国有股权与股票市场发展研究述评

A Literatures Review on State Shareholding and Development of Stock Markets

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,研究的结果对样本和方法都比较敏感。因此,国有股权在中国股票市场既有发展中的作用仍然是一个有待深入的问题。

Ownership property is a main dimensionality of ownership structure. Because of the special character of Chinese stock markets, researches of ownership property in China change into disputing virtues and defects of state shareholding. In fact, function of state shareholding in transition economy is an issue of controversy. Influences of state shareholding on corporate governance and corporate performance are not only disagreed in theory but also in empirical researches. Results of researches are sensitive to samples and methods. Therefore, function of state shareholding in development of Chinese stock markets is an issue worthy of further study.