股权分置改革、产权属性、竞争环境与公司绩效——来自2005～2007年中国上市公司的证据

Toward Share Merger Reform,Property Rights,Competitive Environment and Corporate Performance——Evidence from Chinese Listed Companies through 2005-2007

本文以股权分置改革以来的2005～2007年中国上市公司为研究样本,重点考察了股权分置改革、产权属性和竞争环境对上市公司绩效的影响。本文的研究发现:(1)股权分置改革显著提高了上市公司绩效;(2)股改前国有控股上市公司的绩效明显优于民营控股上市公司,而股改后国有控股上市公司的绩效却明显低于民营控股上市公司;(3)股改后,在高度竞争行业中,民营控股上市公司绩效优于国有控股上市公司,而在中度和低度竞争行业中两者则无明显差别;(4)股改后,高度竞争行业内民营控股上市公司绩效与股权集中度呈正相关关系。上述研究结果还表明,产权论和市场竞争论二者作用的发挥都是有条件的;在不同的市场竞争环境下,不同产权属性的公司绩效并不相同。根据上述分析结论,本文还就国有企业改革和民营企业发展问题提出了相应的政策建议。

This paper focuses on the impact of share merger reform,property rights and competitive ad- vantage on corporate performance with a sample of Chinese listed companies through 2005-2007.The findings of the research are as follows:(1)Share merger reform significantly improves the performance of listed compa- nies;(2)The performance of state-owned listed companies is significantly better than that of private-owned before the reform,while the performance of the former is significantly poorer than that of the latter after the re- form;(3)After the reform,the performance of private-owned listed companies is better than that of the state- owned in highly competitive industries while there is no significant difference between them in moderately or less competitive industries;(4)In highly competitive industries after the reform,the performance of private- owned listed companies is positively related with equity concentration.The results of this study show that the roles of property rights and competition are conditional.We finally propose some policy recommendations.