民营上市公司股权集中度与经营绩效的实证分析——以我国中部地区中小板上市公司为例

An Empirical Analysis of the Relationship between Ownership Concentration and Operating Performance of Private Listed Company ——Take the central region in SME board listed company as an example

股权集中度与公司经营业绩的关系一直是学术界关注的焦点,目前国内外学者对该问题的研究由于各种原因形成了许多不同的观点。文章以我国中部地区民营上市公司中的中小板为样本,对股权集中度与经营绩效的关系进行了实证分析。研究结果表明,第一大股东持股比例CR1、前五大股东持股比例CR5和第一大股东与第二至第五位大股东持股份额的比值Z5指数与公司经营绩效呈负相关关系,赫芬达尔H5指数与公司经营绩效呈正相关关系,根据实证分析结果,文章提出了相应的政策建议。

The relevance between corporate ownership structure and operating performance has been the focus of academic cir- cles, but the conclusion reached by researchers differed greatly because there are many different perspectives on this subject. This paper took the central region of SME board company of the private listed company as objects ,to analyse the relationship between the ownership concentration and operating performance. The results of the study show that, the share ratio of the largest shareholder CR~, the top five shareholderg equity CRS and balance degree Z5 index has negative correlation with operating performance in SME board company of the private listed company , Hector fanta H5 index has positive correlation with corporate performance. According to the empirical analysis results, this paper puts forward the corresponding policy and suggestions.