我国能源电力类上市公司股权结构与公司绩效的实证研究

Empirical Study on Correlation Between Ownership Structure and Performance in Listed Energy and Power Companies

以我国能源电力类上市公司为样本,对其股权结构与公司绩效的关系提出假设并做了分析。实证结果与文章提出的3个假设相吻合:能源电力类上市公司股权结构中,第一大股东持股比例与公司绩效显著正相关;股权制衡度与公司绩效显著正相关;高管持股与公司绩效正相关,但不显著。结论还表明:公司规模、托宾Q值、投资支出等都与公司绩效显著正相关;资产负债率与公司绩效显著负相关。这些结论可为我国能源电力类上市公司改善股权结构、提高公司绩效提供一些思路。

Based on data disclosed of China＇s listed energy and power companies, this paper conducts an empirical study on relationships between the ownership structure and company performance. The empirical results are consistent with the three assumptions proposed in the paper, that is, first, the proportion of the largest shareholder＇s equity is significantly positively correlated to the company＇s performance; second, the equity balance degree is significantly positively correlated to the performance; third, the proportion of executives＇ shareholdings is positively, but not significantly, correlated to the performance. The study also shows that the company＇ s size, Tobin＇ s Q and investment are significantly positively correlated with the performance, while the asset-liability ratio is significantly negatively correlated to the performance. These findings are of value for improving the ownership structure and enhancing the performance of China＇ s listed energy and power companies.