国有股比例对公司绩效影响的实证研究——以传媒上市公司为例

A Positive Study on Relationship between Share of State Ownership and Corporate Performance Based on Media Industry Listed Companies

国有股比例对传媒行业公司绩效的影响大小是传媒行业进行股份制改革的重要依据。经过对传媒行业上市公司绩效和国有股比例之间的实证分析发现:我国传媒行业公司绩效和国有股占比的平方项呈现负相关关系,说明国有股比例和公司绩效呈现倒U形的影响关系,同时公司绩效和国有股占比的负相关关系,说明我国传媒行业现阶段处于倒U形的负向阶段,国有股比例对传媒行业公司绩效的增长产生抑制作用,因此应该适当降低传媒行业上市公司的国有股比例。

The Relationship between share of state ownership and corporate performance in media industry listed companies is an important basis for going to reform the shareholding system. The empirical analysis show that: there is a negative correlation between the performance of Chinese media industry companies and the square of state-owned shares, which shows that the ratio of state-owned shares and the performance of companies are inverted U-shaped, and the relationship between. corporate performance and state-owned shares is negatively correlated. It is indicated that the media industry in China is in the negative stage of inverted U-shaped, and the proportion of state-owned shares has inhibitory effect on the growth of media industry company performance.Therefore,it should reduce the proportion of state-owned shares of listed companies in media industry appropriately.