农民合作社股权集中度越高越好吗?——基于现实与法理的考量

Farmer Cooperatives Owernship Concentration:the Higher the Better?——Based on the Consideration of Reality and Legal

本文利用全国86家农民合作社2014年的截面数据,运用主成分分析法测算样本绩效值,并采用有序回归模型对股权集中度等变量与绩效值的关系进行实证分析,结果表明,农民合作社绩效测算的结果表现出"中间大两头尖"的形态,农民合作社股权集中度越高则农民合作社绩效表现越好,而股权制衡度与农民合作社绩效呈显著负相关关系。

Based on the cross-section data of 86 farmer cooperatives in China in 2014,the paper utilizes Principal Component Analysis（PCA） to estimate the samples＇ performance,analyzes the relationship between ownership concentration,as well as other variables,and the farmer cooperatives＇ performance by the Ordinal Regression Model（ORM）.The result of the PCA indicates the farmer cooperatives＇ performance shows oval-shaped,the higher ownership concentrations brings about better performance,while ownership balance degree has a significant negative correlation with farmer cooperatives＇ performance.