股权结构、上市板块与企业绩效

Ownership Structure,Exchange Board and Corporate Performance

利用我国A股上市公司2008~2012年的数据,本文分析了主板、中小板和创业板板块中企业股权结构对企业绩效的影响。本文发现,对于主板和中小板企业,企业实际控制人持股比例对于企业绩效的影响是正向且显著的,而对于创业板企业,企业实际控制人持股比例对企业绩效的影响不显著。区分企业所有制性质来分析:主板企业中无论是国有控股企业还是民营控股企业,实际控制人持股比例对于企业绩效的影响都是显著为正的:中小板企业中,民营控股企业实际控制人持股比例对于企业绩效的影响显著为正,而国有控股企业实际控制人持股比例对于企业绩效的影响是不显著的。至于不同板块之间产生差异的原因,可能是由于不同板块中上市企业特征和板块监管规则等的不同、上交所和深交所的监管规则不同以及不同板块中企业的行业分布不同等原因造成的。本文的研究对于理解我国上市公司行为特点,规范我国上市公司行为,促进交易所各板块管理改进具有一定的意义。

This paper analyzes the effect of ownership structure on corporate performance in Main Board,the Small and Medium-sized Enterprises(SME) Board and the Growth Enterprise Market(GEM) Board respectively by using the data of the companies listed on China's stock market from 2008 to 2012.The results show that,actual controller shareholding stakes has obvious positive effects on corporate performance in Main Board,SME Board,but have no obvious effects in GEM Board.From the perspective of ownership,in Main Board,both in State-controlled companies and in Private-controlled companies,actual controller shareholding stakes has obvious positive effects on corporate performance,and in SME Board,actual controller shareholding stakes has obvious positive effects on corporate performance in Private-controlled companies and have no obvious effects in State-controlled companies.The causes of the differences between the three boards may be due to the different characteristics of listed companies in different board,may be due to the different regulatory rules between Shanghai Stock Exchange and Shenzhen Stock Exchange,also may be due to the different industry distribution of the companies in different boards.This study has some significance for understanding the behavioral characteristics of Chinese listed companies,regulating the behavior of listed companies and improving the management of each exchange board.