中国上市公司股权集中度变化趋势的实证研究

Empirical Research on Changing Trend of Listed Company Ownership Concentration in China

股权集中度与公司治理的规范、公司运行的效率密切相关。公司股权应该分散或集中,也颇多争议,从不同的角度、不同的利益立场上,会有不同的观点。中国企业股权结构存在的问题是过度集中。本文利用沪深300成份股的数据,从第一大股东持股比例、Z指数和H10指数,实证分析中国公司的股权集中度情况及演变趋势,以期对公司股权结构合理化并完善公司治理结构有所裨益。

Ownership concentration is closely related to governance norms and operation efficiency of the company. Opinions on whether company ownership should be concentrated or dispersed vary from different perspectives and positions. The problem of Chinese company ownership structure is excessive concentration. With statistics of share ratio of the largest shareholder, Z index and H10 index from CSI 300 constituent stocks, this paper empirically analyzes Chinese company ownership concentration situation and changing trend, in order to contribute to the rationalization of company ownership structure and improvement of corporate governance structure.