中小企业板上市公司股权结构、公司治理与企业绩效:基于随机前沿生产函数的分析

本文通过构建深圳中小企业板上市公司股权结构影响企业绩效的复合随机前沿生产函数,利用2006—2008年面板数据对中小企业的股权结构和企业绩效的关系进行了经验研究,结果表明中小企业的股权集中度与企业绩效之间显著正相关,这与国内文献中对大公司的经验研究结果一致,表明当前上市公司的股权集中有利于公司治理改善和企业绩效的提高。但是第一大股东持股比率却与绩效负相关,这与对大公司的研究结论相反,表明在中小企业中存在较为明显的"隧道挖掘"现象,"一股独大"在中小企业中并不利于公司治理。研究结果还表明,国家、法人、外资或个人对公司治理的绩效无显著差异;流通股比重、高管持股、研发人员投入等都与企业绩效不相关;中小企业具有较强的股权融资倾向,不符合"啄食顺序"的资本结构理论。

Ownership Structure,Corporate Governance and Performance of the SME Board Companies:Based on the Stochastic Frontier Production Function

We study the effect of ownership structure on firm performance of the ShenZhen SME Board firms by constructing the complex stochastic frontier production function in the period from 2006 to 2008. The evidence indicates that the ownership concentration of the SMEs has significantly positive relation with the firm performance, but the fraction of the biggest shareholder is negatively related to performance. Furthermore, there is no significant difference in firm performance among the shareholders of state, legal person, individual and foreign investors; the fraction of the tradable share, the fraction of shares hold by the managers and the research and development input have no significant impact on firm performance. Lastly, SMEs tend to finance more by equity than by debt .