股权制衡机制的公司治理效应:日本公司的经验与启示  

Balance Mechanism of Power in Shareholder Equity and Its Effect on Corporation Performance:Experience and Revelation from Japanese Listed Companies

作　　者：李彬[1] 

机构地区：[1]辽宁大学国际关系学院,辽宁沈阳110036

出　　处：《东北大学学报（社会科学版）》2009年第3期216-220,共5页Journal of Northeastern University(Social Science)

基　　金：国家社会科学基金资助项目(05BJL060)

摘　　要：以日本863家上市公司2001—2006年数据为样本,利用Panel Data模型和组间比较等计量方法对股权制衡机制的公司治理效应进行了实证分析。实证分析结果表明:股权制衡机制对公司绩效存在明显的负效应,制衡型股权结构不如集中型股权结构对公司绩效的影响好,且股权制衡效果存在着一定的行业性差异。由于中日两国具有相似的法律体系、股权结构以及企业文化,因此日本的经验对中国有借鉴意义。Sampling the data of 863 Japanese listed companies from 2001 to 2006, an empirical analysis was made for the effects of the balance mechanism of power in shareholder equity on the performance of those companies by use of panel data model and the measurements such as comparison between groups. The result showed that the balance mechanism of power in shareholder equity is obviously negative for the corporation performance in comparison with centralized equity structure, and the balance mechanism of power is different to a certain extent in different industries.

关 键 词：日本 上市公司 股权制衡 公司绩效 

分 类 号：F724[经济管理—产业经济]