股权结构对公司业绩稳定性的影响研究——以实际控制人特征为视角

The Effect of Ownership Structure on Stability of Firms——From the Perspective of Actual controller

本文在对股权结构、管理层权力强度对公司业绩稳定性的影响研究中加入实际控制人这一特质,对比分析了'有主''无主'公司业绩稳定性表现差异,以及实际控制人对于股权集中度、管理层权力强度对公司业绩稳定性的调节作用。研究发现,我国资本市场及公司治理模式属于典型的'权力'模式,从实际控制人的视角来看,实际控制人拥有更高所有权比例更有利于公司平稳运行;从股权结构来看,控股股东持股比例越高公司发展稳定性越好;从管理层来看,管理层越'强势'公司发展稳定性越好,而极度分散的股权结构、缺乏实际控制人、'弱势'的管理层并不能保证公司的平稳运行。同时本文研究发现'无主'公司中,控股股东对公司业绩稳定性的正面影响较'有主'公司大。

In this paper,firstly including the influence of the ownership structure and the power intensity of management on the stability of the company’s performance,then Join the characteristic of actual controller.Through research and analysis,the paper concludes that China’s capital market and corporate governance are typically models of power,from the perspective of ownership structure,the higher of the shareholding ratio of the controlling shareholder is,the better of the development stability of the company performs.From the perspective of actual controller,the actual controller has a higher proportion of ownership,which is more conducive to the smooth operation of the company.From the perspective of management,the more powerful the management behaves,the better the stability of the company performs,at the same time the paper finds when a company owns high concentration,lack of actual controller is better for stability of company.