全流通与业绩改进——基于股权结构视角的实证研究  

Full Circulation and Performance Improvement:An Empirical Study Based on Share Structure

作　　者：李瑞[1] 马德芳[1] 祁怀锦[1] 

机构地区：[1]中央财经大学会计学院,北京100081

出　　处：《中南财经政法大学学报》2011年第6期63-69,144,共7页Journal of Zhongnan University of Economics and Law

基　　金：河南省软科学研究计划项目"河南省科技创新的资本运行机制研究"(072400420960);国家留学基金委资助项目"国家建设高水平公派研究生项目"(2010649007)

摘　　要：本文使用我国2003～2009年的上市公司为样本,考察股改公司全流通前后股权结构对企业业绩的影响,研究发现:全流通后样本公司的业绩水平有显著改善,但国有最终控制公司的业绩改善程度显著弱于非国有最终控制公司。进一步分析后发现,尽管全流通后最终控制人利益实现方式的改变对业绩提升起到积极促进作用,但全流通后国有最终控制人的掏空动机显著高于非国有最终控制人。作为控制人控制企业主要途径的第一大股东持股比例在全流通后与业绩呈现出显著倒U型关系。股权制衡效果则在全流通后出现了不同的变化趋势,其中大股东股权制衡度对业绩的积极影响在非国有控制公司显著增强,在国有控制公司则无显著变化,而流通股股权制衡度对业绩的正面影响在两类控制公司中均有所减弱。In this paper,we investigate the relationship between shareholder structure variables and company performance before and after full circulation.Using the 2003-2009 data of Listed Companies in China,we get the following findings:Although there is significant performance improvement of sample firms in the full circulation period,the performance improvement of state ultimate control firms is not as good as its non-state counterpart.Further the evidence shows that the change of ultimate control shareholders' interests realization approach has positive impact on performance improvement,but embezzlement incentive of state ultimate control shareholder is stronger than non-state in the full circulation period.There is a U shape relationship between Top1 shareholder ownership and company performance.As for the impact of shareholder balance in the full circulation period,the trends are different.There is obvious improvement of top shareholders balance's impact on performance in non-state ultimate control firms,but this improvement can not be found in state control firms.There is no improvement of tradable shareholders balance's impact on company performance,this impact even deteriorates to some extent.

关 键 词：全流通 企业业绩 最终控制人 第一大股东 股权制衡度 股权结构 

分 类 号：F830.9[经济管理—金融学]