控制权转移、股权制衡与公司绩效——基于中国上市公司数据分析

Transfer of Control Rights,Check-and-Balance Stock Ownership and Corporate Performance——Based on the Data Analysis of Chinese Listed Companies

当控制权转移发生之后,公司的短期绩效提高显著,中长期绩效也有所提高,但绩效改善的持续性不足。股权制衡组的绩效优于股权高度集中组,股权高度集中组的绩效优于股权分散组,一定的股权制衡度有利于公司的发展。第一大股东持股比例与公司绩效呈U型关系,股权制衡度(包括Z与W指标)与公司绩效呈倒U型关系,当第二大股东持股比例为第一大股东持股比例的0.65、第二至第五大股东持股比例之和为第一大股东持股比例的1.72倍时,公司的经营绩效最好。

After transfer of control rights,the short-term performance of the company increased significantly,and long-term performance also improved,but sustainability is insufficient.The check-and-balance stock ownership group＇s performance is better than the ownership concentration group＇s performance,while the ownership concentration group＇s performance is better than the ownership decentralization group＇s performance,a certain degree of power balance with shareholder structure is conducive to the company＇s development.The first largest shareholder ratio was U-type correlate with the company performance,the check-and-balance stock ownership（including the index Z and W） was inverted U-type correlate with the company Performance.When the second-largest shareholder ratio is 0.65 times as large as to the first largest shareholder ratio,and the second to the fifth-largest shareholder ratio is 1.72 times as large as the first largest shareholder ratio,the company＇s operating performance is the best.