中国上市公司控制权特征及其对公司绩效的影响——基于改进的投票概率模型

The Characteristics of Control Power of Chinese Listed Companies and Their Impacts on Corporate Performance——Based on the Improved Probabilistic Voting Model

控制权的度量问题一直是公司治理领域的一大难题,传统的度量方法或者以大股东为准,没有考虑到股权结构的影响;或者利用投票概率模型考察控制权数据,但模型在求解控制权时又存在着不足,本文对此进行了改进并以我国A股上市公司2008年控制权数据为样本进行实证研究,研究结果说明国有公司和民营公司的控制权特征有显著差异:国有公司的控制度和所有权比例显著高于民营公司;而两权分离度低于民营公司;国有公司大部分都是直接控制,民营公司多采用间接控制;民营公司中的相对控制比例比国有公司的要高。在我国上市公司中控制权对公司绩效有显著影响,且在实际控制人不同的公司里影响也不尽相同。

The measurement of the control right is one major problem in the area of corporate governance.The traditional methods are subject to only the largest shareholder but not take into account the impact of ownership structure,or use the probabilistic voting model which has another shortage offsets when find the solution of control right.This paper improves the model and uses control right data of Chinese A share listed companies in 2008 as sample to study.It finds that the control right characteristics of state-owned companies and private companies are significantly different： the ratio of control right and ownership of state-owned company is significantly higher than that of private company,but the separating degree is lower than private company.Most state-owned companies adopt direct control while a large part of private companies adopt indirect control,the ratio of relative control of state-owned company is significantly lower than that of private company,and the control right has significant effect on the corporate performance in listed companies,and the effects are not same in different companies.