股权结构与民营上市公司绩效

Ownership Structure and the Performance of China Privately-owned Listed Enterprises

检验了我国民营上市公司与非民营上市公司绩效的差异,发现民营上市公司的绩效比非民营上市公司平均高出8.99%～16.41%,但是这种差异很大一部分是由于公司治理机制方面的原因导致的.该研究具有强烈的政策含义,它展示了一个新的观点,即仅仅从控制权上将现有国有企业改制成民营企业是远远不够的,更为重要的是改善企业的治理结构.

The performance difference between privately- owned and state- owned listed enterprises in China is examined. It is found that the performance of privately-owned enterprises is 8.99%-16.41% better than that of state -owned enterprises, but the performance difference between them is largely due to their different corporate governance mechanism. The result indicates that in order to improve the performance of state-owned companies, it is not enough to just sell the state-owned shares, the most important thing is to improve their corporate governance structures.