制造业上市公司股权结构对财务治理的影响研究

Impact of the Shareholding Structure of Listed Manufacturing Enterprises on Financial Governance

目前存在较少关于制造业行业的股权结构对财务治理的影响的研究,而合理的股权结构有助于相关利益者之间财权的合理分配,让企业进行更好的内部激励与内部约束,首先,本文就股权结构对财务治理的影响进行了理论分析,其次,采用了上证部分制造业公司的财务数据,时间为2015年-2019年,采用固定效应模型探究两者之间的关系,最后得出结论:(1)第一大股东持股比例与财务治理是“倒U型”关系;(2)前十大股东持股比例与财务治理呈现正相关;(3)国有股持股比例与财务治理呈现正相关;(4)股权制衡与财务治理呈现负相关。据此,制造业行业的上市公司需要保持合理的国有股比例和适当的股权。

At present,the research on the impact of shareholding structures of manufacturing enterprises on financial governance is rare.However,a reasonable shareholding structure is always conducive to rationalize the distribution of financial rights among relevant stakeholders,which can stimulate better internal incentives and internal disciplines.This paper theoretically analyzes the impact of shareholding structures on financial governance and explores the relationship between them using the fixed effects model based on the financial data of selected manufacturing companies listed on the Shanghai Stock Exchange from 2015 to 2019.The following conclusions can be drawn:(1)It shows an inverted U-shaped relationship between the equity shareholdings of the largest shareholder and the financial governance;(2)The equity shareholdings of the top ten shareholders are positively correlated with the financial governance;(3)The equity shareholdings of state-owned shares are positively correlated with the financial governance;(4)The equity balance is negatively correlated with the financial governance.Therefore,it is essential for the listed manufacturing enterprises to maintain a reasonable proportion of state shares and hold an appropriate percentage of equity.