股权制衡与公司经营业绩

Can Check-and-balance Ownership Structure Improve Firms' Operating Performance?

本文使用A股公司1992～2001年的数据,从经营业绩方面比较了股权制衡公司与'一股独大'公司,发现前者显著差于后者.因此,'一股独大'并非坏事,用股权制衡来替代'一股独大'以改善'一股独大'公司的经营业绩的思路未必奏效.这很可能正是中国制度背景的表现所在.

Using the data of A-share listed firms from 1992 to 2001,we compared the operating performance between the firms with check-and-balance ownership structure and the firms with single-largest-shareholder ownership structure,and found that the operating performance of the latter is significantly higher than that of the former.This suggests that single-largest-shareholder ownership structure may not be unacceptable and it may not be an effective way to improve operating performance of the firms with single-large-shareholder ownership structure just by replacing it with a check-and-balance ownership structure.The institutional background in China may explain this result.