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目前关于股权结构与公司绩效关系的各种研究结论差异巨大,这与研究样本选取、指标选择、乃至研究方法和模型选择都有很大关系。本文选用2004年1091个A股上市公司数据,尝试了多种模型和指标进行了比较分析,结果发现:公司绩效与国有股比例、股权集中度呈显著的“U”形相关,但与“一股独大”的程度(用第一大股东持股比例与第二大股东持股比例的比值衡量)负相关。
At present, various research conclusions about the relationship between ownership structure and corporate performance vary greatly, which is closely related to sample selection, index selection, and even research methods and model selection. This paper selects 1091 A-share listed companies in 2004, and tries to make a comparative analysis of various models and indexes. The results show that: the performance of the company is significantly related to the ratio of state-owned shares and ownership concentration to “U” Dominate "(as measured by the ratio of shareholding of the largest shareholder to shareholding of the second largest shareholder).