基于我国物流上市公司的股权集中度与公司绩效实证研究

Empirical Study on the Correlations between Ownership Concentration and Corporate Performance of Listed Logistics Companies in China

随着市场经济的发展,现代物流产业已由末端行业,逐步发展成为引导生产、促进消费的先导行业。关于物流上市公司的股权结构是否合理、股权集中度与公司绩效的相关性及其对公司绩效所产生的影响等方面的研究,在提升我国物流业的竞争力上具有很重要的理论价值和实践意义。本文以2009-2011年我国38家物流行业上市公司的股权集中度指标和公司绩效指标进行实证研究,得出物流上市公司股权集中度与公司绩效是显著正相关关系的实证结论;公司的资产负债率与公司绩效间具有显著负向关系;公司的规模同公司绩效间不存在显著相关关系。并基于实证结果提出适度的股权集中度、保护中小股东利益的法律制度、优化公司资本结构、培养多元化投资主体等提高绩效的相关建议。

Empirical research is carried out from indicators of ownership concentration and corporate performance of 38 listed logistics companies in China during the period of 2009 - 2011. The results show that there is a signifi- cant positive correlation between ownership concentration and corporate performance ; company＇s debt asset ratio has an obvious negative impact on corporate performance ; the scale of enterprise doesnt have a clear effect on cor- porate performance. According to the empirical results, some suggestions are brought forward to improve the per- formance of listed logistics company as below： the first one is to optimize ownershipconcentration; the second one is to strengthen external legal system to protect the interests of minority shareholders; the third one is to optimize company capital structure; the fourth one is to cuhivate diversified investors.