我国上市公司股权结构激励效应的实证分析

On the Incentive Effects of Listed-Companies' Equity Structure in China

文章以中国1997—1999年上市的公司运行到股权分置改革前(2003年)的横截面数据作为研究对象,探讨股权结构的激励效应。实证研究显示:国有股比例与公司绩效呈明显的负相关关系、法人股比例则与公司绩效呈明显的正相关关系,而流通股比例与公司绩效的关系不明显。同时,实证研究发现,以前人们研究中所讲的U型关系并不存在。这一研究结论对股权分置改革后如何优化我国上市公司股权结构,进而改善公司绩效,具有很好的启示意义。

Based on the cross-sectional data of the listed-companies from 1997 to 2003 in China, the incentive effect of equity is analyzed. The research indicated that the proportion of state-owned shares is inversely related to the company performance, the proportion of legal person share is directly related to the company performance and the liquid share has less effect to the company performance. At the same time, in the research, it is found out that the U-relationship doesn＇t exist. This research is helpful to the optimization of China listed-companies equity structure and the performance of the companies.