我国上市公司的实证研究:股权结构和高层梯队与公司绩效的关系

An Empirical Study of Chinese Listed Companies: The Effect of Ownership Structure and Top Management Team on the Company Performances

分析了股权结构和高层梯队对公司绩效的影响并进行了实证研究。股权结构与公司绩效的实证结果显示,流通股对公司绩效有显著负面影响,而法人股则与之呈弱的正相关关系。在国有股权控股的企业中,股权一定程度上的集中对公司是有利的,且政府直接控股比间接控股更有利于企业的整体价值。在论证高层梯队与公司绩效关系上,从团队的传记性特征方面作了实证分析,初步得出了公司绩效与高层梯队平均年龄和平均受教育状况正相关,而与年龄和教育背景的差异性呈负相关关系这一结论。此外,在不同股权结构下,高层梯队对公司绩效影响具有差异性。

The correlation between ownership structure and corporate performances and the one between top management team and the performances were studied theoretically and empirically. It was shown that the firm performances is correlated strongly with the fraction of tradable A-shares negatively and was weakly done with the proportion of legal person shares positively. In holding companies controlled by the states, some concentration of ownership is superior to the firms＇ overall value and can be much more enhanced through governments＇ direct rather than indirect holding. The correlation between firm performance and top management team （TMT） was empirically analyzed by investigating TMTs＇ demographic characteristics data drawn from surveyed 54 listed firms in Sichuan province. The results suggested that the corporate performances correlated positively with teams＇ mean ages and mean educational levels and correlated negatively with the difference between teams＇ ages and educational heterogeneity. Moreover, under different ownership structure, top management team can also influence the firms＇ performance in different ways.