企业生命周期与股权集中度的匹配对企业绩效的影响——基于制造业上市公司的实证  

The impact of fit between corporate life cycle and ownership concentration on corporate performance: Empirical evidence from listed corporate in manufacture industry

作　　者：尹华[1] 张颜颜 马媛[1] YIN Hua;anyan;MA Yuan(College of Economics and Management,Shandong University of Science and Technology,Qingdao 266590,P.R.China;Jinan Truck Sales Dept.,China National Heavy Duty Truck Group Co.Ltd,Jinan 250101,P.R.China)

机构地区：[1]山东科技大学经济管理学院,山东青岛266590 [2]中国重汽有限公司济南轻卡销售部,山东济南250101

出　　处：《重庆大学学报（社会科学版）》2018年第6期85-92,共8页Journal of Chongqing University(Social Science Edition)

基　　金：山东省社会科学规划项目"山东省传统制造企业绿色转型路径研究"(17CGLJ21)

摘　　要：文章从权变的视角,综合考虑企业所处的生命周期阶段,采用构图偏差的匹配方法评估企业生命周期与股权集中度的匹配程度,构建匹配程度与企业绩效的回归模型,并利用2012—2015年制造业上市公司的平衡面板数据进行实证。结果表明:成长阶段与较高股权集中度的匹配对企业绩效有正向影响;成熟阶段与分散状态下相对集中的股权模式相匹配对企业绩效有正向影响;衰退阶段与高度集中的股权模式相匹配对企业绩效有正向影响。This paper analyzes the relationship between the ownership structure and corporate performance.Manufacture industry corporate data from 2012-2015 are used to test the hypotheses in this paper.The results show that:high ownership concentration in growth and decline stage is good to corporate performance,while in mature stage a relatively concentration but with appropriate balances of ownership is good to corporate performance.

关 键 词：企业生命周期 股权集中度 匹配法 

分 类 号：F270[经济管理—企业管理]