我国双重股权结构与企业绩效的关系研究——来自中概股的经验证据

Research on the Relationship between China's Dual Ownership Structure and Corporate Performance--Evidence from Chinese Firms Listed on US Exchanges

本文以2014—2018年在美国上市的中国企业为例,采用面板数据模型分析我国双重股权结构与企业绩效的关系。研究结果表明,双重股权结构显著降低了企业绩效。因此本文认为需要建立有效地约束和监管机制对双重股权企业进行制约,以保护少数控制权投资者的利益。此外,通过对比单一股权企业和双重股权企业,本文发现我国双重股权企业比单一股权企业具有较低的资产回报率和财务杠杆比率,以及较大的规模,期望本文的研究结果能为相关企业管理提供借鉴。

This paper takes Chinese companies listed in the United States from 2014 to 2018 as an example,and uses a panel data model to analyze the relationship between China's dual ownership structure and corporate performance.The research results show that the dual ownership structure significantly reduces corporate performance.Therefore,this article believes that it is necessary to establish an effective restraint and supervisory mechanism to restrict dual equity companies in order to protect the interests of a minority of controlling investors.In addition,by comparing single-equity companies and dual-equity companies,this paper finds that Chinese dual-equity companies have lower return on assets and financial leverage ratios,and larger scale than single-equity companies.It is hoped that the research results of this article can provide reference for the management of related enterprises.