股权结构与公司绩效研究综述.docVIP

股权结构与公司绩效研究综述Company Performances Li Bin1，Zhu Hua-you2 1. College of International Relations, Liaoning University, Shenyang P.R.China, 110036 2. College of Tourism and Resource Management, Zhejiang Normal University, Jinhua, P.R.China, 321004 摘要：本文对股权结构与公司绩效问题的研究作一简单回顾和评述，以期为关注和探讨此类研究的学者们提供有益参考。研究发现：（1）大多数观点认为股权结构与公司绩效存在相关关系和因果关系相关关系的研究，既有一致结论也存在分歧意见；（2）公司治理研究的焦点，由关注股东与经营者的利益冲突转向控股股东对小股东的掠夺。从控制权与现金流权分离的视角，研究终极股权结构是近年前沿研究中的焦点问题（3）关键词：持股类型公司绩效股权集中度因果关系 paper, the study of ownership structure and company performances are simply reviewed to provide some helpful references for the scholars paying attention to and probing into the related problems. The study shows that the pursed ultimate ownership is employed when there are controlling stockholder. Many scholars think that there are correlativity and causality between ownership structure and company performances. With regard to the research of correlativity, both accordant conclusions and different viewpoint exist synchronously. The focus of corporate governance is turned to controlling stockholder robbing the benefit of small stockholder from paying attention to the conflict of interest between stockholder and operator. From the point of view of the separation between controlling power and cash currency power, at recent years, it is a focus problem to study ultimate ownership during the advancing research. For the future, we should strengthen farther the related study, such as paying more attention to the listed company, probing into the research method, analyzing deeply the causality between the company performances and different types of holding share, etc. Keywords: type of holding share, company performances, ownership convergence, causality “股权结构对公司治理的作用机理和影响是当前公司治理研究的课题之一平田光弘2001）[1]。但是，目前已有的经济学文献对此问题的讨论尚存很大争议，对业已取得的研究成果进行梳理以期为关注和探讨此类研究的学者们提供有益参考。1 股权 伯利——米恩斯命题认为股权结构过于分散导致无人能够监督经营者，公司经营者所拥有的传统财产权也过于“微小”，以致利润动机不足，故难以确保股东利益的最大化。该命题所提出的股权集中与公司绩效正相关的观点，成为长达半个多世纪百家争鸣的学术课题。综观各派理论与实证研究，可概括为如下3种论点： （1）股权集中度与公司绩效不相关。伯利