股权结构与公司绩效关系实证分析

Research on the Relationship between Ownership Structure and Corporate Performance

为了解股权结构与公司绩效间的关系,以制造业上市公司的截面数据为研究对象,通过实证的方法得到如下结论:国有股和法人股比例与公司绩效负相关,流通股、第一大股东持股比例和HERE指数与公司绩效不相关.在此基础上分析了我国上市公司股权结构的不合理的现状,提出了相应对策:适度减持国有股;提高法人股比例,形成多元的股权结构;加大对中小投资者的保护力度等.

In this paper,we choose public firms from the industries of manufacture to examine the relationship between ownership structure and corporate performance,and we find that both the state and legal shares have a substantive negative relation with the corporate performance,while circulate shares,the first largest shareholder and HERE index are unrelated to the corporate performance.At last,this paper gives several related suggestions about the irrational ownership structure,such as reducing state shares moderately,increasing the proportion of corporate shares and forming a diversified shareholding structure,strenthening the protection of small and medium investors.