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本文分析了国内外关于股权结构与企业绩效的影响因素,运用回归分析方法,以ROE作为企业绩效的度量指标,考察2008～2010年间我国A股上市公司股权集中度、股权制衡度对企业绩效的影响因素。研究结果表明,与“壕沟防御效应”、“利益协同效应”假说一致,股权集中度与公司绩效呈显著的正U型关系;股权制衡度有助于改善企业绩效的假说也得到实证结果的验证。最后,本文提出了构建大股东多元化、企业大股东相互制衡的治理机制以及健全保护中小投资者利益的法律法规等政策建议。
This paper analyzes the influencing factors of ownership structure and corporate performance at home and abroad. By using regression analysis method and ROE as the measurement of corporate performance, this paper examines the relationship between ownership concentration and ownership balance of A-share listed companies in China from 2008 to 2010 Influencing factors. The results show that, consistent with the hypothesis of “defense effect of ditch” and “synergy effect of interest”, there is a significant positive U-shaped relationship between ownership concentration and corporate performance; the hypothesis that equity balance helps to improve corporate performance is also obtained Verification of empirical results. Finally, this paper puts forward some policy recommendations such as establishing a governance mechanism with diversified major shareholders, checks and balances among major shareholders of the enterprise, and laws and regulations to protect the interests of small and medium-sized investors.