经营者股权、非流通股权和公司绩效——对中国上市公司的实证分析

许多学者证明内部人股权和公司绩效之间存在非线性关系,并且把内部人股权看作经营者股权。本文结合中国上市公司的特点,认为应该从广义上理解内部人股权的概念,把非流通股都看作内部股。通过对深市上市公司的分析,本文发现经营者股权和公司绩效之间没有显著的关系。国家股和法人股等与公司绩效显著正相关。一定比例的非流通股可以促进公司绩效,而非流通股比例过大,则会使公司绩效降低。企业应该逐渐降低非流通国家股和法人股的比例,提高经营者股权,以发挥经营者的积极性和管理能力。

Managerial Ownership,Unlisted Shares Ownership and Firm's Performance--Empirical Analysis on the Listed Corporations of China

Many scholars take insider ownership as manager share ownership and document that the relationship between insider ownership and firm's performance is nonlinear.On the basis of the character of listed corporations in China,we think insider ownership should be considered extensively and look all unlisted share ownership as insider ownership.Through the analysis of Chinese corporation listed on Shenzhen Stock and Securities Exchange,this paper finds no evident relationship between managerial ownership and firm's performance.However,we find nation shares ownership and law person shares ownership correlate positively with firms' performance.Too much unlisted shares ownership will destory firm's performance while lower unlisted shares ownership can improve performance.Unlisted nation shares and law person shares should decrease in firms and manager ownership should be increased so that managers would work harder and use their managerial capacity better.