控股股东与公司绩效——民营上市公司与国有上市公司的对比分析  

Controlling Shareholders and Companies' Financial Performance——Comparative Analysis between Private-controlled Listed Companies and State-owned Listed Companies

作　　者：王化成[1] 裘益政[2] 尹美群[3] 

机构地区：[1]中国人民大学商学院,北京100872 [2]浙江工商大学会计学院,浙江杭州310018 [3]北京第二外国语学院旅游管理学院,北京100024

出　　处：《山西财经大学学报》2007年第6期60-68,共9页Journal of Shanxi University of Finance and Economics

基　　金：国家社会科学基金资助项目(03BJY019);浙江哲学社会科学基金项目(06CGLJ13YBB)

摘　　要：借鉴西方有关创始家族公司的研究文献,将民营公司分为创始型民营上市公司和非创始型民营上市公司,为国有上市公司和民营上市公司的绩效对比提供了全新的视角。研究结论认为,控股股东对公司绩效产生了显著影响。尽管民营公司与国有公司总体上绩效无差异,但创始家族控股的民营公司业绩显著高于国有公司。控股股东持股比例与公司业绩显著正相关,相比较国有上市公司,创始型民营上市公司的控股股东持股比例对公司绩效的影响更大。Although a number of literatures compare the performances of state- owned listed companies with that of private- controlled listed companies, no stable conclusion has been reached. Using western founding family business theory, this paper, divide private- controlled listed companies into two groups： founding- family controlling and non- founding family controlling business. The authors find that the result is somewhat complex： the performance of total private - controlled listed companies is not different from that of state- owned listed companies; meanwhile, when the listed companies are controlled by founding families, the performance is better. The paper also finds that there exists the positive relationship between holding shares of the largest shareholders and corporate financial performance.

关 键 词：控股股东 公司绩效 国有上市公司 民营上市公司 

分 类 号：F279.2[经济管理—企业管理]