上市公司股权结构与公司绩效关系分析——以巨潮民营样本为例

以2007-2009年174家巨潮民营样本公司为研究对象，研究股权结构与公司绩效之间的关系。研究发现：民营上市公司股权结构是内生的，第一大股东持股比例对公司绩效的影响不显著，但公司绩效反过来会显著影响第一大股东持股比例。股权制衡度在OLS下与公司绩效显著正相关，但考虑内生后，相关性不显著，反过来公司绩效与股权制衡度显著性正相关。

Analysis on relationship between share-ownership structure and corporate performance- taking Juchao private sample as an example

Selecting 174 private listed companies of the Juehao Index in Shanghai and Shenzhen Stock Exchange from 2007 to 2009 as the research samples, the paper analyzed the relationship between share-ownership structure and corporate performance. The results from the study yield unequivocal evidence for the endogeneity of share-ownership structure. The effect of the largest shareholder ratio on corporate performance is not significant, but it is significant on the contrary. The ratio of outside block-holders against inside shareholders has significant effect on corporate performance by OLS, but it hasn＇t significant effect if considering the endogeneity. Finally, corporate performance has significant effect on the ratio of outside block-holders against inside shareholders.