股权结构、投资行为与公司业绩

Ownership,Investment and Accounting Performance

在对十一大行业进行实证研究中,发现国家股与境内发起法人股比例在公司业绩中所扮演的作用具有行业特点。国有股代理成本高的假说在机械、纺织与化工行业得到了实证支持,但在其它八大行业都没有。公用事业与医药行业第一大股东持股与业绩显著正相关,机械行业截然相反;一股独大与两股同大孰优孰劣因行业而异。十一大行业中有三大行业的业绩与前十大行业持股没有相关性,但与股权的法人性质相关。IT行业业绩与生产性股东数量显著正相关,机械行业的信托投资股东牵制了上市公司的发展。上市公司业绩在很大程度上依靠粗放型的投资拉动,八大行业公司的业绩同资本支出显著正相关,五大行业公司的业绩同权益资本投资显著正相关。

With an empirical sample of 11 industries, the paper finds that the proportion of shares subscription from state - owned and the domestic founders played different roles in different industry.The empirical results in mechanics, chemical, textile industries supports the higher agency cost of state- owned shares hypotheses. In utilities and medicine industry, accounting performance is posilively correlated with the largest shareholding; however, the case is opposite to that in mechanical industry. Either the company with one largest sharehoolder or the one with dual largest shareholders may have different performanes because of industrial particularities.The ownership of top larsest shareholders is irrelevant in such industries as material, building, real estate, hotel, food, vintage and agriculture, etc.But the performance is correlated with the share＇ s legal status in industries therein. The proportion of the productive stockholders is significantly correlated with the performance of IT industry. The trust corporations may hamper the development of the Hated corporations in mechanical industry.The accounting performance is significantly correlated with the capital expenditure intensity in eight of eleven industries, The equity investment improves the perfonnance in five of eleven industries in the sample.