摘要
在对股权结构进行明确分类的基础上,该文以2003年我国深沪两市的1060家上市公司为样本,研究了股权制衡与公司业绩之间的关系。研究发现,股权集中类公司的业绩明显好于股权分散类公司;股权制衡类公司的业绩好于股权集中类公司,但是差异并不显著。用Z作为股权制衡度的衡量指标,当Z∈(1.0189,6.0287)时股权制衡与公司业绩显著正相关。研究表明,股权制衡对改善上市公司治理结构,提高公司绩效具有积极的作用。同时也发现,与股权分散相比,一定程度的股权集中是合理的选择。
Based on classifying the ownership structure, this paper discusses the relations between outside blockholders and corporation performance on the basis of 1060 listed companies (except finance) in Shenzhen stock exchange and Shanghai stock exchange. This paper uses a positive research method to examine the differences between them. It finds that, the performance of company having centralized ownership is better than the company having widely dispersed ownership. Although the performance of company having outside blockholders structure is better than the company having centralized ownership structure, the difference is not significant. 'Z' is used in this paper as a measure degree of restriction. When Z∈(1.0189,6.0287)it has a significant positive effect on performance. These studies make clear that outside blockholders can improve the company management and the corporate performance.
出处
《中山大学学报（社会科学版）》
CSSCI
北大核心
2007年第4期102-108,共7页
Journal of Sun Yat-sen University(Social Science Edition)
基金
国家自然科学基金重点项目(批准号:70532003)
广东省自然科学基金项目(批准号:05003279)
广东省社科规划项目(批准号:06E25)
关键词
股权制衡
公司绩效
股权结构
中国上市公司
outside blockholders
corporate performance
ownership structure
China's listed companies
作者简介
刘运国（1966-），男，湖北武汉人，管理学（会计学）博士，中山大学管理学院副教授；
高亚男（1980-），女，河南睢县人，管理学（会计学）硕士，广州越秀城建集团财务部工作人员。
