行业特征、股权结构与公司绩效的实证分析

An Empirical Study on Industrial Characteristics,Ownership Structure and Firm Performance

选取三个具有显著行业差异的代表性行业上市公司1998-2004年面板数据作为样本，分析行业特征差异对股权结构与公司绩效相关性的影响。结果表明，三个样本行业具有不同的盈利驱动力，股权结构与公司绩效的相关性受行业特征因素的显著影响、因行业而变。本文的实证研究表明，单纯的总样本教据分析可能掩盖了股权结构与公司绩效之间关系的行业差异性，因而更多的小样本研究是必要的；只有深入发掘相关性背后企业盈利的真实驱动力，改善股权结构形成机制，才能建立起中国企业股权鲒构与公司绩效之间有效的公司治理机制。

This paper uses the panel data from listed companies in China＇s three typical industries from year 1998 to 2004 to empirically test whether industrial characteristic differentials can significantly affect the correlation between ownership structure and corporate performance. It concludes that the empirical results varies in the 3 sample industries, and that depending just on the overall data analysis can lead to misleading conclusions. In order to set up the real corporate governance connection between ownership structure and corporate performance in China, more mini-sample analysis should be done, appropriate measurement system of corporate performance should be set up, and the current forming mechanism of listed companies＇ ownership structure should be changed.