上市公司股权结构对公司绩效影响的实证研究

The Empirical Studying on the Ownership Structure of Listed Companies to Influence the Corporate Performance

通过用主成分分析法构建公司绩效评价指标,对2007年1019个上市公司的股权结构与公司绩效进行了实证分析,结果表明:国家股比例与公司绩效不相关,国有法人股比例与公司绩效呈U型关系,社会法人股比例与公司绩效呈三次曲线关系(最佳持股比例为63.5%),机构投资者和第一大股东持股比例与公司绩效正相关,股权制衡有助于绩效的提升。最后根据实证结果,提出了从优化股权结构和加强市场机制建设两方面来提升公司绩效的建议。

Through uses the principal components analytic method to construct the company achievements evaluating indicator, Empirical Analysis of the 2007 sample of 1,019 shares of the company structure and corporate performance.The result indicated： The state shares proportion and the company achievements are non-correlated,The state-owned corporate shares proportion and the company achievements assume the U relations, Social and legal person shares of the company performance was three times curve （the best ratio of 63.5% stake）,Institutional investors and largest shareholder stake in the company are related to performance, And the performance of the equity of checks and balances will help upgrade. Finally, according to the empirical results from the ownership structure optimization of the market mechanism and strengthen the building of both companies to enhance the performance of specific recommendations.