股权集中、股权制衡与公司成长性间关系的实证研究——以中国“新三板”市场挂牌公司为例  

Empirical Study on Relationship between Ownership Concentration,Equity Restriction and Enterprise's Growth:A Case Study of Listed Companies in China's New Third Board

作　　者：姜婷[1] 张保帅[1] Jiang Ting;Zhang Baoshuai(School of Economics and Management,Chongqing Normal University,Chongqing 401331,China)

机构地区：[1]重庆师范大学经济与管理学院,重庆401331

出　　处：《技术经济》2018年第3期101-106,共6页Journal of Technology Economics

基　　金：国家社会科学基金青年项目"地位寻求视角下农村居民住房消费行为及效应研究"(17CJY031);重庆市教委科学技术研究项目"差序格局;多边契约与农地经营权抵押融资风险的规避机制和实现途径"(KJ1600313);重庆市社会科学规划项目"非正规金融风险预警机制研究"(2014BS032)

摘　　要：以2013年底前在中国"新三板"市场挂牌的286家公司为研究对象,利用其2014—2016年的平衡面板数据构建固定效应回归模型,实证研究了公司股权集中度、股权制衡度与其成长性的关系。结果表明:第一大股东持股比例与公司成长性之间存在倒U形关系;前五大股东持股比例与公司成长性之间存在正相关关系;股权制衡度指数与公司成长性之间存在正相关关系。最后指出:在保持适度的股权集中的同时提高股权制衡度,保持大股东的多元化,有利于中小企业的成长。Taking 286 companies listed in New Third Board before the end of 2013 as the research sample,this paper constructs the fixed effect regression model using the balance panel data of the sample company from 2014 to 2016,and empirically studies the relationship between ownership concentration and equity restriction and enterprise's growth.The empirical results show as follows:there is the inverted U-shape relationship between the shareholding ratio of the largest shareholder and enterprise's growth;the shareholding ratio of top five shareholders is significantly positively related to enterprise's growth;equity restriction index is significantly positively related to enterprise's growth.Finally,it points out that maintaining moderate ownership concentration while raising equity restriction degree,and keeping the diversification of large shareholders,are conducive to the growth of small and medium enterprises.

关 键 词：新三板 股权集中 股权制衡 企业成长性 

分 类 号：F830.91[经济管理—金融学]