基于终极所有权的股权结构对上市公司绩效影响的实证分析.docVIP

基于终极所有权的股权结构对上市公司绩效影响的实证分析肖翔1 马 忠2 赵妍 3 1 北京交通大学经管学院副教授，博士 100044 北京交通大学经管学院副教授，博士 100044 北京理工大学管理与经济学院研究生 100081 摘要：相对于传统股权分类的研究，以明确法人股的最终所有者性质为核心的终极所有权结构与公司绩效的相关性研究对我国公司治理有更强的指导意义。本文以03-2005年沪深两市A股上市公司为研究对象，将样本按终极所有人性质的不同划分为国家终极所有与非国家终极所有，来进行两类公司绩效表现的比较分析，并进一步研究了控制权与所有权的偏离程度、股权集中度和其他大股东持股比例对两类公司绩效表现的影响。最终掌控在国家手中国家终极所有上市公司的绩效表现劣于非国家终极所有上市公司上市公司控制权与所有权的偏离对公司绩效有负面的影响，这一影响在非国家终极所有的上市公司中较为显著国家终极所有上市公司的股权集中度对公司绩效具有负面影响，而对于非国家终极所有上市公司而言，股权集中度则对公司绩效具有正面影响。其他大股东的存在与国家终极所有和非国家终极所有两类上市公司绩效的影响都是正相关的 关键词：公司绩效，股权集中度，两权分离，其他大股东终极所有权， An empirical analysis of the influence of stock right structure based on ultimate ownership on performance of listed companies Abstract: Compared with traditional studies of categorization of stock rights, the study on the correlation between company performance and ultimate ownership structure whose core is to make explicit the nature of ultimate owners of corporative stocks has stronger instructive significance to the corporate governance in our country. Take A-share listed companies in Shenzhen and Shanghai stock markets from the year 2003 to 2005 as research subjects, this paper divides samples into state and non-state ultimately owned companies according to different natures of ultimate owners, so as to compare and analyze the performance of two types of companies, and further study the influence of deviation of control right and ownership, concentration degree of stock rights, and share proportion of other big shareholders on company performance. The conclusion is of most the companies are still controlled by the nation, the performance of state ultimately owned listed companies is inferior to that of non-state ultimately owned listed companies; separation of control right and ownership of listed companies has negative influence on company performance, while this kind of influence is more obvious in non-state ultimately owned listed companies; the concentration degree of stock rights of state ultimately owned listed companies has negative