股权集中度、股权制衡对企业绩效影响的实证研究——基于企业生命周期的视角  

An Empirical Study on the Impact of Ownership Concentration and Ownership Control on Enterprise Performance:A Perspective of Enterprise Life Cycle

作　　者：颜爱民[1] 马箭[1] 

机构地区：[1]中南大学商学院,长沙410083

出　　处：《系统管理学报》2013年第3期385-393,共9页Journal of Systems & Management

基　　金：国家自然科学基金资助项目(71001108;71272067)

摘　　要：从企业生命周期视角探讨股权结构与企业绩效的关系,在模型中加入企业生命周期阶段变量,以期对当前国内外学者在这一问题上研究结果的不一致进行解释。借鉴产业经济学增长率产业分类法来界定企业所处的生命周期阶段,利用上市企业2002～2007年的面板数据实证研究不同生命周期阶段股权集中度、股权制衡与企业绩效的关系。研究表明:股权集中度在企业成长和衰退阶段与企业绩效具有显著的正向线性关系,而在成熟阶段影响不显著;股权制衡在企业成长阶段对企业绩效具有显著的负面影响,其负面影响逐渐减弱,在成熟阶段具有显著的正面影响,而在衰退阶段影响不显著;股权集中度、股权制衡与企业绩效不具有显著的曲线关系。This paper is concerned with the relationship between ownership structure and enterprise performance from the perspective of enterprise life cycle, by considering the variables of enterprise life cycle stages in the model to explain the inconsistent research results of this issue. We first use the classification of industry by growth rate in industry economics for reference to define the life cycle stage of listed companies, then employs the combined methods of panel data model and the average model, to empirically study the relationship between ownership concentration, ownership control and enterprise performance in different stages of the life cycle using the 2002--2007 panel data of the listed companies. The result shows that ownership concentration has a significant positive impact on enterprise performance at the growth phase and decline phase, but not significant at the mature stage; ownership control has a significant negative impact on enterprise performance which is gradually weakening and it has a significant positive impact on enterprise performance but not significant at decline phase; there are no curve relations between ownership concentration, ownership control and enterprise performance.

关 键 词：股权集中度 股权制衡 企业生命周期 企业绩效 

分 类 号：F830[经济管理—金融学]