绩效变化及对股权结构变动的影响——基于跨国公司在华投资企业的分析

跨国公司在华投资企业绩效水平是其股权结构变动的主要因素之一,并直接导致了股权结构的独资化趋势.产业绩效的变化不仅对跨国公司在华投资企业的初始股权结构选择有着重要的参考价值,而且对股权结构再次选择有着显著的影响.产业绩效越好,所在产业的外企股权结构变化越快、幅度越大.

Influence of Performance on Changing of Shareholding Structure: On the Base of Analysis on the International-invested Enterprises in China

It is a practical problem to reduce the agency costs to en-terprises where the ownership and operating rights are separated. This article proposes some ways to reduce agency, costs from the capital market, the human resources market, and points out domestic enter-prises must depend on the internal incentive and restraint mechanisms to resolve present agency costs under the imperfect market.