国有股权比重与公司绩效——基于我国上市公司的实证研究

Proportion of State-owned Shareholdings and Corporate Performance——Based on the Empirical Study of Chinese Listed Companies

利用1576家上市公司2009年至2013年的综合绩效和国有股权比重数据进行量化分析,发现实际控制人为政府股东的上市公司综合绩效更优,国有股权总体上是有效的。国有股权比重与公司绩效之间存在倒U型关系,国有股权比例过低或过高都不利于提高公司绩效,只有当国有股权比重处于合适水平时,才能克服国有股权"一股独大"或弱势国有股权的消极影响,发挥国有股权的积极作用,达到理想的公司绩效水平。

For better analyses of multiple relationships between government shareholdings and corporate performance, we adopt a sample of 1576 listed companies from 2009 to 2013 and find that listed companies controlled by states have superior performance and the state shareholdings work well. An inverse U-shaped curve demonstrates the relationship between the stateowned shareholdings and corporate performance. Excessive or little state shares cannot improve the company performance. The company will reach an ideal performance level only when the government holds moderate proportion of shares.