中国出口企业股权结构与企业绩效关系研究

Research on Relationship between Ownership Structure and Business Performance in China's Export Enterprises

中文关键词:  出口企业  股权集中  股权制衡  机构持股  反倾销  企业绩效

英文关键词:export enterprise  ownership concentration  equity restriction  institutional shareholding  anti-dumping  business performance

中文摘要:

      对外贸易是拉动国家经济发展的重要力量。出口企业不断提高企业绩效,不仅关系到企业能否做大做强,也是中国能否实现从贸易大国到贸易强国转变的关键所在。以中国出口企业为切入视角,选取2010—2016年沪深A股市场600家出口企业上市公司数据,实证检验了中国出口企业的股权结构与企业绩效之间的关系。研究结果表明,出口企业的股权集中度、股权制衡度、机构持股比例三个指标越高,越有利于提高企业绩效；国有控股型出口企业,由于承担着一些非经济使命,企业绩效相对较差；考虑二次项效应,出口企业股权集中度与企业绩效还呈倒“U”型关系；此外,出口企业高管持股比例对企业绩效的影响则并不显著。研究结论为中国出口企业通过优化股权结构来提高企业绩效提供了实证依据。

英文摘要:

      International trade is the major power to stimulate one country's economic development. Whether export enterprises can improve their business performance continuously not only concerns the enterprises growing bigger and stronger but also is a key to China's transformation from a big trading country to a trading power. With China's export enterprises as target, based on the data of 600 A-share publicly listed companies of export enterprises on Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2010 to 2016, this paper empirically examines the relationship between ownership structure and business performance in China's export enterprises. The research result turns out that in these export enterprises, the greater the three index including equity concentration, equity restriction and institutional shareholding ratio, the better the business performance. The business performance is relatively poor in the state-owned export enterprises due to their non-economical missions. Considering the quadratic effect, there is still an inverted U-shaped relationship between ownership concentration and business performance in export enterprises. In addition, the management shareholding ratio has no significant impact on business performance in export enterprises. The research conclusion provides the empirical evidence for China's export enterprises to optimize their ownership structure in order to increase business performance.