动态内生性视角下林业上市公司股权结构与绩效的关系

Analyzing the Relationship between Ownership Structure and Corporate Performance of Forestry Listed Companies from the Perspective of Dynamic Endogenous

以2010—2015年间沪、深两市31家林业上市公司为研究对象,运用因子分析法得出林业上市公司绩效综合得分,运用SYS-GMM估计法研究林业上市公司股权结构与绩效的关系。研究结果表明:从外生性视角看,股权集中度与经营绩效间存在双向作用,股权制衡度与绩效之间无任何关联;当考虑动态内生性问题时,股权集中度与经营绩效之间的显著相关性减弱,但仍存在相互作用;在动态性分析框架下,仅能证明股权集中度对经营绩效产生跨期作用。

⑴Background——As an important component of the national economy,forestry industry plays an important role in the construction of economy,society and ecology.However,forestry enterprises are dissimilar to other industrial enterprises due to the strong natural dependence,long benefit time,inefficient product circulation,etc.Industry specificity leads to the specificity of forestry enterprise governance.Therefore,discussed the specificity of ownership structure of forestry listed companies has important practical significance.⑵Methods——This paper collected the balanced dynamic panel data including 31 forestry listed companies for 6 consecutive years with a total of 186 valid samples and calculated the comprehensive performance scores of forestry listed companies by factor analysis method.Meanwhile,SYS-GMM estimation method was used to research the relationship between ownership structure and performance of forestry listed companies.⑶Results——The results show that ownership concentration is significant positive correlated with corporate performance under the framework of exogenous analysis.Considering self-interest,the high concentration of ownership makes major shareholders participate in the management of company actively.The shareholders supervise managers and take effective incentives to encourage managers to work hard to improve company performance.Base on the framework of endogenous analysis,ownership concentration is significantly related to performance at5%significant level.Therefore,when considering the endogenous of ownership structure,the promotion effect of ownership concentration on Performance about forestry listed companies will not disappear.In addition,the performance of forestry listed companies has significant positive feedback effect on ownership concentration.Namely,when the company’s performance improved,the proportion of the largest shareholder will rise.Equity concentrated would strengthen the supervision and restraint on managers,which would promote performance.Meanwhile,good performance would urge large shareholders to purchase options stock.Shareholding level of major shareholders would certainly increase after cashed.Current ownership concentration is significant positive correlated with current performance at a significant level of 5%.The concentration of ownership during the previous period is positively related to performance at the level of 10%.So that ownership concentration during the previous period has a positive effect on performance.The ownership concentration of forestry listed companies has a cross effect on business performance.Balance of ownership has no significant correlation and no feedback effect on performance of forestry listed companies.Forestry industry is a restricted industry based on forest resources.The development of forestry industry is relatively slow,and the corporate governance structure need to improve.In the long term,the concentration of equity forestry of forestry listed companies is highly concentrated,and the equity balance mechanism has not yet formed.⑷Conclusions and Discussion——This paper makes the following suggestions according to the experimental results.Firstly,in order to improve its ownership structure,special nature of the forestry industry is necessary to be taken consideration,but copy the model of western countries or other industry is not feasible.Secondly,the interaction between ownership structure and firm performance is very complex.Simultaneous function and inter-temporal function may exist at the same time.The establishment of ownership structure of forestry listed companies should consider the influence of inter-temporal function.Particularly,the promoting effect of pre concentration of ownership on current performance should be considered.The effect of equity balance mechanism should not be neglected in the development of enterprises.