股权结构与公司绩效关系的实证研究——基于动态内生性的视角简

在动态内生性的框架下,以2002年至2011年716家上市公司为样本,同时考虑三种内生性情况,运用动态面板的System GMM估计方法研究股权结构与公司绩效之间的关系,结果显示：股权结构与公司绩效之间存在动态内生性,不仅当期股权结构对公司绩效具有显著影响,而且前期股权结构也对公司绩效有着显著影响,并且前期公司绩效对当期股权结构具有反馈效应。因此,上市公司可以通过提高公司的股权集中度、股权制衡度和降低公司管理层持股比例来提高公司绩效,进而提升公司价值。

An Empirical Study on the Relationship between Ownership Structure and Corporate Performance from the Perspective of Dynamic Endogeneity

In the framework of dynamic endogeneity and on the basis of dynamic System GMM model, this paper, with 716 listed companies ranging from 2002 to 2011 as sample, studies the relationship between ownership structure and corporate performance with the consideration of three kinds of endogeneity. The research indicates that there exists dynamic endogeneity between ownership structure and corporate performance. Not only current ownership structure has a significant correlation to corporate performance, but also previous ownership structure has a significant correlation to corporate performance, and prior corporate performance has a significant feedback effect on current ownership structure. Therefore, the listed corporation can improve the corporate ownership concentration and ownership balance and reduce the proportion of management shareholding to improve corporate performance and to enhance corporate value.