股权制衡对上市公司绩效的非线性影响——基于股权制衡度的新测算

测算股权制衡度时不考虑股东间的关联关系可能引致偏差。鉴此,重新测算了股权制衡度,以2003~2013年927家 A 股主板上市公司为样本研究其与公司绩效的关系。结果表明：“新股权制衡度”与公司绩效为非线性的 U 型关系,而“旧股权制衡度”与公司绩效为线性关系；1,2]为股权制衡度对公司绩效影响的灰色区间；股权制衡度与公司绩效的关系受股东持股模式和外部环境影响。研究结果支持条件有效论,适度的股权制衡才能发挥积极作用。

Nonlinear Effect of Equity Restriction on the Performance of Listed Companies: Based on the New Measure of Equity Restriction Ratio

Deviation may occur in measuring equity restriction ratio,if relationship between shareholders in listed companies is not considered.In view of this,this paper measures the new equity restriction ratio and uses the board panel data of China's A-share listed companies during 2003-2013 to study the relationship between equity restriction and the firm performance.The re-sults show:firm performance is significant “U-shaped”relation with the new equity restriction ratio,while it is linear related with the former equity restriction ratio;There is a grey interval of equity restriction ratio 1,2],where the effect of equity restriction on firm performance is nega-tive;the firm performance shape related with the equity restriction ratio is effected by the share-holders'holding pattern and the environment.The conclusion support that the positive effect of equity restriction on the firm performance needs some conditions,which means that equity re-striction ratio must be moderate.