"一股独大"悖论:中国证券市场的经验证据

目前对于中国证券市场诸多问题的探讨大多集中于“一股独大”，似乎其是“万恶之源”。本文采用主成分分析和多元回归的统计方法，系统分析了股权集中程度、第一大股东性质与综合业绩的相关关系。本文发现：股权集中度与综合业绩存在正相关关系，第一大股东为国有行政性单位的上市公司较第一大股东为非行政性单位的上市公司的综合业绩要差。鉴于本文的经验证据与现行主流观点相左，所以有“悖论”之称。针对这一“悖论”，本文给出了两个解释。

Dominant Shareholder Paradox:the Evidence from China''''s Securities Market

Among all kinds of discussion on the media related, dominant shareholder means the devil. Our research provides some contrary evidences, it applies principal analysis and multi-regression to study the relationship between ownership concentration and the nature of the biggest shareholder and comprehensive performance. We find that comprehensive performance is positively related with ownership concentration. We also find that comprehensive performance is worse under the condition that the biggest shareholder is administrative unit than the biggest shareholder is the non-administrative unit. Since the evidence we provide is contrary to the current view, we call it paradox and we also provide two possible explanations.