股权集中度、控股股东行为与企业绩效——基于上证A股的实证研究  

Ownership Concentration,the Behavior of Controlling Shareholders and Corporate Performance——An Empirical Study Based on China's Shanghai A Shares

作　　者：常丽娟[1] 屈雯[1] 

机构地区：[1]陕西师范大学国际商学院,陕西西安710119

出　　处：《南京财经大学学报》2015年第1期101-108,共8页Journal of Nanjing University of Finance and Economics

摘　　要：随着市场化进程的逐步推进,我国的资本市场也相应趋于完善与成熟。在金融自由化、股市开放化这一大背景下,越来越多的拥有良好发展前景、卓越管理水平与优异企业绩效的本土企业开始受到来自全球各地投资者的青睐。那么,这些投资者眼中的"绩优股",其成功的秘诀到底是什么?又是什么使得其长久的立于不败之地?本文以2013年上证A股相关数据为样本构建模型,通过对股权集中度、控股股东行为对企业绩效影响机制的研究,得出控股股东行为在股权集中度对企业绩效的影响中起部分中介作用的结论,以期为进一步提升企业绩效提供支持。With the market-oriented process proceeding,the capital market of our country has become more and more perfect and mature. In the background of financial liberalization and the stock market opening,a large sum of local enterprises with promising,excellent management level and outstanding performance have begun to attract investors＇ favor around the world. Thus,for these companies which are viewed as ＂blue chip＂by investors,what is the secret of its success？ And what makes them long remain invincible？ We choose the Shanghai A shares related data in 2013 as the sample to construct the model,through the research on the impact mechanism of concentration and the behavior of controlling shareholders on the performance of enterprises,it can be concluded that the controlling shareholders＇ behavior has a partial mediation effect on enterprise performance in equity,which is useful for listed companies to improve their performance in the further.

关 键 词：股权集中度 控股股东行为 公司绩效 中介作用 

分 类 号：F275.5[经济管理—企业管理]