股权结构与全要素生产率——对我国上市公司的实证研究

Ownership Sructure and Total Factor Productivity——Empirical Study Based on Chinese Listed Companies

本文利用DEA方法计算企业集团背景上市公司的全要素生产率,检验了股权结构、终极所有权与全要素生产率之间的关系。结果表明:第一大股东持股比例与全要素生产率呈U型曲线关系;股权制衡程度、最终所有者现金流权的提高有利于全要素生产率的提高;两权分离程度与全要素生产率没有显著相关关系。因此,保持适度的股权集中和制衡,有利于提高企业生产率,促进企业持续发展。

After the entry deregulation of monopoly industry, the policy-related entry barriers were removed, as a result of which the incumbent monopoly enterprises are facing the threat of potential entry of competitors. The theoretical model shows that compared with the situation with non-access threats, the incumbent monopoly threatened creates an excess installed capacity beyond the profit- maximizing output. Then, by the efficiency analysis of oligopolistic enterprises in China＇s power market, the existence of diseconomies of scale and the scale efficiency decreasing of large-scale power generation enterprises was confirme＇d. Finally, this paper presents some ,. proposals, such as further split, asymmetric regulation and anti-monopoly etc.