混合所有制企业股东利益冲突、股权混合模式及公司绩效.docVIP

混合所有制企业股东利益冲突、股权混合模式及公司绩效 　　[摘要] 以2009-2015年沪市A股中的混合所有制企业为研究样本，通过构建持股近似度和持股关注度两个新指标，研究混合所有制企业中不同身份属性大股东之间的利益冲突状况及其对公司绩效的影响。结果发现：总体上，混合所有制企业中的大股东利益冲突与公司绩效负相关，且不同的股权混合模式对公司绩效的影响也不同。国有大股东和非国有大股东持股比例差距适中的股权混合模式有利于提升公司绩效；两类股东持股比例差异过大或过小的股权混合模式均不利于提高公司绩效。因此，在混合所有制改革过程中，不宜过分强调异质性股东间的制衡作用，而应通过合理设计股权混合模式，有效化解大股东利益冲突，更好地发挥国有资本和非国有资本各自的优势 [关键词] 混合所有制；大股东异质性；利益冲突；股权混合模式 [中图分类号] F830.91[文献标识码] A[文章编号] 1008―1763（2017）01―0068―07 Abstract：In this paper， we select mixed ownership companies from the Ashares in Shanghai Stock Exchange during the period 2009-2015 as the samples. By building two new indexes： the degree of shareholding approximation and the degree of shareholding of attention， we explore the interest conflicts among large shareholders caused by the difference of identity in the mixed ownership companies and its impact on corporate performances. The results show that： overall， there is a negative relationship between large shareholders interest conflicts and corporate performances in the mixed ownership companies， and the impact of different equity mixed modes on corporate performance is also different. Moderate shareholding ratio gap of large stateowned shareholders and large nonstateowned shareholders is conductive to improve corporate performances. But if the gap is too large or too small， it will not be conducive to improve corporate performances. Thus， in the process of the mixed ownership reform， there is too much emphasis on heterogeneity，and balance among large shareholders is not necessary. Instead，the rational design of equity hybrid mode more effectively resolves conflicts of interest among large shareholders and takes better advantage of stateowned and nonstate capital. Key words： mixed ownership； major shareholders heterogeneity；interest conflicts； equity mixed pattern 一引 言 混合所有制改革??调通过引进多元化投资主体，改善国有企业产权结构，优化股权结构，充分发挥国有资本和非国有资本各自的优势作用。然而，因效用目标、代理人特征和行为能力等存在差异，国有大股东和非国有大股东具有显著的异质性，两者之间将不可避免地出现利益冲突，随之而来的是新的公司治理问题。近期发生的华润与宝能对万科的股权争夺战就是一起国有大股东与民营