上市公司股权集中度对公司绩效的影响分析

Analysis on the Impact of Ownership Concentration of Listed Companies on Corporate Performance

股权集中度是公司治理机制的重要内容,而公司的治理会直接影响到公司绩效。当股权较分散时,股东易产生"搭便车"现象且不能有效监督管理;当股权集中度较高时能够增强股东参与公司治理的积极性,但同时大股东为了自身利益有可能会做出侵害企业和中小股东利益的行为。关于股权集中度对公司绩效的影响,国内外学者并未得出一致的结论。本文以我国2014年-2016年的上市公司为样本,通过固定效应模型分析得出以下结论:股权集中度与公司绩效之间的关系为线性正相关,即股权集中度对公司绩效的影响为正。最后根据分析结果给出建议:完善我国的法律制度;保持适当的股权集中度和制衡度;改善上市公司股权制衡结构。

Ownership concentration is an important part of corporate governance mechanism,and corporate governance will directly affect corporate performance.When the equity is dispersed,the shareholders are easy to hitchhike and cannot supervise and manage effectively,and when the ownership concentration is high,it can enhance the enthusiasm of shareholders to participate in corporate governance.But at the same time,large shareholders may act against the interests of enterprises and minority shareholders for their own interests.On the influence of ownership concentration on corporate performance,domestic and foreign scholars have not reached a consistent conclusion.Taking the stock of listed companies from 2014 to 2016 as a sample,this paper analyzes the fixed effect model and draws the following conclusions:the relationship between ownership concentration and corporate performance is linear and positive,that is,the influence of equity concentration on corporate performance is positive.Finally,according to the results of the analysis,some suggestions are given:perfecting the legal system of our country;maintaining proper degree of equity concentration and balance;improving the structure of equity balance of listed companies.