股权分置改革对股权结构与公司绩效关系变迁的影响机理及实证分析  

Equity Division Reform Effecting on the Relationship between Ownership Structure and Corporate Performance:Impact Mechanism and Empirical Analysis

作　　者：王新霞[1] 刘志勇[1] 孙婷[1] 

机构地区：[1]西安交通大学经济与金融学院,710061

出　　处：《上海经济研究》2011年第2期63-72,共10页Shanghai Journal of Economics

基　　金：中国博士后基金资助(资助号:20100471291)

摘　　要：与以往研究文献仅仅关注股权结构与公司绩效关系不同,本文深入考察了股权分置改革对股权结构进而对公司绩效的影响机理,并基于我国上市公司数据构建模型,实证分析了股权分置改革对股权结构与公司绩效的关系变迁的影响。研究结果发现,股权分置改革对我国上市公司股权结构,对公司绩效的影响方式产生了显著影响;股改后股权集中度与公司绩效间的正向关联显著性降低,股权制衡度与公司绩效间的正向关联显著性增强;流通股比重与公司绩效的关系由不显著正相关转变为显著负相关关系;国有股比重与公司绩效的关系由显著正相关转变为显著负相关关系;法人股比重与公司绩效的关系由显著负相关转变为不显著正相关关系。Differing from previous literature focusing only on the relationship between ownership structure and corporate performance, this paper makes a systematic analysis of the mechanism between equity division reform and corporate performance with the mediator - corporate governance, and an empirical study on the relationship between ownership structure and corporate performance in the condition of equity division reform based on the data of China＇s listed companies. The results are as follows ： equity division reform has significantly changed the approach how the ownership structure influences corporate performance. In details, compared with previous, after the reform： the ownership concentration is still positively associated with corporate performance, but the significance is lower; however, equity balance is also positively associated with corporate performance with the significance increasing; the relationship between outstanding share proportion and corporate performance turns from a non - significant positive correlation to a significantly negative correlation; the relationship between state -owned share proportion and corporate performance turns from a significantly positive correlation to a significantly negative correlation,whereas the relationship between legal- person share proportion and corporate performance turns from a significantly negative correlation into a non -significantly positive correlation.

关 键 词：股权分置改革 股权结构 公司治理 公司绩效 

分 类 号：F276.6[经济管理—企业管理]