外部股权、投资者保护与公司绩效--基于一个企业家行为最优化模型的分析

股权结构与公司绩效的关系是公司金融研究中的热点问题,但到目前为止,国内外大多数学者仅对两者之间的实证关系进行研究,而少有从理论角度进行研究的成果。从基于作为公司管理者的企业家行为最优化角度的简单模型出发,通过投资者保护程度这一个传导变量,可以看出:外部股权比例、作为企业管理者的企业家持股比例,均与作为公司绩效代理变量的企业价值成倒U型关系。当流通股在一个适当的比例以下时,公司绩效与外部股权比例正相关;在适当比例以上时,公司绩效与外部股权比例负相关。

Outside Equity,Investor Protection and Corporate Performance-An Analysis Based on An Optimized Model of An Entrepreneur''s Behavior

The relationship between equity structure and corporate performance is one of the hot spots in the research of corporate finance. But until now, most scholars from home and abroad have carried out empirical studies on the relationship between the two but seldom looked at it from a theoretical perspective. By proposing a simple model optimizing the behavior of the entrepreneur as a corporate manager, and by setting the degree of investor protection as a conductive variable, this paper shows that the proportion of outside equity and the proportion of equity owned by the entrepreneur as a corporate manager form an inverted-U-shape relationship with corporate value as a proxy variable of corporate performance. When the proportion of circulation equity is below a certain level, corporate performance and outside equity are positively correlated. When the proportion is above a certain level, the two are negatively correlated.