股权集中度、行业特征与企业绩效——基于中国上市公司的实证分析

Ownership Concentration, Industrial Characteristics and Corporate Performance Based on Empirical Analysis of Chinas Listed Companies

中文关键词:  股权集中度  行业特征  企业绩效

英文关键词:ownership concentration  industry characteristics  corporate performance

中文摘要:

      文章使用中国A股上市公司的年度数据，分析了公司所属行业因素对公司股权集中度和绩效之间关系的影响。研究发现，在国有企业占比较大的行业中，公司第一大股东持股比例对公司绩效的影响不明显；与非竞争性行业相比，竞争性行业中的企业的第一大股东持股比例越高，企业的绩效越好；与重资产行业相比较，轻资产行业中的企业的第一大股东持股比例越低，企业的绩效越好。对于国有企业，应该减少企业中的代理问题；对于非竞争性行业，应该增加行业的竞争性；对于不同类型的企业，应该引导企业主动采取不同的股权结构，以使公司的公司治理更加合理，从而取得更好的经营效益。

英文摘要:

      This paper uses the annual data of Chinas A-share listing companies to analyze the influence of industry characteristics on the relationship between ownership concentration and corporate performance. The study shows that in the industry the state-owned enterprises accounts for a larger percentage, the effect of the largest shareholder of company ownership on corporate performance is not significant. Compared with the non-competitive industry, the higher the proportion of the largest shareholder is, the better the corporate performance in the competitive industry is. Compared with the heavy property industry, the lower the proportion of the largest shareholder is, the better the corporate performance in the light assets industry is. The state-owned enterprises should reduce the agency problem. The non-competitive industry should increase the competitiveness. Different ownership structure should be adopted in different types of enterprises so that the corporate governance can be more reasonable and thereby more efficient.