上市公司股权结构对公司绩效的影响研究——以LJ集团为例  

Study on the Impact of Equity Structure on Corporate Performance of Listed Companies——Taking LJ Group as an Example

作　　者：杨蔓利 王枝繁 YANG Man-li;WANG Zhi-fan(College of Economic and Management,Baoji University of Arts and Sciences,Baoji 721013,Shaanxi)

机构地区：[1]宝鸡文理学院经济管理学院,陕西宝鸡721013

出　　处：《宝鸡文理学院学报（社会科学版）》2023年第6期67-75,共9页Journal of Baoji University of Arts and Sciences：Social Science Edition

摘　　要：股权结构作为公司内部治理的重要组成部分,其科学合理性决定公司治理的水平和效率。通过案例公司2011-2020年数据实证分析验证股权结构对企业绩效的影响机理,结果表明:分散型股权结构导致股东决策效率低,监督效率低,经营绩效下降,适当提高股权集中度和股权制衡度,能降低委托代理成本。为此,企业应适当提高股权集中度和股权制衡度,优化股权集中度,引进战略投资提升治理水平,实现长期价值最大化。As an important component of internal corporate governance,the scientific rationality of equity structure determines the level and efficiency of corporate governance.This paper empirically analyzes the data of case companies from 2011 to 2020 to verify the mechanism of the impact of equity structure on corporate performance.The results show that dispersed ownership structure leads to low decision-making efficiency,low supervision efficiency,and decreased business performance of shareholders.Properly increasing equity concentration and equity balance can reduce agency costs.Therefore,enterprises should appropriately increase equity concentration and equity balance,optimize equity concentration,introduce strategic investment to improve governance level,and achieve long-term value maximization.

关 键 词：股权结构 公司绩效 内部治理 

分 类 号：F276.6[经济管理—企业管理]