国有控股上市企业股权多元化与公司绩效:2007—2012年的一个检验

The Diversification of Ownership Structure and Corporate Performance:An Empirical Study on the Listed SOEs form 2007 to 2012

国有企业是我国国民经济的支柱,在股份制改革中产生的国有股"一股独大"现象一定程度上影响了公司治理效率。笔者实证分析了2007—2012年国有控股企业股权结构与公司绩效间的关系。研究发现,"一股独大"降低了这些企业的经营绩效,同时非控股股东尤其是机构投资者发挥了一定的积极作用。研究还表明,国有企业实施股权多元化,例如引入机构投资者可以改善"一股独大"的负面作用,提升国有控股企业的经营绩效;地方国有企业和中央国有企业的股权结构与绩效的关系存在明显区别,地方国有企业实施股权多元化尤其是引入机构投资者的效果更为显著。

The state-owned enterprises （SOEs） have occupied an important position in China＇s national economy. The majority of enterprises have established a relatively complete corporate governance mechanism by reform, especially the state-owned listing Corporations have become a model for state owned enterprises. The SOEs in the shareholding system transformation in the process of the ＂single-large shareholder＂, the phenomenon is very obvious, to a certain extent, affect the state-owned holding listed companies corporate governance efficiency. This article empirically examines the relationship between the SOEs ownership structure and corporate performance from 2007 to 2012. The results show that the ＂single-large shareholder＂ reduces the enterprise performance, and the controlling shareholders especially the institutional investors play a certain positive role. The results also indicate the implementation of equity diversification of state-owned enterprises, especially the institutional investors,-can improve corporate governance structure to promote its performance; there are obvious differences between the relationship between ownership structure and performance of local SOEs and the central SOEs. The implementation of equity diversification has more significant effect for local SOEs.