中国上市公司股权集中度变动的实证分析

The Empirical Analysis of the Change of China's Listed Companies' Ownership Concentration Degree

本文对近年影响我国上市公司股权集中度变动的主要因素进行了实证分析。在研究方法上 ,本文采用面板数据并组合运用多种统计分析方法 ,弥补了以往对股权集中度研究中单一采用横截面数据及单一采用经典线性回归分析的缺陷。分析结果表明 :上市公司绩效、公司规模、持股主体与行业分布等是影响上市公司股权集中度变动的主要因素。本文还依据分析结果提出了有效调整我国上市公司股权集中度的政策建议。

This paper analyses empirically the change of ownership concentration of China's listed companies. As to research methods, this article uses panel data and multiple statistical analysis methods, thus, it fills the defect of the previous ownership concentration degree research that used only cross-section data and classical linear regression analysis. The result of this article's analysis indicate: the performance of listed companies, the scale of companies, the main body of stockholding and industrial distribution are the major factors that affect the change of the listed companies' ownership concentration degree. This article also points out the thoughts and policy suggestions on adjusting the ownership concentration degree effectively according to the results of analysis.