股权结构、行业竞争性与公司绩效——基于产出效率角度的经验证据

Ownership Structure,Industry Competition and Firms' Performance——An Empirical Study Based on the Angle of Productivity

以上证工业股、商业股和公用事业股指数成分公司为样本,通过对三种不同竞争性行业的区分比较,从产出效率的角度研究股权结构与公司绩效的关系。实证结果表明,股权结构与公司绩效的关系受行业竞争性因素影响。具体而言,国有控股在竞争激烈的工业以及竞争程度较弱的公用事业对公司绩效有显著负面影响,而在竞争性一般的商业与公司绩效不存在显著关系;股权集中度在竞争程度较弱的公用事业和商业与公司绩效存在显著的U型曲线关系,而在竞争激烈的工业对公司绩效没有显著影响。研究结论倾向于支持"公司治理的权变理论",即并不存在一个最优的股权结构,企业应根据不断变化的内外部环境来构造合适的股权结构。

This study takes listed firms of industry, business, and public utility index of Shanghai Stock Exchange from 2002 to 2004 as samples. Via dividing and comparing firms of these three different competitive industries, we examine the relationship between ownership structure and firms＇ performance from the angle of productivity. The empirical results suggest that the ownership structure have different effects on firm＇s performance along with industry competition. Specifically, ownership controlled by state are notably negatively correlated to firms＇ performance in the industry and public utility, and ownership concentration has notably U-shaped correlation with firms＇ performance in less competitive industries. This study tends to support the contingency theory of corporate governance, which means there is no optimal ownership structure, and enterprises should construct a suitable ownership structure based on the changing internal and external environment.