股权结构与公司绩效实证研究的发现及其评价

对中国国有企业改革的研究,主要有“委托—代理”“、法定产权与事实产权不一致”“、产业定位与产权特性相对称”等三个理论框架。对股权结构与公司绩效的实证研究,为这三个理论框架的逻辑分析提供了有力的经验证据,也为深化国有企业改革提供了明确的、有益的指导。

Discoveries of Positive Researches on Stock Right Structure and Corporate Performance and its Comments

There are three theoretical frameworks of researches on the reform of Chinese state-owned enterprises,such as "Principal-agent","legal property right disagrees with actual property right","Industrial position is symmetric with special property right".The positive researches on stock right structure and corporate performance provided powerful empirical proofs with logical analyses of the three theoretical frameworks,and also provide a clear and significant guidance with deepening the reform of state-owned enterprises.The paper introduces the discoveries of the positive researches based on Chinese listed companies' discoveries and gives comprehensive comments on these discoveries.