我国铝工业上市公司股权结构与公司绩效研究  

Research on Shareholding Structure and Corporate Performance of Listed Companies in China’s Aluminum Industry

作　　者：熊落保 夏晓华[2] 刘杨 XIONG Luobao;XIA Xiaohua;LIU Yang(Hunan Zhongchuang Kongtian New Material Co.,Ltd.,Yueyang,Hunan 414000,China;Renmin University of China,School of Applied Economics,Beijing 100872,China;Changsha JiuLv Enterprise Management Consulting Co.,Ltd.,Changsha,Hunan 410100,China)

机构地区：[1]湖南中创空天新材料股份有限公司,湖南岳阳414000 [2]中国人民大学应用经济学院,北京100872 [3]长沙九律企业管理咨询有限公司,湖南长沙410100

出　　处：《有色冶金设计与研究》2020年第1期46-53,共8页Nonferrous Metals Engineering & Research

摘　　要：借鉴计量经济学及产业经济学等理论体系,采用回归分析方法,对我国铝工业上市公司的股权集中度,股权制衡度,流通股占比与公司绩效的关系进行了研究。揭示了:控股大股东占股比、高级管理层与董事、监事占股比与公司绩效显著倒U型相关;股权制衡度与托宾q值显著负相关;流通股占比与公司绩效U型相关;非国有股占比与公司绩效相关性不显著。本文还提出了铝工业上市公司股权结构优化的措施。Based on the theoretical systems of econometrics and industrial economics,this paper uses regression analysis methods to study the relationship between the concentration of equity,the balance of equity,the proportion of outstanding shares and the company's performance.It reveals that the share of controlling majority shareholders,the share of senior managers and directors,and supervisors are significantly inversely U-shaped with the company's performance;the equity balance is significantly negatively related with the Tobin q value;the share of outstanding shares is U-shaped with the company's performance;There is no significant correlation between the proportion of non-state shares and company performance.This paper also proposes measures to optimize the equity structure of listed companies in the aluminum industry.

关 键 词：铝工业 股权结构 公司绩效 转型 

分 类 号：F272[经济管理—企业管理] F426[经济管理—国民经济]