股权分置改革对上市公司绩效的实证研究

The Empirical Research of the Listed Companies' Performance After the Non- tradable Shares Reform

我国学者对股权结构与公司绩效之间的关系进行了许多实证研究,但由于选取的样本或指标不同,得出了差异迥然的结果。有的学者认为,股权结构是治理结构的基础,股权结构的优化有利于提高公司经营绩效;而有的学者认为,股权结构是为实现一个均衡的公司组织而对各种成本利弊权衡后所内生的结果,它与公司绩效之间并无必然联系。那么,股权结构的变化是否会影响公司绩效的变化?我国特有的股权分置改革为我们分析这个问题提供了实验样本。本文对2006年完成股权分置改革的上市公司在股改前后的股权结构和公司绩效进行了比较。本文认为,股权分置改革导致上市公司国有股持有比例数的下降、法人股及流通股比例数的上升以及股权集中度的相对分散,然而对公司绩效的提高效果并不显著。

Nowadays,there are many empirical studies on the relationship between ownership structure and corporate performance in China,but for the different indicators of corporate performance or different samples,results on this issue are absolutely different.Some scholars believe that ownership structure is the basis of governance structure and optimization of ownership structure will promote corporate performance.But the other ones believe that the ownership structure is a result caused by the process of balancing the pros and cons of various costs and achieving a balanced organization,therefore there is no direct relationship between the two.However,would changes in the ownership structure make company＇ s performance better？ Our unique reform on non - tradable shares provided us experimental samples to prove this issue.Based on the data sampled from companies which accomplished the non -tradable share reform in 2006,this paper compares the data of ownership structure and corporate performance before and after the non - tradable share reform.This paper has arrived at the following conclusions after research： the ratio of shares held by the state declined,the ratio held by corporate and circulation ratio increased,but the corporate performance is not improved after the non - tradable shares reform.