股权结构、产权性质与装备制造企业发展——基于中国A股装备制造业上市公司数据

Equity Structure,Nature of Property Right and Development of Equipment Manufacturing Enterprise——An Empirical Study Based on Data of Listed Companies from 2012 to 2017

基于2012～2017年中国A股装备制造业上市公司数据,利用多元回归模型,对股权结构、产权性质与企业发展之间的关系进行考察。实证结果表明:股权集中度对企业绩效的影响存在着显著的产权差异;国有产权不利于发挥股权集中度对企业绩效的激励效应,表现出弱化作用;股权制衡度与企业发展的关系不受产权性质的影响。分组样本回归结果显示,股权结构对国有与非国有装备制造企业绩效都表现出显著的激励作用,仅股权制衡度对国有装备制造企业成长的影响显著为正。基于此,国有与非国有装备制造企业要发挥各自优势,共同助力装备制造业转型升级,迈向全球价值链中高端;国有装备制造企业要积极引入其他所有制性质的资本,优势互补;充分考虑制衡股东性质以及制衡能力,更好地激发股权制衡的正向治理效应。

Based on the data of listed companies in equipment manufacturing industry from 2012 to 2017,to research the relationship among equity structure,nature of property right and enterprise development.The empirical results of this paper show that there is a property right difference in the influence of equity concentration on enterprise performance.In state-owned enterprises,there exsits a weakening effect and underplays the incentive effect.However,The relationship between equity balance and enterprise development is not affected by the nature of property rights.The further grouping regression results show that equity structure has a significant incentive effect on both state-owned enterprises and non-state-owned enterprises,and equity balance influence the growth of state-owned enterprises only.Finally,on the basis of empirical analysis,state-owned and non-state-owned equipment manufacturing enterprises should play to their respective advantages,jointly promote the equipment manufacturing industry transformation and upgrading,and move towards to the middle and high end of the global value chain.State-owned equipment manufacturing enterprises should actively introduce capital of other ownerships to complement each other’s advantages.In order to inspire the positive governance effect of equity balance,the nature and ability of balance shareholders should be considered.