三类股东与企业经营绩效——来自新三板的经验证据

Three Types of Shareholders and Corporate Performance——Evidence from the NEEQ Market in China

三类股东指契约型私募基金、资产管理计划和信托计划,是新三板的重要投资者,但由于其IPO时穿透核查的要求,含三类股东企业的上市进程受到影响,从而产生了三类股东问题。为此,一些企业不得不高价清理三类股东。基于三类股东与企业经营绩效之间关系的视角,本文研究这样的问题:首先,三类股东是否具有显著的选股能力?本文以2014-2016年新三板挂牌企业为研究样本,通过混合截面数据的logit模型回归,发现三类股东有较好的事前筛选能力,含三类股东企业相比对照企业有更好的盈利能力和成长能力。其次,本文采用倾向性得分匹配方法进行样本配对,利用双重差分模型进行回归分析,在控制了其他可能的因素后,发现三类股东问题对企业的经营绩效有负面影响,使得含三类股东企业的盈利能力和成长能力的优势减弱。据此,本文认为三类股东在新三板市场具有存在的价值,三类股东问题需要得到妥善的解决,并就三类股东相关政策的完善提出了建议。

Three Types of Shareholders (TS) refer to contractual private equity funds, asset management plans and trust plans, which are important investors in the NEEQ market. But due to the requirement of penetration verification during IPO TS-backed firms meet with difficulties when appl ying for an IPO, which gen erates the Three Types of Shareholders Problem (TS Problem). Some of these firms even have to get rid of TS at great expense. Based on the relationships between TS and the operational performance of TS-backed firms, this paper firstly investigates whether TS have good ex-ante project selection ability. Using the enterprises of the NEEQ market from 2014 to 2016 as research samples and adopting the logit regression model of mixed-sectional data, this paper finds that TS have significant exante project selection ability, which can be revealed from the better profitability and growth capability of TS-backed firms than the non-TS-backed firms. Besides, this paper uses the propensity score matching method to match the samples and the Difference-in-Difference model for regression analysis. After controlling other possible factors, result shows that TS Problem has negative effect on corporate performance, weakening the advantages of TS-backed firms' profitability and growth capability. So this paper holds that TS have their existent value in the NEEQ market, and the TS Problem needs to be settled properly. This paper puts forward policy suggestions concerning the TS Problem.