上市公司股权集中度与公司绩效关系的实证研究

An Empirical Study on the Relationship between Ownership Concentration and Corporate Performance of Listed Companies

为研究股权集中度对公司绩效的影响,文章依据公司治理理论,以我国日用品行业上市公司为研究对象,采用2010-2013年混合样本数据进行回归。得出结论:日用品行业上市公司第一大股东持股比例与公司绩效呈倒"U"型关系;前五大股东持股比例与公司绩效间无显著相关关系;股权制衡度与公司绩效呈负相关关系。总之,在改制国有企业占较大比重的日化行业,股权集中度维持在合理区间有利于企业发展,并根据研究结果提出相关的对策建议。

In order to study the impact of ownership concentration on corporate performance,the paper,based on the theo-ry of corporate governance,selects Chinese listed companies in commodity industry as the research object,and makes a re-gression analysis on the mixed sample data from 2010 to 2013. The study concludes that：The shareholding ratio of the largest shareholder presents an inverted U-shape relationship with corporate performance in the listed companies of commodity indus-try. The shareholding ratios of top five shareholders do not have a significant relationship with corporate performance. The equi-ty balance degree is negatively correlated with corporate performance. In summary,the ownership concentration maintaining at a rational range is conducive to corporate development in daily chemical industry,which has a large proportion of the re-form of state-owned enterprises. The paper also puts forward some relevant countermeasures based on the study.