摘要
股权分置是我国经济转型和资本市场发展过程中的特殊现象。股权分置改革的完成导致上市公司股权结构发生了重大变化,直接影响了上市公司的治理效率和业绩水平。本文对上市公司股权构成及股权集中度对公司绩效影响的实证研究表明:股权分置改革有效地降低了股权结构中各因素对公司绩效的负向影响,同时加强了股权集中度对公司治理绩效的正向作用,使得上市公司的治理绩效得到明显提升。
Nontradable shares reform is a particular phenomenon occurred with the economic restructuring and capital market development in China. Under the impetus of the reform, the listed companies＇ ownership structure changed heavily, which affected the companies＇ performance and thus affected the efficiency of corporate governance. This paper has the empirical studies that how the listed companies＇ ownership constitute and the ownership concentration influenced corporate performance, it concluded that： Nontradable shares reform effectively reduced the negative effects of the various factors in ownership structure on corporate performance, and strengthened the positive degree of ownership concentration on corporate performance, which ultimately improved the management efficiency of listed companies.
出处
《湖北经济学院学报》
2010年第2期114-120,共7页
Journal of Hubei University of Economics
基金
国家社会科学基金项目(06CJL006)
国家自然科学基金项目(70573040)
教育部重大项目(05JJD790008)
中国博士后科学基金项目(20060390269)
吉林大学985经济分析与预测哲学社会科学创新基地项目(985CXJD015)
关键词
股权分置改革
公司绩效
股权构成
股权集中度
nontradable shares reform
corporate performance
ownership structure
ownership concentration
