终极产权、股权治理结构与财务履约——来自后股权分置时代的经验证据

Ultimate Ownership,Equity Governance Structure and Financial Contract Fulfillment——An Empirical Evidence Based on Post Non-tradable Share Era

通过构建利益相关者财务收益指标,按终极产权观点对我国的上市公司进行了股权分类,实证研究了后股权分置时代（2006~2009年）上市公司对利益相关者的财务履约情况。实证结果表明,不同终极产权性质上市公司的财务履约情况存在类别差异,国资部门控股的国有上市公司和私有产权上市公司的财务履约表现要好于其他股权性质的上市公司,股权治理结构影响着上市公司的财务履约表现。

Empirical study on China＇s listed companies in 2006-2009 based on post non-tradable share era shows that the majority of them performed badly in the financial fulfillment with its variety of listed companies indicating different ultimate ownership nature.State-owned listed companies held by SASAC and private listed companies on the financial fulfillment performance are better than the other listed companies;equity structure affects listed company＇s financial fulfillment performance.