行业特征、股权集中度与企业绩效——基于A股民营上市公司2012—2014年的经验数据

Industrial Characteristics Ownership Concentration and Corporate Performance——Evidence from Private Listed Firms in the A-share Market during 2012—2014

文章使用A股民营上市公司2012—2014年的数据,研究分析了民营上市公司全行业及分行业下股权集中度与企业绩效之间的关系,并且还检验了固定资产比率对两者关系的调节效应。研究结果表明,在我国民营上市公司中,股权越集中于前五大股东,企业绩效越好;在制造业、采掘业、建筑业中,股权集中度与企业绩效呈显著正相关关系;而在社会服务业、批发零售贸易业中,股权集中度与企业绩效呈不显著的负相关关系。全行业下,固定资产比率越大,公司股权集中度对企业绩效的正向影响作用越大。因此,在当前的经济环境下,我国民营上市公司保持一定的股权集中度是必要的,具体行业要构建适合行业特征的最优股权结构,进而提高公司治理效率,提升经营绩效。

This paper uses the data of private listed firms in the A-share market during 2012--2014 to analyze the relation- ship between ownership concentration and corporate performance in the situation of all industries, and test that if fixed assets ra- tio can affect the relationship of the two. The study shows that relatively high ownership concentration and major stock holders are helpful to corporate performance in the private listed firms. The relationship of the two has the same result in the manufac- turing, mining and construction industry, but it has an opposite result in the social service and retail business industry. For all industries, higher fixed assets ratio can be more helpful to higher ownership concentration corporate performance. So private lis- ted firms should keep a higher ownership concentration. Different ownership structure should be adapted in different types of in- dustries so that the corporate governance can be more reasonable and thereby more efficient.