股权结构对公司业绩的影响:假定与实证

The Effects of Shareholders Structure on the Performances of the Listed Companies:Hypothesis and Empirical Evidences

在提出股权结构与公司业绩关系的若干假定的基础上 ,采用实证研究的方法得出我国上市公司股权集中度与公司业绩的关系结论为 :在国有控股型公司中 ,二者呈显著负相关关系 ;在法人控股公司中 ,二者没有显著相关关系 ;在股权相对分散的公司中 ,二者呈显著正相关关系。因此 ,相对于股权高度集中于国有股或法人股的股权结构而言 ,股权相对分散 ,同时允许少数几个持股比例相差不大的大股东存在的股权结构有利于提高上市公司的业绩。

The relationship between shareholders structure and the performances of the listed companies are researched based on empirical study and hypothesis test. Results show that there exists a significantly negative relationship in the type state-controlling companies, no significant relationship in the type of body-controlling companies, and a significantly positive relationship in the type of relatively share-dispersed companies. Therefore, companies with their shares relatively dispersed and mainly being held by only several equal shareholders have better performances than those with their shares mainly held by state or bodies.