实际控制人持股水平、行业竞争性与企业绩效

Actual Controllers' Stockholding Level,Industrial Competition and Corporate Performance

本文利用我国A股上市公司2008—2012年的数据,研究了实际控制人持股水平、行业竞争性与企业绩效的关系。研究发现,在竞争性行业中,实际控制人持股比例对企业绩效的影响是显著为正的,而在非竞争性行业中,实际控制人持股比例对企业绩效的影响是不显著的;分所有制来看,在竞争性行业中,民营控股企业实际控制人持股水平的激励效应要大于国有控股企业;把国有控股企业分为中央控股企业和地方控股企业,则这两类企业中实际控制人持股比例对企业绩效的影响也因行业竞争性不同而不同。基于本文的研究结果,应该加强非竞争性行业的竞争性以激发市场和企业的活力;还应该对国有控股企业进行股权结构改革,吸引包括民营资本在内的多种类型的投资者投资于国有企业。

This paper studies the relationship among the stockholding level of actual controllers,industrial competition and corporate performance by using the data of the listed companies of Chinese A share from 2008 to 2012. This paper finds that the effects of the stockholding proportion of actual controllers on corporate performance are significant in competitive industries. But in non-competitive industries,the effects of the stockholding proportion on corporate performance are not significant. Seen from ownership,in competitive industries,the incentive effect of the stockholding level of actual controllers in private stockholding enterprises is larger than that of state-owned enterprises. If state-owned stockholding enterprises are classified into central stockholding enterprises and local stockholding enterprises,the effectsof the stockholding proportion of the actual controllers in the two kinds of enterprises are different because of different industrial competition. Based on the research results,we should strengthen the competition of non-competitive industries to stimulate the vigor of markets and enterprises. We should also reform the equity structure of stockholding enterprises to attract all kinds of investors including private investors to invest in SOEs.