我国传媒上市公司股权结构与经营绩效实证研究

Empirical Research on the Relationship between Equity Structure and Performance of China's Media Listed Companies

基于沪深两市A股传媒公司的实证分析,我国传媒公司的股权集中度基本处于相对和高度集中的区间,经营绩效与其负相关,与股权制衡正相关,但整体制衡水平不高;国有股和公众股比例与经营绩效正相关,这与多数针对其他行业研究的结论有所不同;此外,经营绩效与法人股、资产规模正相关,与财务杠杆水平负相关。因此,提高少数股权分散公司的股权集中度,适度减持国有股,提升法人股和公众股东持股比例,使其朝着存在相对控股股东、大股东相互制衡的方向发展应是今后我国传媒公司股权改造的方向。在我国证券市场尚未完善的情况下,加强内部监督治理、加大政策支持力度、提高企业经营能力对提升公司绩效更为有利。

Based on the media listed companies in Shanghai and Shenzhen exchange markets, the empirical analysis shows that, the ownership concentration of the companies is relatively or highly concentrated in which period ownership concentration and corporate performance are negatively correlated; equity check and balance has a positive correlation with corporate performance, but the overall level is not high; corporate performance is positively related with the proportion of state-owned shares and public shares, which is different from most related research on other industries; corporate performance is also positively related with the proportion of corporate shares company assets has a positive impact on corporate performance, which is negatively related to the level of financial leverage. Therefore, it is helpful to improve the ownership concentration of some equity dispersion companies, properly reduce ratio of state-owned shares and improve ratio of corporate and public shares to shape an ideal ownership structure with relative share hold and big shareholders＇ check and balance. In addition, considering the securities market of our country is not mature, it is more favorable for corporate performance to strengthen internal supervision and management, enhance policy support, and improve operating ability.