所有权结构与产出效率:对中国企业的实证研究

Ownership Structure and Productivity:An Empirical Study at Firm Level in China

与传统上通过会计业绩、托宾Q值来研究所有权结构与企业业绩不同,文章以1999～2001年中国1077家上市企业为样本,研究不同所有权结构下企业产出效率的差异。研究结果发现:在不同的所有权结构下,企业的产出效率不存在显著性的差异。这部分支持了Demsetz为代表的所有权结构与企业业绩无关的观点。

Different from the traditional research on the relationship between ownership structure and firm performance by using accounting measures or Tobin'Q, the paper studies the differences in firm productivity in different ownership structure, using as sample the performance of China's 1077 listed firms between 1999～2001. The results show that there is no significant differences in the firm's productivity in different ownership structure. The results partly support the Demsetz's opinion that ownership structure has nothing to do with a firm's performance.