摘要
以2010—2012年沪深两市A股上市电力类企业和电器类企业为代表研究对象,运用多元回归分析方法对垄断性行业和竞争性行业企业的股权集中度、高管激励与公司绩效关系进行了研究。研究结果表明:不同行业上市公司的股权集中度对其公司绩效的影响是不同的,其影响关系在竞争性行业企业中呈现出显著的正相关性,而在竞争性行业企业中并未呈现出显著的相关性;高管薪酬在垄断性行业企业中与当期绩效显著正相关,而在竞争性行业企业中却呈现出并不显著的弱相关关系。
Multivariate regression analysis method is used to analyze the impact of ownership concentration and top manager characteristics on enterprise performance in different industries, which draw upon A-share listed power companies typical of monopolized industries and A-share listed electrical appliances companies typical of competitive industries in Shanghai and Shenzhen stock exchanges. The result indicates that the impact of ownership concentration on enterprise performance in monopolized industries is different from that in competitive industries; that a negative correlation exists between the ownership concentration of competitive companies and their performance, but it is not significantly correlated in monopolistic companies and that the payment of top managers in monopolistic companies has a remarkable positive correlation with the enterprise performance,but it has a non-significant and weaker correlation in competitive industries.
出处
《国土资源科技管理》
北大核心
2014年第6期32-38,共7页
Scientific and Technological Management of Land and Resources
关键词
垄断性行业
竞争性行业
股权集中度
高管特征
公司绩效
monopoly industries
competitive industries
ownership coneentrationtop
top manager characteristics
corporate performance
