不同成长机会下的上市公司股权结构、资本结构与公司绩效——以A股流通服务业上市公司为例

文章以我国流通服务业上市公司为研究样本,分析了上市公司资本结构和股权结构对公司绩效的影响,以及成长机会在其中的调节作用.研究结果表明流通服务业上市公司第一大股东持股比例、第二到第十大股东持股比例、长期负债资本比对公司绩效存在显著正向影响;国有股持股比例、高管持股比例、资产负债率对公司绩效存在显著负向影响.随着公司成长机会的增加,第二到第十大股东持股,非国有法人股持股对公司绩效正向影响作用增强;而第一大股东持股比例、国有股持股比例、高管持股比例、资产负债率与长期负债资本比对公司绩效的影响并不随着公司成长性的变化而变化.文章研究对于流通服务业上市公司股权结构和资本结构优化提供了有益的启示.

Listed Companies' Ownership Structure, Capital Structure and Corporate Performance under Different Growth Opportunities: An Empirical Study Based on China Listed Companies in Distribution Industry

This paper empirically tests the effect of ownership structure and capital structure on corporate performance, as well as the moderating role of growth opportunities on the basis of China A-share listed companies in distribution industry. The results show that the share of the largest shareholder, the share of the second to the tenth largest shareholders, and long debt ratio have significant positive influence on corporate performance, while the proportion of state-owned shares, the proportion of management shareholding, and asset- liability ratio have significant negative influence on corporate performance. With the increase of growth opportunities, the impacts of the stocks owned by the second to the tenth largest shareholders and non-state-owned corporations on corporate performance are rising. The impacts of the largest shareholder's share, state-owned shares, management shareholding, asset-liability ratio and long debt ratio on the firm performance will not change with the different growth opportunities. This study is significant to optimize ownership structure and capital structure of China A-share listed companies in the distribution industry.