股权结构与公司治理绩效实证分析

本文以深、沪两市101家上市公司为样本，分行业竞争环境强弱从股权属性、股权集中度与公司治理绩效的关系进行实证分析，发现行业竞争环境强的上市公司其治理绩效与法人股比例呈三次函数关系，与流通股比例无显著相关关系；行业竞争环境弱的上市公司其治理绩效与国有股比例、法人股比例呈三次函数关系，与流通股比例无显著相关关系；行业竞争环境强的上市公司，股权分散型优于国有控股型，国有控股型优于法人控股型；行业竞争环境弱的上市公司，法人控股型结构优于国有控股型，国有控股型优于股权分散型。最后根据实证分析的结果，提出构建合理股权结构的结论性建议。

An Empirical Study on Relationship of Equity Ownership Structure and Firm Performance

Through 101 samples of Chinese listed companies, this paper makes an empirical study on relationship of Chinese listed companies' equity ownership structure (EOS) and firm performance from equity property, concentration rate in competitive and less than competitive business. The finding is that in competitive business, the relationship between percentage of legal-person shares and firm performance is cubic; in less than competitive business, the relationship between percentage of state-owned shares, percentage of legal-person shares and firm performance is cubic too; in competitive business and in less than competitive business, the firm performance have nothing to do with circulation; in competitive business, the firm performance of decentralized EOS is better than centralized EOS; in less than competitive business, the situation is opposite. At the end this paper gives conclusions and suggestions on perfecting EOS and improving firm performance of Chinese listed companies on the basis of the above study.