股权结构对公司业绩的影响--基于中国上市公司的实证分析

股权结构是公司所有权的结构安排 ,决定着公司投资、经营、治理的有效性 ,进而影响公司业绩。本文采用沪深交易所上市公司为研究对象 ,分别对股权的属性与集中度等对公司业绩的影响进行实证分析。结果表明 ,不仅股权的属性会对公司业绩产生影响 ,股权的集中度也和公司业绩之间存在非线性关系。当然 ,股权结构在影响公司业绩的同时 ,还受到公司特性 (如公司规模 )以及外部因素 (比如公司是否交叉在香港或纽约上市等 )的影响。研究的结果为公司股权结构的设计和优化找到理论支撑 ,特别是为国有控股上市公司中的国有股退出寻找到一些方向。

The Influence of Ownership Structure on Corporate Performance --An Empirical Study of China's Listed Companies

Ownership structure is the arrangement of authority. It determines the efficiency of investment, operation and internal administration, and further affects corporate performance. This paper is a study on the relationship between the ownership and performance of the companies listed in the Shanghai and Shenzhen Stock Exchange Markets. It was found that the attribute of ownership and its concentration have effects on performance and the relationship between the concentration and performance is not a single linear relation. Undoubtedly, corporate performance is also affected by its fixed effect (such as scale) and external factors (such as whether it is listed in Hong Kong or New York stock market). The result of our study provides some theoretical support for the design and optimization of corporate ownership structure, and, particularly, finds a way for the state shares in the listed state share holding companies to back out.