【摘要】 文章从权变的视角,综合考虑企业所处的生命周期阶段,采用构图偏差的匹配方法评估企业生命周期与股权集中度的匹配程度,构建匹配程度与企业绩效的回归模型,并利用2012—2015年制造业上市公司的平衡面板数据进行实证。结果表明:成长阶段与较高股权集中度的匹配对企业绩效有正向影响;成熟阶段与分散状态下相对集中的股权模式相匹配对企业绩效有正向影响;衰退阶段与高度集中的股权模式相匹配对企业绩效有正向影响。更多还原

【Abstract】 This paper analyzes the relationship between the ownership structure and corporate performance. Manufacture industry corporate data from 2012-2015 are used to test the hypotheses in this paper. The results show that: high ownership concentration in growth and decline stage is good to corporate performance, while in mature stage a relatively concentration but with appropriate balances of ownership is good to corporate performance.更多还原