摘要
本文以完成股权分置改革的778家上市公司为样本,实证检验了第一大股东控制力变化对公司绩效的影响,研究结果表明:①股改前,第一大股东控制力对公司绩效不存在显著性影响。股改后,第一大股东控制力与公司绩效存在"N型"曲线关系,但是这种"N型"曲线关系在经营绩效和公司价值上表现不稳定;②股改前,国有上市公司的第一大股东控制力与公司绩效之间关系不显著,非国有上市公司的第一大股东控制力对经营绩效影响不显著,而与公司价值存在"N型"曲线关系。股改后,国有上市公司的第一大股东控制力与经营绩效存在显著"N型"曲线关系,与公司价值存在显著线性关系,非国有上市公司的第一大股东与公司绩效存在显著"N型"曲线关系。
this paper chooses 778 listed firms, which has completed the reform of splitting share, as sample, examines the impact of the largest shareholder on the firm performance, the results show that： ①before the share reform, there is no significant performance impact between the company＇s largest shareholders and corporate performance;latter, the two factors show ＂N-type＂ curve, but the relationship is not significant in management per- formance and company value. ② before the share reform, the relationship between the state-owned listed company＇s largest shareholders＇ control power and company performance is not significant, as well as the non-state listed companies, while there exists significant ＂N-type＂ curve with the value of the company; latter, the relationship between the state-owned listed company＇s largest shareholders＇ control power and company performance suggests significant ＂N-type＂ curve, as well as the value of the company, there exists significant ＂N-type＂ curve between non- state-owned listed company＇s largest shareholder and corporate performance.
出处
《经济管理》
CSSCI
北大核心
2010年第9期66-74,共9页
Business and Management Journal ( BMJ )
关键词
股权分置改革
大股东控制力
公司价值
经营绩效
share-trading reform
major shareholders＇ control oower
firm value
operatin
performance
