基于终极产权论的股权结构与公司绩效研究

文章依据终极产权理论,对我国制造业上市公司股权进行重新划分,分为国有终极控制权和非国有终极控制权.采用面板数据方法,在控制样本选择偏差和股权内生变量的前提下研究股权结构对公司绩效的影响.实证结果表明,终极控制权比例与国有控股公司绩效CFOA、M/B呈显著的倒U性关系,而与传统绩效指标ROE、ROA无显著关系,在非国有终极控股公司中则不存在上述关系.流通A股比例与公司绩效关系不确定.样本选择偏差、机构投资者和外资股对公司绩效也有不同的影响.

Study on Ownership Structure and Corporation Performance based on the Ultimate Ownership Theory

Based on the principle of ultimate controlling right, the paper redesigns corporate ownership structure of manufacturing industry as the ultimately controlled by the state and by the non-state. Using the panel data model, the paper investigates the relationship between ownership structure and performance after controlling the sample selection bias and endogenetic variables. To the companies ultimately controlled by the state, the shareholding proportion of controlling stockholder has a significant inversed-U relationship with CFOA and M/ B performance variables, the result is opposition to the non-state ones. The proportion of tradeable A shares has a ambiguous relationship with performance. The sample selection bias, the institution investors , H and B share have also influence to performance.