公司所有权结构的实证研究  

Empirical Study of the Company Ownership Structure

作　　者：李志彤[1] 

机构地区：[1]西安交通大学会计学院,陕西西安710061

出　　处：《管理科学》2004年第2期47-51,共5页Journal of Management Science

基　　金：国家自然科学基金资助项目(70372066)

摘　　要：以1998年底前在中国上市的821个上市公司1999年～2001年的观察值为样本,研究分析了一些决定公司所有权结构的要素,即公司价值最大化规模、潜在控制和系统管制,并引入公司的特殊风险(SE)等作为与不稳定紧密相关的因素。研究发现所有权集中与会计利润率之间没有显著相关,但数据显示是正的相关关系,管制对会计利润率也有正的效应。为国有股减持和股权多元化提供了经验证据。Taking 821 listed companies listed in China before the end of 1998 as the sample, their value between 1999 to 2001 are observed. This paper analyses some determining key element of company ownership structure, namely company value maximization size, control potential and systematic regulation. Special risk (SE) of the company, etc. as with the unstable and closely linked factor are introduced. The research of this paper finds out that there is no obvious correlation between centralized ownership accounting profit rate. But data shows a positive correlation. Control also has a positive effect on the accounting profit rate. The research of this paper has offered empirical evidence in decreasing of state shares and share diversification.

关 键 词：所有权结构 潜在控制 系统管制 实证研究 

分 类 号：F271[经济管理—企业管理]