| 基于内生性视角的股权结构与公司绩效关系研究 |
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| 引用本文： | 郝云宏,周翼翔.基于内生性视角的股权结构与公司绩效关系研究[J].商业经济与管理,2010(6). |
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| 作者姓名： | 郝云宏 周翼翔 |
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| 作者单位： | 浙江工商大学,工商管理学院,浙江,杭州,310018 |
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| 基金项目： | 国家自然科学基金，浙江省社科规划项目，浙江省属高校人文社科重点研究基地一浙江工商大学企业管理学 |
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| 摘 要： | 现有股权结构与公司绩效关系的研究,大都不考虑内生性问题,先验地假定股权结构为外生变量.文章以我国1999-2008年沪、深两市370家上市公司为研究对象,发现股权结构是内生的,它与公司绩效之间是一种互动的双向作用关系,即除了股权结构对公司绩效有显著的促进效应外,公司绩效对股权结构也有着强烈的反馈效应,并且这种反馈效应会随着股权结构指标选取的不同而相差明显.
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| 关 键 词： | 股权结构 公司绩效 内生性 |
The Relationship between Ownership Structure and Corporate Performance:From an Endogenous Perspective |
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| HAO Yun-hong,ZHOU Yi-xiang.The Relationship between Ownership Structure and Corporate Performance:From an Endogenous Perspective[J].Business Economics and Administration,2010(6). |
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| Authors: | HAO Yun-hong ZHOU Yi-xiang |
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| Institution: | HAO Yun-hong,ZHOU Yi-xiang(School of Business Administration,Zhejiang Gongshang University,Hangzhou 310018,China) |
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| Abstract: | The existing literature is very rich on the relationship between ownership structure and corporate performance,but most of them neglect the problem of endogeneity and take ownership structure as exogenous variables a priori.In this paper,we take China's 370 listed companies in Shanghai and Shenzhen from 1999 to 2008 as a research sample and find that ownership structure is endogenous.It is an interactive double-way relationship between ownership structure and corporate performance.That is to say,the former ... |
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| Keywords: | ownership structure corporate performance endogeneity |
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