摘要
通过运用2008-2015年87家医药制造业上市公司数据为样本,使用EVIEWS8.0对医药企业的股权集中度与绩效之间的关系进行深入的探讨.实证结果表明:(1)公司规模与公司绩效显著地正相关,(2)第一股东持股比例(CR1)、第三股东持股比例之和和(CR3)第五股东持股比例之和(CR5)都与公司绩效之间呈现线性的负相关关系,(3)第一股东持股比例平方(CR12)、第三股东持股比例之和的平方(CR32)和第五股东持股比例之和的平方(CR52)的回归系数都为正数,即股权集中度与公司绩效呈现显著的正'U'型关系.这些结论对国内医药制造业上市公司股权结构优化有着重要的参考价值.
using the data of Listed Companies in 78 pharmaceutical manufacturing companies for 2008-2015 years as a sample,the relationship between ownership concentration and performance of pharmaceutical enterprises was discussed by u sing EVIEWS8.0.The empirical results show that:(1)the company size and corporate performance is a significant positive correlation,(2)the proportion of the first shareholders(CR1),and third shareholding ratio(CR3)fifth shareholding ratio(CR5)and negative relationship between the linear and the performance of the company,(3)the first shareholders square ratio(CR12),third shareholding ratio of the sum of the square(CR32)and fifth shareholders and the proportion of the square(CR52)regression coefficient is positive,namely,ownership concentration and corporate performance is positively correlated with“U”type.These conclusions have important reference value to optimize the ownership structure of domestic pharmaceutical manufacturing listed companies.
出处
《广东经济》
2017年第10X期27-28,共2页
Guangdong Economy
关键词
股权集中度
公司绩效
'U'型
股权结构
Ownership concentration
Firm performance
“U”type
ownership structure
