股权集中度的决定、变动及不同股权结构的业绩相关性——基于1999—2001年沪市上市公司数据的实证研究  

Ownership Concentration, Nature of the Ownership Structure, and Corporate Performance

作　　者：林长泉[1] 

机构地区：[1]北京工商大学会计学院

出　　处：《中国会计评论》2004年第2期377-392,共16页China Accounting Review

摘　　要：本文研究了沪市上市公司股权集中度的决定因素、股权集中度及不同性质的股权结构和公司业绩之间的相关关系、短期内股权集中度变动和国有股减持的业绩效果三方面问题。研究发现:公司总股本规模、资产负债比例和经营活动现金流入量的方差(刻画公司经营风险)对股权集中度的决定具有显著的影响;股权集中度虽然与公司整体业绩指标的相关性不显著,但与主营业务指标和经营活动现金流入显著正相关;第一大股东为集团公司、国有股绝对控股时与公司主营业务利润和经营活动现金流入显著负相关,但法人股性质与公司业绩的相关性却并不显著;在短期内,股权集中度的变动(提高)、国有股减持与公司整体业绩的提高存在显著的关联性,但与主营业务利润的改善不存在显著的关联性。This paper mainly studies: (ⅰ) the determinants of corporate ownership concentration; (ⅱ) the relationship between corporate ownership concentration, the nature of the ownership structure and corporate performance; (ⅲ) and the consequences on corporate performance of the short-term changes of ownership concentration and the reduction of State-owned shareholding. The empirical results show that the firm size, the debt ratio and the variance of cash inflow from operating activities, which represents the corporate operating risk, have significant impact on the determination of corporate ownership concentration. Also, the ownership concentration has a positive significant effect on the profit of principal activities. Furthermore, the study finds out that when the biggest shareholder is a Group company or the State, the corporate performance, measured by both the profit of principal activities and cash inflow from operating activities, seems to be worse. But unlike previous studies, the Legal-person ownership has an insignificant impact on corporate performance. Finally, the increment of ownership concentration and also the reduction of State-owned ownership are positively correlated to the ROE or the net profits of sample corporate in a short-term period; However, both of them have no significant relationship with the profit of corporate principal activities.

关 键 词：股权集中度 股权结构 公司业绩 

分 类 号：F832.51[经济管理—金融学]