不同绩效高新技术企业的结构因素影响——基于高新技术上市公司的数据

The Influence of Structural Factors on the Performance of Different Levels in High-Tech Enterprises——Analysis Based on the Data of High-tech Listed Companies

本文选取2007～2010年我国高新技术上市公司数据,采用分位数回归方法,研究了分层次高新技术企业绩效中股权结构和资本结构的差异化影响。结果表明,随着高新技术上市公司绩效水平的提升,第一大股东持股比例对高新技术上市公司各分位绩效的影响逐渐增大。资产负债率代表的企业经营风险程度和现金流量一直显著影响我国高新技术上市公司绩效,并且资产负债率对高新技术上市公司绩效低分位数的影响小于对绩效高分位数的影响。此外,规模因素仅对高新技术上市公司高分位绩效有显著负影响,绩效越好的高新技术上市公司,规模的制约作用越大。我国高新技术上市公司应提高股权集中度,降低资产负债率,将规模保持在合理水平。

By the end of 2010, the number of China＇ s high-tech listed companies is about 476. More and more high-tech enterprises enter into the capital market to gain support or supervision and thus enhance their performances. In the year of 2010, the average share proportion of the largest shareholder and the average asset-liabil- ity ratio of China＇ s high-tech listed companies are 34.8 percent and 31.01 percent respectively. The high concen- tration of share proportion and the low asset-liability ratio are typical characteristics of high-tech listed companies. The largest shareholder＇ influence on the mode of corporate governance and the listed companies＇ preference of the equity financing are the important factors affecting the performance of high-tech listed company. The study of above problems is of theoretical and practical significance. This paper did a study on the various effects of ownership structure and capital structure factors on high quan- tile and low quantile performances using the quantile regression method. The empirical results show that the owner- ship structure of high-tech listed companies has nothing to do with the performance on the initial. With the develop- ment of high-tech listed companies, the effects of the ownership structure on the performance are gradually emer- ging. The comparison of the influencing coefficients of the ownership structure variable in different years shows that the ownership structure variable has no significant effect on the high-tech listed company performance in the year 2007 and 2008. In 2009, the influences of the share proportion of the largest shareholder on the 25 percent, 50 percent and 75 percent quantile performance of the high-tech listed companies become significant, but the effects on the 10 percent and 90 percent quantile are still not significant. The changes of the estimated coefficients of the largest shareholder＇ s share proportion show that the impact of the ownership structure variable is gradually increas- ing with the performance upgrade of high-tech listed company. From 2007 to 2010, the asset-liability ratio has significant negative effects on the high-tech listed company＇ s performance of all quantiles. The high-tech listed companies with poor performance need sufficient cash flow to maintain the operation, while the high-tech listed companies with good performance need to expand the scale or conduct more research and innovation activities. They are all restricted by the asset-liability ratio. From 2007 to 2010, the longitudinal comparison of the capital structure coefficients at a same quantile in different years shows that the effects of the asset-liability ratio on the high-tech listed company performance have a trend of first decrease and then increase. The lateral comparison of the capital structure estimated coefficients of the different quantiles in the same year indicates that the effects of the asset-liability ratio on the high-tech listed company performance show an obviously increasing trend with the enhance of the performance. In this paper, the comparison of the estimated results of the ownership structure and the capital structure shows that the asset-liability ratio is a more important structure factor affecting the performances of high-tech listed compa- nies compared to the ownership structure. In addition, the scale factor has significantly negative impacts on the high-tech listed companies of good performance and no significant influences on the companies of poor performance. Based on the estimated coefficients of the scale factor, we can get the conclusion that the better the performances of the high-tech listed companies, the greater the constraint role of size. On the basis of above research, the paper argues that promoting the ownership concentration is still an effective way of China＇ s high-tech listed company governance. The government should encourage the financial institutions to increase the lending support to the high-tech listed companies and give the high-tech enterprises government subsi- dies and tax incentives so as to relieve the debt burden of the high-tech listed companies. The ＂small and fine＂ mode is more suitable to China＇ s high-tech listed companies compared to the mode of ＂large and comprehensive＂. Therefore, the high-tech listed company should maintain a reasonable scale. Meanwhile, the high-tech listed com- pany should first choose other activities which are closely related to the existing R＆D activities so as to promote the continuous improvement of the performance level.