危机环境下股权集中和制衡、政府干预与企业绩效——基于生物医药上市公司经验数据

Equity Concentration and Balance,Government Intervention and Corporate Performances Under Crisis Environment——Based on Empirical Evidence of Listed Companies in Pharmaceutical Industry

本文以生物医药行业上市公司为研究样本,考察了不同经济环境下股权集中和制衡对企业绩效的影响,以及政府干预在股权制衡对企业绩效影响中的调节作用。实证研究表明,相对于非危机环境来说,在危机环境下股权制衡对企业绩效的促进作用显著增强,股权集中对企业绩效的促进作用显著降低,政府干预在股权制衡对企业绩效影响中的负向调节作用显著增强。

Based on the data of listed companies in pharmaceutical industry,the paper investigates equity concentration and balance＇s influence upon corporate performances and government intervention＇s moderating effects on balance＇s influence upon corporate performances under different economic environments.The empirical results indicate that equity balance＇s promotion on corporate performances is more significant and stronger under financial crisis than that in good economic environment,though equity concentration＇s promotion on corporate performances is more significant and stronger in good economic environment than that under financial crisis.So government intervention has more significant and stronger negative influence upon corporate performances.