股权集中模式影响公司绩效了吗?——基于直接持股与关联持股视角的分析  

Ownership concentration and corporate performance:a study from the perspective of direct and associated shareholdings

作　　者：周芬[1] 

机构地区：[1]复旦大学经济学院,上海200433

出　　处：《东南大学学报（哲学社会科学版）》2016年第4期67-77,147,共11页Journal of Southeast University(Philosophy and Social Science)

基　　金：国家自然科学基金项目(71273048)成果之一

摘　　要：通过引入大股东直接股权集中和关联股权集中的概念,并基于股东的侵占行为,本文研究了上市公司股权集中模式对公司绩效的影响。理论分析结果表明,直接股权集中有利于减少大股东侵占,关联股权集中则存在助长大股东侵占。实证检验表明,对于股权高度集中的公司,直接股权集中度与公司经营绩效和盈利绩效正相关,与公司的市场绩效负相关;对于股权相对集中的公司,直接股权集中度与公司绩效关系不显著,而关联股权集中度与市场绩效负相关;对于股权分散的上市公司,直接股权集中度与公司经营绩效的影响会滞后一期,而关联股权集中度与公司绩效不相关。This paper analyzes the effects of ownership concentration on corporate performance on the basis of direct or associated ownership concentration and the major shareholders' expropriation. The theoretical analysis shows that direct ownership concentration results in less expropriation while associated concentration causes more expropriation. The empirical analysis produces the results as follows. In highly concentrated companies,the ownership concentration is positively correlated with the operating performance and profitability,but negatively correlated with the market performance;in relatively concentrated companies,direct ownership concentration and corporate performance are not significantly correlated,but the associated ownership concentration is significantly negatively correlated with corporate performance;in dispersed-ownership company,the direct ownership concentration and the company's operating performance have a lagged positive correlation.

关 键 词：直接持股 关联持股 股权集中度 公司绩效 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]