民营上市公司股权结构与经营绩效关系研究

本文选取了67家民营上市公司作为样本,对其股权结构、流通性结构、集中程度与公司经营绩效之间的关系进行了实证研究。结果表明,公司绩效与非国有法人持股比例和第一大股东持股比例呈正相关,且股权结构变量与公司绩效变量间存在三次方关系,分散持股或绝对控股对民营企业的成长和发展是有利的;公司绩效与流通股比例为负相关关系,呈现出由强至弱的变化;公司绩效与国有法人股持股比例不相关,在民营上市公司中,国有法人股持股比例已处于无足轻重的地位。

An Empirical Analysis of the Relationship between Non-Public Listed Company's Equity Structure and Operating Performance

Selecting 67 non-public listed companies as the sample,the author analyzes the relationship between operating performance,the ownership structure,liquidity structure and centralization of equity.Based on this analysis,the author concludes that,compared with highly centralized or decentralized equity structure,moderately centralized equity structure with the biggest shareholder as the legal person can contribute to promoting operating performance and should,therefore,become the target model for optimizing the equity structure of Chinese non-public listed companies.The performance is negatively correlated with the percentage of circulation shares.There is no relationship between the performance and the percentage of state-owned shares.