来自外部所有者的监督活动可以为公司业绩带来明显的边际增量,但监督需要成本。大股东更有激励对公司进行监督,大股东控股权公司比股权分散性公司更有利于发挥监督机制的作用,因此盲目减少大股东股份的做法不可取。

The ownership structure is important to corporate governance.A lot of researches have documented large differences among the researchers′opinion.We find out that the relationship between ownership structure and corporate governance may be a subsection model;The firm control by large shareholder is also favorable to corporate performance;In a society lacking of proper law,the decreasing of controlling shareholders can only result in expropriation.