集中度、制衡与公司绩效——基于2005-2007年上市公司的经验研究的中期报告.docxVIP

集中度、制衡与公司绩效——基于2005-2007年上市公司的经验研究的中期报告 摘要： 本研究利用2005-2007年中国上市公司的年报数据，探讨了集中度、制衡以及公司绩效之间的关系。研究发现，在考虑控制变量的情况下，集中度与公司绩效呈现U型关系，制衡与公司绩效呈现正向关系。具体地，当集中度较低或较高时，公司绩效较差，当集中度在中等水平时，公司绩效较好。同时，制衡越完备，公司绩效越好。我们发现，制衡可以弱化集中度对公司绩效的负面影响。此外，研究还发现，这种关系受到了公司类型、董事会规模以及股权结构等因素的影响。 关键词：集中度、制衡、公司绩效、董事会、股权结构 Abstract: In this study, we used financial data from the annual reports of Chinese listed companies from 2005 to 2007 to explore the relationships between concentration, checks and balances, and corporate performance. Our research findings demonstrate a U-shaped relationship between concentration and corporate performance, and a positive relationship between checks and balances and corporate performance, controlling for other variables. Specifically, low or high levels of concentration lead to poor corporate performance, whereas medium levels of concentration are associated with better performance. At the same time, better checks and balances lead to better corporate performance. We find that checks and balances can mitigate the negative impact of concentration on corporate performance. In addition, our study finds that these relationships are influenced by factors such as company type, board size, and ownership structure. Keywords: concentration, checks and balances, corporate performance, board of directors, ownership structure