股权分置改革、产权属性、竞争环境与公司绩效——来自2005～2007年中国上市公司的证据

本文以股权分置改革以来的2005～2007年中国上市公司为研究样本，重点考察了股权分置改革、产权属性和竞争环境对上市公司绩效的影响。本文的研究发现：（1）股权分置改革显著提高了上市公司绩效；（2）股改前国有控股上市公司的绩效明显优于民营控股上市公司，而股改后国有控股上市公司的绩效却明显低于民营控股上市公司；（3）股改后，在高度竞争行业中，民营控股上市公司绩效优于国有控股上市公司，而在中度和低度竞争行业中两者则无明显差别；（4）股改后，高度竞争行业内民营控股上市公司绩效与股权集中度呈正相关关系。上述研究结果还表明，产权论和市场竞争论二者作用的发挥都是有条件的；在不同的市场竞争环境下，不同产权属性的公司绩效并不相同。根据上述分析结论，本文还就国有企业改革和民营企业发展问题提出了相应的政策建议。

Toward Share Merger Reform, Property Rights, Competitive Environment and Corporate Performance-Evidence from Chinese Listed Companies through 2005-2007

This paper focuses on the impact of share merger reform,property rights and competitive ad- vantage on corporate performance with a sample of Chinese listed companies through 2005-2007.The findings of the research are as follows:(1)Share merger reform significantly improves the performance of listed compa- nies;(2)The performance of state-owned listed companies is significantly better than that of private-owned before the reform,while the performance of the former is significantly poorer than that of the la...