上市方式、股权制衡与合谋——基于中国民营上市公司面板数据的实证研究

股权制衡对公司绩效的影响是公司治理领域中的重要问题,而制衡能力是股权制衡效果实现的首要前提。文章建立在具备股权制衡能力的基础上,对不同类型的民营上市公司股权制衡、合谋与公司绩效之间的关系进行了分析。研究发现,在直接上市的民营公司中,第一大股东与其他大股东之间具有合谋的倾向;在间接上市的民营公司中,第一大股东与其他大股东之间倾向于相互监督,股权制衡与公司绩效之间呈倒U型关系。因此,建议针对不同类型的民营上市公司采取不同的政策措施。

Listed Ways, Equity Balance and the Panel Data in Chinese Listed Collusion: Based on Empirical Study of Private Companies

Equity balance has influence on company performance, which is an important issue in the field of corporate governance. The capability of balance is the chief premise to achieve the effect of equity balance. The paper is based on the ability of balance, which analyses the relationship among equity balance, collusion and company performance of different types of private listed companies The study finds that, in the directly listed private companies, there is a collusive tendency between the largest shareholder and other large shareholders. While in the indirectly listed private companies, the largest shareholder and other large shareholders tend to supervise mutually: the relationship of equity balance and corporate performance presents inverted U-shaped In conclusion, different types of private listed companies should adopt different policy measures.