股权集中度与公司绩效之间存在门槛效应吗?

Is There a Threshold Effect between Equity Concentration Ratio and Corporate Performance?

本文利用2009~2014年的湖北省上市公司数据,从股权集中度与公司绩效之间的关系出发,采用面板门槛模型对湖北省上市公司股权集中度与公司绩效的关系进行实证分析。结果表明,股权集中度与公司绩效之间存在负向门槛效应,不同的股权集中度对公司绩效的效应有显著差异,随着股权集中度的提高,企业绩效逐渐降低,并且股权集中度对于公司绩效的抑制作用随着股权集中度的提高呈现逐渐减弱的趋势,即降低股权集中度,可以提高公司绩效。

In this paper,by using the data of listed companies in hubei province from 2009 to 2014,from the perspective of the relationship between equity concentration ratio and corporate performance,by using the panel threshold model for the relationship between equity concentration ratio and corporate performance of listed companies in hubei province has carried on the empirical analysis.The results showed that:between equity concentration ratio and corporate performance negative threshold effect,with the equity concentration ratio on corporate performance effect have significant difference,with the improvementof equity concentration ratio,gradually reduce the trend of corporate performance,and theeffect of the concentration of equity on the performance of the company is decreasing as the concentration of equity increases,falling equity concentration ratio,can improve corporate performance.