政府干预理论下企业绩效的实证研究--基于股权集中度和股权性质的调节效应  

Performance under the Theory of Government Intervention-Based on the Moderating Effect of Ownership Concentration and the Nature of Ownership

作　　者：刘若姣 都沁军 Liu Ruojiao;Du Qinjun(Seoul School of Integrated Sciences and Technologies,Seoul 03767,South Korea;Hebei GEO University,Shijiazhuang 050031,China)

机构地区：[1]首尔科学综合大学院大学,韩国首尔03767 [2]河北地质大学,河北石家庄050031

出　　处：《当代经济管理》2023年第4期31-38,共8页Contemporary Economic Management

摘　　要：政府干预对企业绩效的影响一直是经济管理领域的研究热点,股权集中度和股权性质是否会削弱或强化政府干预对企业绩效的影响,仍待进一步深入探索。以此为切入点提出研究假设,以沪深A股上市公司为研究对象,以所筛选的4484家上市公司2012—2020年间的面板数据为基础,以股权集中度和股权性质为调节变量,围绕政府干预对企业绩效的影响展开研究。研究结果表明:考察时序区间内,政府干预对企业绩效具有显著的负向作用;整体上,股权集中度弱化了政府干预对企业绩效的负向影响;对于股权性质不同的上市公司,股权集中度的调节方向存在差异。一般情况下,对于民营企业而言,随股权集中度的提高,政府干预对企业绩效的负向作用有所弱化;对于国有企业而言,随股权集中度的提高,政府干预对企业绩效的负向作用有所强化。The impact of government intervention on enterprise performance has always been a research hotspot in the field of economic management.Whether the concentration and the nature of ownership will weaken or strengthen the impact of government intervention on enterprise performance needs further exploring.Taking this as a starting point,this paper takes Shanghai and Shenzhen A-share listed companies as research objects,based on the panel data of 4484 listed companies from 2012 to 2020,and selects equity concentration and equity nature as moderator variables,and conducts a research on the impact of government intervention on enterprise performance.The results show that:in the time interval under investigation,government intervention has a significant negative effect on corporate performance;on the whole,equity concentration weakens the negative effect of government intervention on corporate performance;for listed companies with different types of equity,there are differences in the moderation direction of equity concentration:for private enterprises,with the increase of equity concentration,the negative effect of government intervention on corporate performance is weakened;for state-owned enterprises,with the increase of equity concentration,the negative effect of government intervention on corporate performance is strengthened.

关 键 词：政府干预 企业绩效 股权集中度 股权性质 

分 类 号：F272.5[经济管理—企业管理] F832.51[经济管理—国民经济]