股权结构、公司绩效与股权改革——基于我国IT行业上市公司的实证分析

Ownership Structure,Corporate Performance and Ownership Reform:an Empirical Research on Chinese Listed Companies of IT Industry

以信息技术行业76家上市公司为样本,利用主成分分析构建综合绩效变量,并回归分析了股权结构与公司绩效的相关关系。结果表明,公司绩效与股权结构并无显著相关性。尽管股权改革可以降低“遂道效应”,保护中小股东的合法利益,维护资本市场的公正性和长效发展,但并不能从根本上改变上市公司现有绩效状况。增强公司在产品市场上的核心竞争力,充分发挥控制权市场收购功能,才是提高上市公司绩效的根本途径。

Based on principal factor analysis, this paper constructs an integrated performance variable, and analyzes the relationship between ownership structure and corporate performance of Chinese listed companies of IT industry. The results show that corporate performance isn＇t significantly related to ownership structure. Although ownership reform can reduce ＂ monitoring effects＂, protect the interest of ordinary and minor shareholders, and maintain the fairness and sustainable development of capital market, the essential approach to improve corporate performance is to enhance the core competitiveness of companies and fully exert the acquisition function of the market of control right.