上市公司股权结构与公司绩效的实证分析

An Empirical Analysis on Shareholding Structure and Performance of Listed Company

本文分别就股权集中度和股权结构对公司业绩的影响作了统计分析,得出第一大股东的持股比例对公司业绩产生正的影响,大股东的监督作用对公司的业绩发挥了积极的作用。法人股持股比例通过了显著性检验,说明了法人股在我国独特的股权分置的情况下,虽尚不能流通,但通过直接参与公司的决策,在我国国有产权主体虚设的情况下,法人股东能够起到一定的积极作用。而股权制衡度、国家股、流通股、高管股及高管持股人数比都没有通过显著性检验,说明了中国的企业在股权结构上存在着一定的问题,不利于企业业绩的提升。

This article makes statistical analysis respectively on the influence of shareholding concentration and structure on companys＇ performance; it concludes that the shareholding ratio of the largest shareholder makes positive effect on company＇s performance and the supervision of large shareholders also plays a positive role in the company＇s performance. The shareholding ratio of corporate share passes the significance test, which means under China＇ s unique condition of equity division, although corporate share is non- tradable, it can play positive role through direct participation of company＇s decision- making, while China＇ s state ownership subject is nominal. Regarding the balance of power in shareholding, state - owned equity shares, tradable equity shares, executive equity shares and proportion of executive shareholders, none of them passes the significance test, which means some problems exist in China＇ s shareholding structure, and will be disadvantageous for the promotion of the company＇s performance.