股权结构和公司绩效的联立实证研究

On Simultaneous Empirical Analysis of Ownership Structure and Firm Performance

关于股权结构与公司绩效的研究,传统方法主要以不考虑内生性的OLS实证研究为主,近年来国内学者才逐渐运用联立方程模型研究内生性下的股权结构与公司绩效关系。股权结构具有内生性,但无论考虑内生性与否,股权集中度、股权制衡度与公司绩效之间都呈显著正向线性关系;与股权制衡度相比,股权集中度对公司绩效的影响更加显著。今后应进一步完善外部监督等公司治理机制,发挥外部股东的股权制衡作用,进而减少大股东侵害行为,提高公司价值。

On the research of shareholding structure and performance of the company, the tladitional method is mostly OLS- based, which does not consider the endogenous variable. In recent years Chinese scholars start gradually to research the relationship between the endogenous ownership structure and corporate performance using simultaneous equations model. The results show that ownership structure is endogenous. Whether consider endogenous or not, there is significantly positive linear relationship between ownership concentration and firm performance, so as equity balance degree and firm performance. Compared with equity balance degree, the effect of ownership concentration on firm performance is more significant. We should further improve the external supervision and other corporate governance, play outside shareholders＂ equity restrictive effect, and then reduce big shareholders violations and improve the company value.