基于区域经济的公司绩效研究——对山东、浙江、广东上市公司的对比分析

上市公司通常被认为是区域的经济“领头羊”，其绩效表现也具有区域经济“晴雨表”效应。但山东板块、浙江板块和广东板块上市公司绩效与三省区域经济增长却呈现负相关关系。经济分权化及其企业行为异化导致了上市公司整体绩效弱势和“领头羊”效应缺失，而结构失衡是上市公司绩效与区域经济背离的关键因素。因此，优化上市公司股权结构和治理机制，调整上市公司的结构布局，保持上市公司与区域经济的动态平衡，是提升上市公司绩效，发挥其“晴雨表”效应的重要举措。

Corporate Result Backed by Regional Economy: Comparison of Shandong, Zhejiang and Guangdong

Listed companies are commonly believed to be the driving force of regional economy and their performance results are thought to be something of an economic barometer. However, corporate performance of companies from Shandong, Zhejiang and Guangdong is found to have a negative correlation with the economic growth of these regions. The economic decentralization and abnormal business conducts of the listed companies result in weak corporate performance as a whole and loss of their bellwether position. The ill-structure of companies is considered to be the key reason behind. Therefore, to enhance corporate performance and their position in regional economy, it is essential that listed companies improve their shareholding mix and corporate governance and make structural adjustment.