国有股权、公司绩效与投资者保护:一个文献综述

State Shareholding,Enterprise Performance and Investor Protection:A Literature Review

股权性质是股权结构的主要维度之一,由于中国股票市场的特殊性,股权性质的研究在中国就具体化为对国有股权优劣的争论。实际上,国有股权在转型经济中的作用一直以来都是存在广泛争议的问题,关于国有股权对公司治理与公司业绩的影响不仅在理论上存在诸多分歧,在经验研究上也没有形成统一的结论。原因在于既有的文献主要关注了国有股权对于公司会计绩效的影响,而忽视了从投资者保护的视角更加全面地考察国有股权在转轨国家股票市场发展中的作用。

Equity is a main dimensionality of ownership structure.Because of the special character of Chinese stock markets,researches of equity in China transform into the debate of virtues and defects of state shareholding.In fact,functions of state shareholding in transitional economy are controversial issues.Influences of state shareholding on corporate governance and corporate performance are disagreed in theory as well as in empirical researches.The reason of these controversies is that literatures only focused on influences of state shareholding on corporate governance,but neglected reviewing state shareholding＇s functions in the development of transition countries＇ stock markets from the perspective of investor protection.