国有股和法人股对公司业绩的影响——公用事业型上市公司的实证研究

The Impacts of State-owned Share and Legal Share on the Corporate Performance——An Empirical Study of Listed Public Utility Companies in China

公司的股份集中于少数几个大股东手中是中国公司股权结构的一个普遍特征,研究这些大股东如何凭借其持股地位影响公司业绩是中国公司股权结构研究的一个非常重要的问题。本文选取了在上交所上市的公用事业型公司 1998 年至 2002 年的平行数据进行实证研究,结果表明,法人股对公司业绩有积极影响,国有股对公司业绩的影响视具体情况而定。

Since it is a prevalent characteristic of ownership structure in Chinese ?rms that shares are concentrated in a few large shareholders, investigating how these large shareholders affect ?rm performance via their positions is a signi?cant issue for ownership structure researches in China. This paper has done an empirical research based on a panel data of public utility firms listed on Shanghai Security Exchange from 1998 to 2002, and the results show that legal share have an active impact on firm performance, while impact of state share varies according to the material situation.