【摘要】 以托宾Q值为被解释变量、股权结构为解释变量,从公司治理的角度考察了股权结构对公司业绩的影响。从电子、化工和公用事业三个行业中选取140家上市公司为样本,在将其划分为国有和民营两大类后,利用这些公司的数据进行实证分析。此研究的政策意义在于:为提高公司绩效,国有企业的国有股减持应继续进行;增大民营企业的股权集中度将有利于其提高绩效;适度增大社会法人股对于改善治理结构意义重大;增大流通股比重对于提高公司绩效具有积极作用。更多还原

【Abstract】 This paper studies the effect of ownership structure on firm performance (FP) from the point of corporate governance, using Tobin’s Q as dependent variable and ownership structure as independent variables. We choose 140 public firms from the industries of electronics, chemical, and utility, divides these into two parts as SOE and Private-Owned Enterprise(POE), and perform the empirical study on these firms′ data. To make this approach effective, the state-owned shareholding of SOEs must be lessened in the hope of good FP; Increasing the ownership concentration of POEs will contribute to FP; Moderately augmenting common-law-persons shareholding will meliorate corporate governance; Improving the proportion of circulating shareholding will greatly benefit FP in both kinds of enterprises.更多还原