我国上市公司股权集中度与公司绩效的理论与实证研究

本文以净资产收益率、主营业务资产收益率及市净率为被解释变量,股权集中度为被解释变量,并使用公司总资产的自然对数代表公司规模、财务杠杆、净利润增长率作为控制变量,从公司治理角度分析股权结构对公司绩效的影响。从农林牧渔业、采掘业、制造业等11个行业中挑选了923家上市公司为样本,分别对样本总体和各行业的数据进行了回归分析。此研究的政策意义在于现阶段上市公司治理结构的改革不应盲目模仿英美模式无视中国的国情,过于强调股权分散。认为只有保持股权的适度集中才有助于我国上市公司的长远发展和整体绩效的提高。

Ownership Centralization and Corporate Performance of Listed Companies in China: Theoretic and Empirical Research

This paper analyzes the effect of ownership structure on corporate performance from the angle of corporate governance by using ROE,CROA and P/NA as dependent variables,ownership centralization as independent variables,and ASSET,DAR and GROW as controlled variables.923 listed companies are chosen from the main industries of the rural areas,mining,and manufacturing to perform the regression analysis on these data.To make this approach effective,the reform of governance structure shouldn't imitate the mode in America and Britain to overemphasize ownership decentralization or neglect China's reality at present.Keeping proper ownership centralization is helpful to the development of listed companies in the long run and the increase of the whole performance.