股权分置改革前后竞争、终极控制人及公司业绩关系的比较研究——来自工业类上市公司的经验证据

Product Market Competition and Attributes of Ultimate Owners:Research Based on the Background of the Divided Distribution of Stock Shares Reform

本文采用沪深两市2006年6月30日完成股改的596家工业类上市公司股改前后各两期的半年度数据,分析了股权分置改革前后上市公司最终控制人的变化情况,并比较了股改前后产品市场竞争、企业最终所有权性质以及二者的交互作用对企业绩效的影响。研究发现:股改之后上市公司每股收益有了显著的提高;无论是股改前还是之后,产品市场竞争始终对企业绩效具有显著的正面影响,自然人或民营企业最终控制对企业绩效具有显著的正面影响,而国家控制的实业公司最终控制对企业绩效具有显著的负面影响。从产品市场竞争与最终控制人性质的交互作用来看,在股改之前,产品市场竞争与国家控制的投资管理公司控制具有一定的替代作用;股改之后,产品市场竞争与自然人或民营企业控制具有显著的互补作用,与国家控制的实业公司最终控制具有显著的替代作用。

In this paper,we analyzed the change of the ultimate owners of listed companies, compared the impact of product market competition and different attributes of enterprises＇ ultimate owners on firm performance and their interactions that before and after the divided distribution of stock shares reform, using the semi-annual data of industrial enterprises in Shanghai and Shenzhen Stock Markets,which had completed the divided distribution of stock shares reform on June 30,2006. We find：the earnings per share have been significantly improved after the reform. The product market competition has a positive impact on firm performance whether before or after the reform. The ultimate control of natural person or private company has prominent positive effect to enterprise＇s performance,and the ultimate control of state controlled industrial companies has significant negative influence on firm performance. Add the interaction into models and ftnd-Before the reform,the product market competition is substitute for the statecontrolled investment management firms ;but after the reform ,the product market competition is complementary to the ultimate control of natural person or private companies ,and substitute for the state controlled industrial companies.