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对股权结构与上市公司绩效或者说公司价值间关系的研究始于上世纪三十年代,国外的研究主要集中在股权集中度对上市公司效率的影响上,几十年来都在寻找所谓的最优股权结构,虽然这一目标并没有完成,但却证实了股权结构与公司效率之间确实存在一定的相关性。基于中国上市公司股权结构的高度复杂性,中国学者的研究并没有局限在对股权集中度的研究上,同时也在探索各种不同性质的股权之间的博弈对公司治理结构进而对公司效率的影响。本文对这一领域的文献做了一个大致的梳理,在此基础上,对当前中国股票市场上存在的股权流通能力分割的事实对上市公司绩效的影响进行了探讨。
The research on the relationship between ownership structure and the performance of listed companies or the value of the company began in the thirties of the last century. Foreign researches mainly focused on the influence of ownership concentration on the efficiency of listed companies. For decades, the so-called optimality Ownership structure, although this goal has not been completed, but confirmed the ownership structure and the company does exist between the efficiency of certain relevance. Based on the high complexity of ownership structure of listed companies in China, the study of Chinese scholars is not limited to the study of ownership concentration, but also to explore the game between different nature of the ownership of the corporate governance structure and thus the efficiency of the company influences. Based on this, this article explores the influence of the fact that the current ability of the circulation of the shares existing in the Chinese stock market is divided on the performance of listed companies.