上市公司股权集中度与企业绩效的实证研究  

Empirical Study on Ownership Concentration and Corporate Performance in Listed Companies

作　　者：张志乾[1] 严华麟[1] 

机构地区：[1]南京审计学院财务处,江苏南京211815

出　　处：《南京审计学院学报》2011年第1期60-65,共6页journal of nanjing audit university

摘　　要：在回顾有关研究文献的基础上,以沪深两市2008年上市公司为样本,分别用反映实际经营业绩的主成分合成财务绩效指标和反映市场效果的市场绩效指标作为被解释变量,分别进行线性模拟和曲线模拟,结果表明:处于优势地位的非流通股较之于流通股更加偏好于财务绩效;股权集中度与企业绩效之间存在着曲线关系。Taking the listed companies in the Shanghai and Shenzhen stock markets as samples,this paper analyzes empirically the variable—ownership concentration, with the two main indexes which are the financial performance reflecting the management status and the market performance reflecting securities business, together with liner model and curve model separately. The empirical result shows that the advantaged non-negotiable stocks have more preference on the company＇s financial performance than the negotiable ones, and the relationship between financial performance and ownership concentration is curvilinear.

关 键 词：上市公司 股权集中度 绩效 主成分法 托宾Q值 

分 类 号：F271[经济管理—企业管理]