股权结构与企业价值基于产业视角的分析.docVIP

股权结构与公司绩效基于产业要素密集李善民，叶会摘要本文研究了不同产业上市公司股权结构和绩效的差异，以及股权结构对公司绩效的影响。分析资本密集产业总资产收益率高于劳动和技术，技术密集产业的托宾Q；“股权集中，国有股一股独大”的现象在资本密集产业尤为突出。回归分析表明，股权结构和公司绩效密切相关，关键词股权结构；公司绩效；要素密集产业Abstract: This paper explore differences of ownership structure and performance of different factor-intensive industries and the impact of ownership structure on firms’ performance. Analyses of variance reveal that there exist significant differences in ownership structure and performance of different industry, capital-intense industry has a significantly larger ROA than both labor-intense and tech-intense industry, while the tech-intense industry has a significantly larger Tobin Q than the other two; And “ownership concentrated, the state’s ownership one largest” phenomenon is most obvious in capital-intense industry. Regression on samples find that ownership structure closely associate with firms’ performance, state’s ultimate ownership have different effect on firms’ performance in different industry, specifically, state’s ultimate control have adverse effect on performance in labor-intense industry, and have negative effect on firm’s financial performance and positive effect on firms’ Tobin’s Q in capital-intense industry. In tech-intense industry, state’s ultimate ownership positively affects firms’ financial performance and negatively affects firms’ Tobin’s Q, which is the opposite of capital-intense industry. Key words: ownership structure; companies’ performance; factor-intensive industry 作者简介：李善民，中山大学管理学院教授、博士生导师，研究方向：兼并重组公司治理股权结构的安排是整个公司治理框架的核心，合理的股权安排能够经由种治理机制提高公司绩效。在我国国有企业改革的进程中，产权改革是基本逻辑思路，股权结构和公司绩效之间的关系也成为近几年来学术界研究的热点问题之一。迅猛发展，成为带动国家经济增长的主导产业。魏明海李善民、王彩萍指出股权结构包括两层涵义：一是股权构成，也即国家股、法人股和流通股股东所持股份比例，二是股权集中度。国内已有的关于股权结构的研究大多数是从国家股、法人股、流通股或者A股、B股、H股等角度来界定股权类型，进而分析股权类型和股权集中度对公司绩效的影响。如周业安的研究发现A股、国有股、法人股的比例与净资产收益率之间显著正相关，而B股与H股比例与净资产收益率具有负相关关系。孙永祥、黄祖辉研究认为有一定集中度、有相对控股股东、并且有其他大股东存在的股权结构，公司；并指出随着第一大股东持股比例的上升，Tobin’s Q先是上升，当第一大股东持股比例超过50%以后，Tobin’s Q开始下降。X而于东智的研究结果表明，国家股、法人股与公司绩效正相关但是并不显著，股权集中度与公司绩效之间的相