股权多元化、公司业绩与行业竞争性

Ownership Pluralization,Firm Performance and Industry Competition

以相对净资产收益率和主营业务利润率为被解释变量 ,以股权构成为解释变量 ,本文系统考察了股权结构对上市公司业绩的影响。在对行业、公司规模和宏观经济条件等因素加以控制后 ,使用来自电子电器、商业和公用事业三个行业上市公司的数据 ,我们的回归分析和假设检验表明法人股和流通股对企业业绩有正面影响、国有股有负面影响的预期只在竞争性较强的电子电器行业成立 ,在竞争性相对较弱的其他两个行业则不成立。这一研究发现的政策含义在于 ,为了使通过上市实现国有企业股权结构多元化的政策发挥所期望的作用 ,首先应尽量提高行业的竞争性。

This study examines the impact of ownership structure on the relative performance of listed firms in China.After controlling factors such as industry,firm size and macroeconomic conditions,using data from three industries,namely electronics,commerce and utilities,our regression analysis and hypothesis testing reveal that legal person shares and trading shares have positive effects on firm performance while state ownership has a negative impact.However,this is true only in the competitive electronics industry,and does not hold in less competitive commerce and utility industries.The policy implication of those research findings is that,in order to improve corporate governance of SOEs,pluralization of ownership through listing on stock markets is definitely a right way to go.However,to make this approach effective,a highly competitive environment for those SOEs needs to be created in the first place.