我国证券公司股权结构与绩效关系的实证研究

本文采用我国41家证券公司2002-2006年的面板数据,对证券公司股权结构与绩效的关系进行了实证研究,结果显示:我国证券公司在2002-2006年期间,股权结构趋向于更加集中;股权集中度与公司的绩效呈正相关关系;第一大股东持股比与绩效存在倒"U"型关系.本文还根据上述结论提出了相应的政策建议.

Empirical Study on the Relationship between Ownership Structure and Performance for China Securities Companies

This paper empirically studies the relationship between ownership structure and corporate performance of China securities companies based on 41 samples through 2002-2006. The results show that the ownerships structure of China securities companies tends to be more concentrated in the period of 2002-2006,that positive relationship exists between ownership concentration and corporate performance,that a converse U shape relationship exists between the largest shareholders'stock proportion and performance. We t...