中国民营上市公司股权集中度内生性的实证研究

Empirical Analysis on the Endogenesis of Ownership Concentration in China Private Listed Companies

一般认为,股权集中度随着企业处于不同的成长阶段而发生变化,反过来,作为公司治理重要因素之一的股权集中度,其改变是否会影响企业的成长呢?本文通过构建公司治理模型,运用完全信息准则下系统估计的方法,对不同时间跨度的样本数据进行估计、分析,并得出结果:当时间跨度较小时,股权集中度与企业成长阶段不具有内生性,只存在企业成长对股权集中度的单向作用。随时间跨度的增加,二者的内生性在统计上虽然仍不显著,但在程度上已呈现出逐渐增强的趋势。

Obviously, ownership concentration of company is varying while its stage of firm growth is changing. On the contrary, as one of most important factors of corporate governance, whether ownership concentration is effected by firm growth？ By making a corporate governance system, the article adopts full information method and makes regression analysis one by one, according to the time span of the sample. The conclusion is： there is only an effect from firm growth to ownership concentration, when the time span is short. As the time span extending, the endogenesis of them is still in significance, but there is a trend of enhancement.