国有股权、股权制衡对混合所有制企业的绩效影响

The Influence of State Ownership and Equity Checks and Balances on the Performance of Mixed Ownership Enterprises

为了对混合所有制企业绩效及公司治理问题进行探索,以2011—2015年我国中小企业板上市的混合所有制企业为样本,对国有股权比例、股权制衡和企业绩效进行实证分析。结果表明:当企业实际控制人为非政府股东时,其企业绩效的表现更优;国有股权比重与公司绩效之间存在U型关系;当控股股东性质为国有股东时,制衡股东持股比例与企业绩效存在正相关关系。

In order to explore the performance of mixed-ownership enterprises and corporate governance issues, a sample of mixed-ownership enterprises listed on the SME board in China from 2011 to 2015 was used to empirically analyze the proportion of state-owned shareholdings, ownership balance, and enterprise performance. The conclusions shows： when the enterprise have the actual control of man-made non-government shareholders, the performance of the enterprise performance will be more ef-feetive. There is a u-shaped relationship between the proportion of state-owned equity and the company performance. When the company is state-owned, stock share of balancing stokholder holds positive correlation with corporate performance.