股权集中度、投资者保护与财务绩效——基于国家层面创新型企业的经验证据

Ownership Concentration,Investor Protection and Financial Performance

本文以2011-2015年我国216家国家层面创新型企业作为研究对象,采用面板数据模型和固定效应模型对三者之间的关系进行了实证检验,发现股权集中度与财务绩效呈显著的正相关关系。并且,股权集中度对创新型企业财务绩效影响的强弱受到投资者保护水平的影响,即在投资者保护水平较低的情况下,股权集中度对财务绩效的作用会被加强,而在投资者保护水平较高时并不存在这种关系。基于此,本文认为,在目前我国创新型企业的中小投资者保护程度还不能达到英美等发达资本市场的高度时,集中的股权结构可以被视为增加财务绩效的一种替代机制。

In this paper, I selected 216 national-level innovative listed companies from 2011 to 2015 as a sample, and adopts panel data model via the roots of unity to avoid spurious regression, then we use fixed effect model to empirically support the relationship among those three. The study demonstrates that the ownership concentration is remarkably positive-related to Financial Performances. It also reveals that the degree of ownership having on performance is effected by the level of investor protection.That is to say, under the circumstances of low level of investor protection, the effect of ownership concentration on Financial Performance would be strengthened, vise verse, which means the ownership concentration can act as the replace variable of investor protection. Therefore, this paper poses that concentrated share ownership structure is the effective mechanism of enhancing Financial Performance when we encounter the truth of fail to reach the same investor protection level with developed countries like America and Britain.