我国商业上市公司的股权结构与公司业绩——基于市净值指标的实证分析

The Ownership Structure and Corporate Performance of Chinese Listed Commercial Companies——An Empirical Analysis Based on the Ratio of Market Price to Equity per Share

文章以沪深两市55家商业上市公司为样本,对股权结构与公司业绩的关系进行回归分析。结论表明:商业上市公司国有股比例对公司业绩并没有显著的影响,但法人股比例与公司业绩显著正相关,流通股比例与公司业绩显著负相关。同时,第一大股东持股比例与公司业绩没有显著关系,但前五大股东持股比例与公司业绩显著正相关;另外,第一大股东的控制能力对公司业绩有显著的负面影响。

This paper selected 55 listed commercial companies as samples and made a study on the relationship between the ownership structure and corporate performance. The empirical analysis shows that the scale of state-owned stocks of Chinese commercial companies has no significant effect on corporate performance, however the operating performance of those companies is positively related to the scale of corpo-ration-owned stocks, negatively to the scale of circulation stocks. Meanwhile, the scale of stocks held by the largest shareholder has no significant effect on operating performance, but the operating performance is positively related to the scale of stocks held by the top five shareholders; Besides, the operating performance is negatively related to the controlling power of the largest shareholder.