双层股权结构与公司治理绩效

Dual-class Share Structure and Corporate Governance Performance

文章基于2008—2018年中概股公司数据,对双层股权结构的公司治理绩效进行研究,报告了中概股公司股权结构与公司治理现状,实证检验了双层股权结构对企业绩效与中小投资者利益保护的影响机制。研究结果表明,双层股权结构可以显著提升企业绩效;对中小投资者利益的堑壕效应没有明显增加。进一步研究发现,管理者能力在双层股权制度下能够更好地提升企业绩效和保护中小投资者利益;异质性分析表明,双层股权结构的公司治理绩效在不同行业中不存在显著差别。因而,证券主管部门在引入双层股权结构的同时,要兼顾中小投资者利益的保护,企业要提升管理者公司治理水平,加强人才的培养。文章研究结论为加快股权与所有权制度改革、增强市场经济活力提供了一定的理论支持与经验证据。

Based on the data of Chinese Concept Share(CCS)from 2008 to 2018,this paper studies the corporate governance per-formance of dual-class share structure,reports the current situation of ownership structure and corporate governance of CCS,and empiri-cally tests the impact mechanism of dual-class share structure on enterprise performance and the protection of minority shareholder'interests.The research shows that the dual-class share system can effectively improve the performance of enterprises;the entrenchment effect on the interests of small and medium-sized investors does not increase significantly.Further research found that managers'ability can better improve enterprise performance and protect the interests of small and medium-sized investors under the double-layer equity system;Heterogeneity analysis shows that there is no significant difference in corporate governance performance of dual-class share stru-cture in different industries.Therefore,while introducing the dual-class share structure,the securities authorities should take into account the protection of minority shareholder'interests.Enterprises should strengthen the training of talents and improve the level of managers'corporate governance.The conclusion of this paper provides important theoretical support and empirical evidence for accelerating the reform of equity and ownership system and enhancing the vitality of market economy.