企业特征、股权结构与外部环境制约：民营制造业上市公司例证

Enterprise Characteristics,Shareholding Structure and External Environment Condition:Illustrated by the Case of Listed Private Manufacturing Companies

以2008～2012年我国民营制造业上市公司为研究对象,结合外部制度环境与内部金字塔股权结构,从金字塔层级和控制权与现金流权分离两个维度,研究各地区制度环境差异对民营上市公司业绩的影响。结果表明:民营上市公司背后的金字塔层级越多,公司业绩越差;民营上市公司终极控制人控制权与现金流权分离度越大,公司业绩越差;制度环境市场化程度越高,金字塔层级数和控制权与现金流权的分离度对民营上市公司业绩的负向影响越弱。

This paper combining with external institutional environment and internal pyramid shareholding structure studies the 2008～2012 listed private manufacturing companies. From the dimension of the pyramid level and the separation between control rights and cash flow rights, this article aims to explore that the performance of the listed private companies are affected by the different regional institution environment. The result suggests that the more the pyramid level of the listed private companies, the worse the performance of these companies; the greater separation between the ultimate controllers＇ control rights and their cash flow rights, the worse the performance of these companies; the higher degree of institutional environment, the pyramid level and the separation of control rights and cash flow rights are weaker negative performance of listed companies.