股权集中度与制衡度对上市公司绩效的影响——基于饮料制造业上市公司的实证检验  

作　　者：徐文学[1] 陆希希 

机构地区：[1]江苏大学财经学院

出　　处：《企业经济》2014年第3期185-188,共4页Enterprise Economy

摘　　要：企业现代管理制度中,股权集中度、股权制衡度作为公司治理的关键环节,对企业的生产经营效率与公司业绩起着关键作用。本文聚焦于中国饮料制造业上市公司股权结构层面,系统分析了股权集中度、股权制衡度与公司绩效间的关系,并以2010-2012年间相关数据为样本构建回归模型进行实证研究,以期引导上市公司实现公司绩效的提升。研究证实,股权集中度与公司绩效呈正U型关系,这也符合"壕沟防御效应"与"利益协同效应"假说;而公司绩效与股权制衡度间呈正相关,说明饮料制造业上市公司中引入适度股权制衡能进一步促进公司绩效提高。In the modern enterprise management system, ownership concentration and equity balance degree, as the key points of corporate governance, play the important roles in production efficiency and operation performance of the company. This article focuses on the equity structures of the listed companies of beverage manufacturing industry, analyzes the relationship among ownership concentration, equity balance degree and corporate performance. In addition, regression models are constructed for the em- pirical research based on the relevant data from 2010 to 2012, hoping to improve the corporate performance. The study con- firms that ownership concentration and corporate performance are positively U -shaped relationship, which is consistent with the hypothesis of ＂Entrenchment Effect＂ and ＂Alignment Effect＂. While corporate performance and equity balances are positively correlated, this indicates that appropriate balances can further nromote the companv＇ s nerformance.

关 键 词：股权集中度 股权制衡度 公司绩效 饮料制造业 

分 类 号：F271[经济管理—企业管理]