公司存在最优所有权结构吗?——来自面板门槛模型的经验证据

Does Company Have Optimal Ownership Structure?

基于委托代理理论,利用2008—2015年中国上市公司数据建立面板门槛模型,研究上市公司第一大股东持股比例与公司绩效的关系,检验公司是否存在最优的股权结构。研究发现:上市公司第一大股东持股比例与公司绩效之间存在倒"U"型的关系;第一大股东持股比例在(0,27.815%)时,监督效应占主导地位;而第一大股东持股比例在[27.815%,100%)时,侵占效应占主导地位;我国上市公司第一大股东最优的持股比例为27.815%。第一大股东持股比例的区间效应及其最优水平会随着公司内外部环境的变化而动态调整,公司就需要采取措施对其股权结构进行优化。

Based on the principal-agent theory,the panel threshold model was established by using the data of Chinese listed companies from 2008 to 2015 to study the relationship between the shareholding ratio of the largest shareholder of a listed company and the company's performance,and to test whether the company has the optimal shareholding structure.The results show that there is an inverted u-shaped relationship between the shareholding ratio of the largest shareholder and the performance of the listed company;when the largest shareholding ratio is in(0,27.815%)interval,the supervision effect plays the leading role;but it is in[27.815%,100%)interval,the entrenchment effect plays the leading role;the best largest shareholding ratio is 27.815%.The interval effect of the largest shareholding ratio and its optimal level is also dynamic adjustment with the change of the company’s internal and external environment,the companies will need to take measures to optimize its ownership structure accordingly.