股权集中度与公司绩效关系的实证研究——来自西部上市公司的经验证据

Empirical study of relationship between ownership concentration degree and firm performance——based on empirical evidence of listed companies of Western China

为探究股权集中度与公司绩效之间的关系,在已有文献和理论阐述的基础上,通过构建回归模型,利用西部上市公司数据对二者之间的关系进行了实证检验。分析认为:西部上市公司前五大股东控股比例和CR5与公司绩效呈显著的倒U型关系,并且存在能使公司绩效达到最高的最优股权集中度;从股权结构来看,西部上市公司经营绩效能否获得提升的关键在于能否使前五大股东控股比例尽可能地接近最优值。

In order to explore the relationship between the ownership concentration degree and the firm performance,this paper based on literature review and theoretical explanation,constructs a hy-pothetical model and verifies the relationship,with the data of listed companies in Western China.The analysis shows that firm performance is significant＂∩-style＂related to the shareholding percentage of the largest five stock-holders CR5,and the optimal ownership concentration degree exists in the Western China listed companies.The author suggests that the key to improve the firm performance is to make the shareholding percentage of the largest five stock-holders closer to the optimal value as much as possible.