公用事业类公司国有股比例与财务绩效关系研究——兼论混合所有制中的价值陷阱

A Study on the Relationship Between the Proportion of State-owned Shares and the Financial Performance of Public Utility Companies

本文首先对公用事业类公司国有股比例与财务绩效的关系进行了理论分析,认为国有股比例对公司财务绩效既有正向效应又有负向效应。在此基础上,本文以2004-2014年燃气水务类上市公司为样本,以净资产收益率作为衡量绩效的指标,以前五大股东所持国有股比例之和作为衡量国有股比例的指标,建立个体随机效应模型,对我国公用事业类公司国有股比例与财务绩效的关系进行了实证分析。结果表明,国有股比例与公司财务绩效之间呈"U"型关系,存在着混合所有制价值陷阱。

In this paper,the authors first analyze the relationship between the proportion of stateowned shares and the financial performance of public utility companies.It is considered that the proportion of state-owned shares have both positive effects and negative effects on the financial performance of the company.Based on this,this paper establishes an individual random effects model and makes an empirical analysis of the relationship between the proportion of state-owned shares and the financial performance of public utility companies in China,taking 2004-2014 gas and water listed companies as a sample,ROE as a measure of performance,and the proportion of state-owned shares held by the top five shareholders as a measure of the proportion of state-owned shares.The results show that the proportion of state-owned shares and the company's financial performance is a ' U' type relationship with a mixed ownership value trap.