中国上市公司股权结构与经营绩效实证研究

Empirical Study on Equity Structure and Business Performance of Chinese Listed Companies

选取上海、深圳证券交易所的年报数据为样本,将样本分为竞争环境强行业和竞争环境弱行业,从股权属性、股权集中度与公司经营绩效的关系进行实证分析,发现行业竞争环境强的上市公司经营绩效与法人股比例的关系以及行业竞争环境弱的上市公司经营绩效与国有股比例的关系均呈三次函数关系,与流通股比例无显著相关.行业竞争环境强的上市公司,股权分散型优于国有控股型,国有控股型优于法人控股型;行业竞争环境弱的上市公司,法人控股型结构优于国有控股型,国有控股型优于股权分散型.

With the data sampled from the annual reports of both Shanghai and Shenzhen Stock Exchange, the listed companies are divided into two types, in keen competition and in dull competition, for an empirical study on the relationship between the attributes of stock equity, concentration of equity and corporate performance. It is found that the relationship between the performance of those companies in keen competition and the proportion of corporate shares presents cubic function, as well as the relationship between the performance of those companies in dull competition and the proportion of state-controlled shares. Both relationship are correlated at low significance level with the proportion of tradable shares. For those companies in keen competition, the decentralized equities and state-controlled shares are preferable to state-controlled shares and corporate shares, respectively. However, for those companies in dull competition, the prefer ability is just the opposite.