中国车类上市公司股权结构与公司绩效关系的实证研究

Empirical Study on the Relationship between Ownership Structure and Corporate Performance of Automobile Industry of Chinese Listed Companies

股权结构与公司绩效之间的关系问题一直是一个研究热点。文章首先对股权结构与公司绩效的关系进行文献回顾,对二者间的关系进行理论分析并提出研究假设,同时设计实证模型,利用中国车类上市公司的样本数据对模型进行实证检验,最后得出结论。结果显示,就中国车类上市公司而言,公司绩效与股权集中度显著正相关、与法人股比例存在二次曲线相关关系、与流通股比例显著负相关。

The relationship between ownership structure and corporate performance is always a hot topic of research. Firstly, this paper reviews the literature between ownership structure and corporate performance, analyzes their relationship on the level of theory, and then puts forward research hypotheses. After that, this paper designs empirical models and proves them with the datum of automobile industry of Chinese listed companies, and at last draws the conclusions. The empirical analysis results show that, as far as automobile industry of Chinese listed companies concerned, its corporate performance is positively related with ownership concentration, has the relationship of quadratic curve with the proportion of legal share, and is negatively related with the proportion of liquid share.