控股股东与公司绩效——民营上市公司与国有上市公司的对比分析

借鉴西方有关创始家族公司的研究文献,将民营公司分为创始型民营上市公司和非创始型民营上市公司,为国有上市公司和民营上市公司的绩效对比提供了全新的视角。研究结论认为,控股股东对公司绩效产生了显著影响。尽管民营公司与国有公司总体上绩效无差异,但创始家族控股的民营公司业绩显著高于国有公司。控股股东持股比例与公司业绩显著正相关,相比较国有上市公司,创始型民营上市公司的控股股东持股比例对公司绩效的影响更大。

Controlling Shareholders and Companies' Financial Performance——Comparative Analysis between Private-controlled Listed Companies and State-owned Listed Companies

Although a number of literatures compare the performances of state-owned listed companies with that of private-controlled listed companies,no stable conclusion has been reached.Using western founding family business theory,this paper,divide private-controlled listed companies into two groups: founding-family controlling and non-founding family controlling business.The authors find that the result is somewhat complex: the performance of total private-controlled listed companies is not different from that of state-owned listed companies;meanwhile,when the listed companies are controlled by founding families,the performance is better.The paper also finds that there exists the positive relationship between holding shares of the largest shareholders and corporate financial performance.