股权结构与公司绩效关系的实证研究——基于创业板上市公司的数据

公司的股权结构是公司所有权的一种结构安排,公司的股权结构会对公司的治理结构产生影响,公司的治理效率又会对公司绩效产生影响。鉴于创业板上市公司的特殊性,在对创业板上市公司股权结构的特点进行分析的基础上,从股权属性、股权集中度和股权制衡度、内部人持股比例三个方面检验了创业板上市公司的股权结构与公司绩效之间的关系,结果表明：国有股比例、内部人持股比例对公司绩效具有正面影响,但不显著;法人股比例、机构持股比例、股权集中度、股权制衡度与公司绩效正相关;流通股比例与公司绩效负相关。

An Empirical Research on the Relationship between Ownership Structure and Corporate Performance of GEM Listed Corporations

Ownership structure, as a kind of structural arrangement of corporate ownership, will affect corporate governance structure and the efficiency of corporate governance will affect corporate performance. Given the special features of GEM listed corporations and the characteristics of ownership structure, this paper makes an empirical research on the relationship between ownership structure of GEM listed corporations and corporate performance from such aspects as ownership attributes, ownership concentration and ownership balance as well as management shareholding. The research indicates that state-owned shares and management shareholdings have a positive but not significant effect on corporate performance. Corporate shares, institutional shareholdings, ownership concentration and ownership balance have a positive correlation with corporate performance, while out- standing shares have a negative correlation with corporate performance.