集中与制衡:信息技术行业股权多元化对国企改革的启示

Concentration and Balance: Implications of IT Industry Diversified Equity for SOE Reform

研究信息技术上市公司的多元股权结构,对当前国企混合所有制改革具有借鉴意义。文章选取2014年中国A股200家信息技术上市公司作为样本,通过均值比较和多元回归分析,考察终极控制人性质、股权类型、股权集中度与股权制衡度对公司绩效的影响。研究发现,终极控制人性质对公司绩效没有显著影响;股权类型中国有股和高管持股比例与公司绩效关系不显著、法人股与公司绩效显著正相关;股权集中度单独对公司绩效不起显著作用,加上股权制衡因素,与公司绩效显著正相关。阐述了新时期国企改革的启示,即混合所有制改革不是要完全私有化;发展混合所有制,实行多元股权结构,要更多鼓励法人股权的参与;股权集中是必要的,但需要相应的股权制衡。

The ownership structure of IT listed companies is more diverse. It has many implications for the current mixed ownership reform of state-owned enterprises. The paper selects 200 A-share market listed companies in 2014 as the sample. By means of mean comparison and multiple regression analysis,from the nature of ultimate controller,different types of equity ratio,as well as equity concentration and balance,it inspects the effects on corporate performance. The study finds that there is no significant difference between the performances of state owned enterprises and private enterprises; the relationship between both state-owned shares and senior shareholding and corporate performance is not significant; the proportion of legal person shares and corporate performance is significantly positive; ownership concentration alone is not significant on corporate performance,but significantly positive when equity balance is added. The conclusion of this paper has many implications for the current SOE reform： mixed ownership reform is not to be completely privatized; to develop mixed ownership and implement pluralistic ownership structure,we should encourage more participation of legal person shares; ownership concentration is necessary,but needs corresponding restriction.