上市方式、大股东持股与民营上市公司的绩效

企业上市可以采取直接上市（IPO）和间接上市（买壳上市等）两种方式。本文考察了民营上市公司的不同上市方式下大股东持股与公司绩效间的关系。研究发现，间接上市的民营企业的大股东持股对公司绩效没有影响，而直接上市的民营企业的第一大股东持股与公司绩效存在正的线性关系，前5大股东持股与公司绩效呈非线性的U形关系。当考虑大股东持股的内生性时，发现间接上市的大股东持股与公司绩效互不影响，而直接上市的大股东持股与公司绩效互为正相关。

Different Listed Ways,Large Shareholder's Holding,and Performance of the Private Listed Companies in China

Companies wanted to go public can adopt two ways:direct way(Initial Public Offering)and indirect way(such as Buy Shells,Management Buyout).This paper has studied the relationship between large shareholder's holding and corporate performance based on different listed ways.We find that large shareholder's holding of indirect listed companies has no effect on performance,but the big- gest shareholder's holding of direct listed companies has positive effect on performance,and the relationship between the biggest five shareholder's holdings of direct listed corn- panics and performance are nonlinear,forming a U-shaped relationship.When endogeneity is taken into account,we find that there is no relationship between Large Shareholder's Holding and performance of indirect listed companies,and Large Shareholder's holding of direct listed companies and performance can affect each other.