终极控制权、现金流权与公司财务绩效——基于国有控股上市公司的经验证据

Ultimate control rights,cash flow.rights and corporate financial performance——experience evidence based on state holding listed corporations

针对公司控股权和企业绩效问题,以2005年～2008年1285个国有控股上市公司的观察值为研究样本,采用实证研究的方法,对控制权、现金流权以及两权偏离等变量与公司财务绩效之间的关系进行了分析。研究表明:中国国有控股上市公司财务绩效与控制权、现金流权比例均显著正相关,公司财务绩效与控制权、现金流权的偏离比例负相关。

In view of a company＇s holding right and corporate performance,with 1285 state holding listed corporations from 2005 to 2008 as samples,the paper studied through empirical research the relationship between corporate financial performance and variables of ultimate control rights,cash flow rights and deviation of the above two rights.Findings were as follows：the financial performance of state-owned holding listed corporations was in significantly positive correlation with the proportion of control rights and cash flow rights and in negative correlation with the deviation proportion of the two.