大股东持股适度区间与公司绩效——对我国民营上市公司股权结构的实证分析

Temperate Interval of Large Shareholder's Holding and Firm Performance——A Positive Analysis on Equity Ownership of Listed Private-owned Companies in China

民营上市公司股权结构的成因既有制度因素,也有公司个体因素,还有路径依赖因素。通过选取141家民营上市公司样本,对公司绩效与股权集中度之间的关系进行相关和回归分析发现,第一大股东持股比例与净资产收益率呈显著的三次曲线关系,在不同的区间内,第一大股东持股比例对净资产收益率的影响是不同的。

After analyzing the causes of the equity ownership structure of listed private-owned companies, the authors take 141 listed private-owned companies as the sample and analyze the relativity and regression between firm performance (measured by return of equity) and equity ownership concentration (measured by two indexes of the proportion of the largest shareholder holding and the degree of restriction). The regression analysis shows that the proportion of the largest shareholder holding has a significant cubic relation with ROE--the proportion of the largest shareholder holding has different effect on ROE in different intervals. This conclusion can be taken as a reference for optimizing the equity ownership structure of listed private-owned companies in China.