·股权制衡：公平和效率抉择—基于中国上市公司实证研究.docVIP

股权制衡：公平与效率的抉择基于中国上市公司的实证研究 张光荣 曾勇 电子科技大学管理学院 610054 Check-and-balance Ownership Structure, A Trade-off Between Fairness and Efficiency: Evidence from Chinese Listed Companies ZHANG Guang-rong， ZENG Yong School of Management of UESTC, P.R.China, 610054摘要*在存在控制性大股东的公司中，控股股东可能利用其对公司的控制权侵占公司资源，损害小股东利益。其他大股东的进入有助于形成制衡的股权结构，减少控股股东的侵占行为，但其负面影响是股东之间的互相牵制影响决策效率。本文分析了股权制衡可能对公司带来有利和不利两方面影响使用我国上市公司2001-2004年数据分别考察了股权制衡的这两种效应。研究结果表明，股权制衡机制确实可以对大股东的侵占行为产生制约，减轻大股东对公司利益的侵占，但同时，股权制衡会对公司的经营绩效产生显著的负面影响，这种负面影响在国有控股的公司和业绩好的公司中更为明显。最优股权制衡程度的选择需要在股权制衡带来的提高公平和损失效率两种效应之间进行权衡。 关键词股权制衡公司治理大股东侵占经营绩效 Abstract: expropriate corporate resources and harm minority shareholders’ benefit by taking advantage of their control rights in companies with controlling shareholders. The entrance of other blockholders can form check-and-balance ownership structure, which can restrict controlling shareholders’ expropriation. But on the other hand, the entrance of other blockholders bring about negative influence on the efficiency of the company’s management decision because of restricting one another among major shareholders. This paper firstly analyzes the advantageous and disadvantageous effects of the check-and-balance ownership structure, and then empirically investigates these two kinds of effects based on the data of Chinese listed companies from 2001 to 2004. The empirical results show that, the check-and-balance ownership structure can restrict expropriation, thus protect the benefits of minority shareholders. However, the presence of outside blockholders can have the significant negative influences on company’s operating performance, especially in the state-owned companies and well-performed companies. Therefore, the optimal ownership structure may be a trade-off between these two effects of enhancing fairness and losing efficiency that are brought by outside blockholders. Key words: Check-and-balance ownership structure, Corporate governance, Expropriation, Operating performance 1 引言大股东与小股东之间的利益