股权结构与公司绩效的实证分析

股权结构是公司所有权的结构安排,决定着公司投资、经营、治理的有效性,进而影响公司业绩.我国上市公司存在着特殊的股权结构,而股权结构的最大特色是"股权分置".本文用横截面回归法研究了具体的股权比例与公司绩效的关系.得到的回归分析的结果表明国有股比例与公司业绩存在着显著的倒U型关系,这说明当国家股比例较低时,与公司绩效负相关,而在持股比例较高时,与公司绩效正相关,而法人股、流通股比例与公司业绩关系不明显.

Positive analysis of stock right structure and company performance

Stock right structure is the structural arrangement of the company ownership and resolves the effectiveness of investment and management of a company to influence the performance of the company.Special stock right structure exists in the listed companies of China and the characteristic of stock right structure is "separation of stock right".This paper uses cross section regression method to study the relationship between real stock right proportion and company performance.The regression analysis result indicates that evident inverted U shape exists in the relationship between state-owned stock proportion and company performance.Thus,when the proportion of state-owned stock is low,state-owned stock proportion is negatively related to company performance and is positively related to company performance when it is high.The proportion of legal person share and circulation share are not obviously related to company performance.