上市公司股权集中程度与公司治理绩效关系的实证研究

An Empirical Study on the Concentration Ratio of Stockholders Equity and Corporate Governance Performance in Listed Companies

本文以机械、设备和仪表行业的169家上市公司为样本，利用2004—2006年的数据，对第一大股东持股比例、第二至第五大股东持股比例、Z指数与公司治理绩效的关系作实证研究。研究表明，股改前，第一大股东持股比例与公司治理绩效正相关并不显著，且与代理成本显著正相关，第二至第五大股东持股比例与公司治理绩效显著正相关，Z指数与公司治理绩效显著负相关；股改后，第一大股东持股比例与托宾Q值正相关，代理成本显著正相关，第二至第五大股东持股比例与公司治理绩效显著正相关，代理成本显著负相关，Z指数与公司治理绩效显著负相关。

With the 169 listed enterprises of machinery, equipment and instrumentation industries as the samples and by means of the data from 2004 to 2006, this paper deals with the empirical relation among the first major shareholding equity ration, the second to the fifth largest shareholding ratio and Z index and the corporate govern- ance performance. The research results indicate that, before the share reform, the first major shareholding equity ratio is not in obvious correlation with the corporate governance performance, but in remarkable correlation with the agency cost, and that the second to the fifth largest shareholding ratio is in significant correlation with the corporate governance performance. Z index is in the significant negative correlation with the corporate governance performance. After the share reform, the first major shareholding equity ratio is in significantly positive correlation with Tobin＇ s Q value and also in the significantly positive correlation with the agency cost, and the second to the fifth largest shareholding ratio is in significantly positive correlation with the corporate governance performance, but is in significantly negative correlation with agency cost ; and also Z index is in significantly negative correlation with the corporate governance performance.