股权结构与公司绩效关系研究综述——基于内生性和动态性视角

The Relationship between Ownership Structure and Corporate Performance:A Survey of Perspective Based on Dynamic and Endogeneity

国内外有关股权结构与公司绩效关系的研究文献非常丰富,但这些文献绝大部分都先验地把股权结构作为外生变量来处理,认为二者是从股权结构到公司绩效的一种单向静态关系。在这种假设下,得出的结论与观察到的事实并非一致。股权结构不是一个独立外生变量,而是包括绩效在内的多种因素共同作用的均衡结果。它不仅受当期和上期绩效的作用,同时也可能对当期和下期绩效产生影响,即股权结构不仅是内生的,而且还是动态的。本文综述了国内外目前在这方面的最新研究成果。

The literature is very rich on the relationship between ownership structure and corporate performance at home and abroad, but most of them treat ownership structure as exogenous variables to deal with and make sure that it is a one-way static relation between the two--from ownership structure to corporate performance. Under the assumption, it is often difficult to explain the research findings. Different from the former, the researchers based on the perspective of dynamic endogeneity believe that ownership structure is not an independent exogenous variables, but balanced results of a variety of factors including current and previous performance. In other words, it is not only endogenous, but also dynamic for ownership structure. The article takes it as a starting point, summarizing the current latest research results in the field.