Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through emp...Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through empirical analysis of data spanning from 2013 to 2022,the study aims to verify the influence mechanism of equity structure on corporate performance.The results indicate that enhancing equity concentration and balance positively impacts corporate performance,with this effect persisting over time.Consequently,optimizing the degree of equity concentration,shareholder types,and the board of directors’structure can assist enterprises in maximizing long-term value.展开更多
This article takes companies listed from 2014 to 2016 as research objects,relies on principal–agent theory,stakeholder theories,and reputation theories,and examines the ownership structure,market competition,and corp...This article takes companies listed from 2014 to 2016 as research objects,relies on principal–agent theory,stakeholder theories,and reputation theories,and examines the ownership structure,market competition,and corporate social responsibility(CSR)using a multiple regression approach based on a hybrid ownership perspective.At the same time,the relationship between market competition and equity structure was studied.Research shows that product competition degree and CSR are in an inverted“U”relationship;ownership concentration is positively related to CSR;equity balance and CSR are negative.When related to market competition variables,the mixed-owned companies listed degree of ownership concentration are still positively related to CSR,and the linear relationship of negative balance of ownership balance becomes an inverted“U”-shaped curve relationship.The market competition has improved the restraint of CSR by the degree of ownership balance.展开更多
Based on the determinative factors school of capital structure theory, this paper uses the data of 35 Chinese energy listed companies from 2000 to 2003, and adopts multi-variable regression method to make an empirical...Based on the determinative factors school of capital structure theory, this paper uses the data of 35 Chinese energy listed companies from 2000 to 2003, and adopts multi-variable regression method to make an empirical study of the influencing factors of their capital structure. The results indicate that the factors of size, income volatility, and the concentration of owner’s equity have positive relation with the capital structure, while the relation between profit- ability and capital structure is negative. It is also found that the influencing of growth and secured asset on the capital structure are relatively insignificant.展开更多
深化国有企业混合所有制改革是“十四五”规划的重点议题,随着国企改革三年行动进入下半场,资本市场已成为改革重地,混改政策对国有上市公司股价信息效率的影响日益受到关注。借鉴并拓展Bai et al.(2016)提出的股价信息性指标,测度出200...深化国有企业混合所有制改革是“十四五”规划的重点议题,随着国企改革三年行动进入下半场,资本市场已成为改革重地,混改政策对国有上市公司股价信息效率的影响日益受到关注。借鉴并拓展Bai et al.(2016)提出的股价信息性指标,测度出2003—2020年国有上市公司的股价信息性,然后检验国企混改对股价信息性的影响。实证结果表明:第一,混改能够显著提升国有上市公司的股价信息性,其中,提高非国有股东参股程度和增强股权融合度带来的股权结构改善与非国有股东委派高管带来的高层治理改进均有助于提高股价信息性,但股权多样性未能产生显著作用。第二,混改对股价信息性的影响存在股权性质与行业竞争度的异质性,对于央企和位于低竞争行业的国有上市公司来说,其股价信息性的提升仅与混改带来的高层治理改进显著相关。第三,股权结构维度的混改能够通过治理效应和减负效应提高国有上市公司的股价信息性,而非国有股东委派高管主要发挥了治理效应。最后,基于合成双重差分法发现,超过四成的国有上市公司股价信息性在混改后有所上升,特别地,高竞争行业、经济发展水平和市场化水平较高的地区以及中部和东部沿海地区的改善效果更为明显。由此可见,评估资本市场对国企资产的定价效率,对于深化与细化随后的改革工作无疑有着重要的参考价值。展开更多
文摘Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through empirical analysis of data spanning from 2013 to 2022,the study aims to verify the influence mechanism of equity structure on corporate performance.The results indicate that enhancing equity concentration and balance positively impacts corporate performance,with this effect persisting over time.Consequently,optimizing the degree of equity concentration,shareholder types,and the board of directors’structure can assist enterprises in maximizing long-term value.
文摘This article takes companies listed from 2014 to 2016 as research objects,relies on principal–agent theory,stakeholder theories,and reputation theories,and examines the ownership structure,market competition,and corporate social responsibility(CSR)using a multiple regression approach based on a hybrid ownership perspective.At the same time,the relationship between market competition and equity structure was studied.Research shows that product competition degree and CSR are in an inverted“U”relationship;ownership concentration is positively related to CSR;equity balance and CSR are negative.When related to market competition variables,the mixed-owned companies listed degree of ownership concentration are still positively related to CSR,and the linear relationship of negative balance of ownership balance becomes an inverted“U”-shaped curve relationship.The market competition has improved the restraint of CSR by the degree of ownership balance.
文摘Based on the determinative factors school of capital structure theory, this paper uses the data of 35 Chinese energy listed companies from 2000 to 2003, and adopts multi-variable regression method to make an empirical study of the influencing factors of their capital structure. The results indicate that the factors of size, income volatility, and the concentration of owner’s equity have positive relation with the capital structure, while the relation between profit- ability and capital structure is negative. It is also found that the influencing of growth and secured asset on the capital structure are relatively insignificant.
文摘深化国有企业混合所有制改革是“十四五”规划的重点议题,随着国企改革三年行动进入下半场,资本市场已成为改革重地,混改政策对国有上市公司股价信息效率的影响日益受到关注。借鉴并拓展Bai et al.(2016)提出的股价信息性指标,测度出2003—2020年国有上市公司的股价信息性,然后检验国企混改对股价信息性的影响。实证结果表明:第一,混改能够显著提升国有上市公司的股价信息性,其中,提高非国有股东参股程度和增强股权融合度带来的股权结构改善与非国有股东委派高管带来的高层治理改进均有助于提高股价信息性,但股权多样性未能产生显著作用。第二,混改对股价信息性的影响存在股权性质与行业竞争度的异质性,对于央企和位于低竞争行业的国有上市公司来说,其股价信息性的提升仅与混改带来的高层治理改进显著相关。第三,股权结构维度的混改能够通过治理效应和减负效应提高国有上市公司的股价信息性,而非国有股东委派高管主要发挥了治理效应。最后,基于合成双重差分法发现,超过四成的国有上市公司股价信息性在混改后有所上升,特别地,高竞争行业、经济发展水平和市场化水平较高的地区以及中部和东部沿海地区的改善效果更为明显。由此可见,评估资本市场对国企资产的定价效率,对于深化与细化随后的改革工作无疑有着重要的参考价值。
