股权结构与公司绩效的关系分析——来自中国证券市场的经验证据

本文以净资产收益率和市净率为被解释变量,以股权构成为解释变量,使用2003年度中国上市公司的相关数据,考察了股权结构对上市公司绩效的影响。而国家股可能产生负面影响,同时法人股东在中国的公司治理可能会承担至关重要的责任,大型机构投资者和战略投资者在公司治理中的作用应该得到进一步的发挥。

Share structure and company performance's relation analysis——Evidence from China security market's experience

This paper scrutinized the influence of shareholding structure upon the listed companies performance by using the related data of China listed companies in 2003 in which ROE and Price/Book Ratio are considered as dependent variables.The result demonstrates that there is certain possibility of negative effects produced by more percentage of state-owned share,and thus legal peraon investors should play a far-reaching role in corporate governance in China.This result also implies a policy in which the function of big size institution investors and strategic investors in corporate governance should have a great expansion.