股权集中度、股权制衡与公司绩效关联性研究——基于中国制造业上市公司的实证分析

Ownership Concentration,Equity Restriction and Performance in Chinese Manufacturing Industry

笔者考察了中国制造业上市公司的股权集中度和股权制衡度对公司经营绩效的影响。通过对沪深两市A股制造业373家上市公司9年数据的收集,应用混合面板数据模型估计参数,实证研究发现:(1)经营绩效和股权集中度之间呈现出显著的正向线性关系,而且这种线性关系在不同股权性质的控股股东中都是明显存在的。(2)股权制衡度对公司绩效有显著负面影响,当股权制衡指数变小时,公司绩效显著提升,这证实了其他股东对第一大股东的制约作用,从而限制了大股东对小股东利益的剥削,减少了"隧道效益"作用。

This paper has studied the relationship between ownership concentration,equity restriction and firm performance of Chinese listed corporations.In this article,we collect 373 listed manufacturing companies with 9 years data in Shanghai and Shenzhen stock exchanges,and estimate the parameters using panel data model,getting several conclusions as follows： the relationship between corporation performance and ownership concentration is significant positive,and this linear relationship is still significant when the controlling shareholders are different nature.Besides,equity restriction has a significant negative effect on corporation performance.With the degree of equity restriction being smaller,the performance improves,which confirms that the largest shareholder is restrained by other large shareholders,and then it can limit the major shareholder to exploit the minority shareholders,reducing the ＂tunnel-effect＂.