控股股东对上市公司股权集中度影响的实证分析

Empirical Analysis of Controlling Shareholder's Influence on Ownership Concentration of Listed Companies in China

控股股东与上市公司股权集中度之间关系的实证分析结果表明,国有企业性质的控股股东所控制的上市公司股权集中度显著高于民营企业性质的控股股东所控制的上市公司股权集中度。进一步区分不同身份的国有控股股东进行分析发现:政府身份的控股股东所控制的上市公司层级与股权集中度之间存在显著倒"U"型曲线关系;国有企业集团控制的上市公司层级与股权集中度之间呈显著正"U"型关系;民营企业性质的控股股东所控制的上市公司层级与股权集中度之间存在显著正相关关系。

In this paper, we analyze the relationship between controlling shareholders and ownership concentration in listed companies, the empirical results show that the ownership concentration in listed companies controlled by controlling .shareholder whose identity is state-owned is significanfly higher than that in listed companies controlled by controlling .~harcholders whose identity arc private owned enterprises. Further analysis of the controllers whose identity arc stare-owned companies indicates that the relationship between the layers and ownership concentration arc significantly reversed U shape, positive U shape and positive when the identity of controlling shareholders arc government, state group companies and private owned companies respectively.