股权结构与公司绩效关系的实证研究——基于安徽省上市公司的分析

An Empirical Research on the Relationship between Ownership Structure and Corporate Performance——Based on the Analysis of Listed Companies in Anhui Province

本文采用截面和时序结合的面板数据模型,以安徽省38家上市公司2005—2007年数据为例,分析了反映股权结构的股权构成和股权集中度两个维度的一系列变量和公司绩效间的关系。结果表明:国有股的比例与上市公司经营绩效之间存在负相关关系,法人股的比例与上市公司经营绩效之间存在正相关关系,流通股的比例与上市公司经营绩效之间不存在显著相关关系。第一大股东持股比例与公司经营绩效存在"倒U型"曲线关系,前五大股东持股比例与公司经营绩效存在正相关关系。

Based on the Panel data model including cross series and time series data of 38 listed companies from 2005 to 2007 in Anhui province , the paper analyzes the relationship between corporate performance and ownership structure reflected by variables of shareholder component and concentration rate of shares. The empirical results show that ： the rate of state owned shares has a significant negative relationship with corporate performance, and the relationship between proportion of legal person shares and corporate performance is positive , but there is no obvious significant relationship between circulating shares and corporate performance. Meanwhile, it also finds that the relationship between the first largest shareholder and corporate performance is of inverse ＂U＂ type, and is positive with the former five largest shareholders.