最终控制人、股权结构与公司绩效——以制造业为例

在对最终控制人分类的基础上，研究股权结构与公司绩效的关系，以我国制造业上市公司为样本的实证结果支持股权结构内生性假设。在考虑到内生性以后，研究发现国有控股公司的股权结构集中度与公司绩效负相关，国有控股的制造业上市公司中处于控股地位的最终控制人对公司绩效的“掠夺之手’’超过了“帮助之手”；而民营控股公司的股权结构集中度与公司绩效呈U型曲线关系，民营制造业上市公司股权结构平均意义上处于U型曲线的左边，即总体“侵占效应”大于“监督效应”。

Ultimate Controller, Shareholding Structure and Corporate Performance——Case Study of Manufacturing Industry

Based on the classification of ultimate controllers,the paper aims to study the relationship between shareholding structure and corporate performance.Empirical results,which are built upon listed companies in manufacturing industry in China,have verified the endogeneity hypothesis of shareholding structure.The paper takes endogeneity into consideration and finds there is a negative correlation between concentration ratio of shareholding structure and corporate performance in state-owned holding corporations...