股权制衡与公司绩效关系研究——基于内外生双重视角的经验证据

Study on the Relationship between Power Balance with Shareholder Structure and Corporate Performance: From Both Endogenous and Exogenous Perspective

以2007～2010年798家A股上市公司为样本,从股权结构外生和内生双重视角,探讨股权制衡与公司绩效的关系。结果表明,在外生性视角下,股权制衡对公司绩效有显著的促进作用,但促进作用的强弱与绩效指标的选取有关;考虑内生性的影响后,股权制衡对公司绩效的显著促进作用仍然存在,与外生性视角下的促进作用相比明显增强。研究还发现,公司绩效对股权制衡存在显著的正向反馈效应。

Taking 798 listed companies from 2007 to 2010 as sample,the relationship between power balance with shareholder structure and corporate performance has been analyzed.The results show,under exogenous perspective,power balance with shareholder structure has a distinct promoting effect on corporate performance,and the influencing level depends on the chosen performance indicators;after considering endogenous effect,the promoting effect still exist and has been strengthened than before.Results also illustrate that corporate performance has a distinct positive feedback on power balance with shareholder structure.