【作者】 彭中文； 何静雅；

【Author】 PENG Zhong-wen HE Jing-ya(Business college, Xiangtan University, Xiangtan 411105, China)

【机构】 湘潭大学商学院；

【摘要】 本文选取2003—2005年上市公司发生的控制权转移案例,运用面板数据分析方法对2002—2008年的财务数据进行实证检验,结果表明:第一大股东持股比例和经营绩效呈正U型曲线;在检验股权性质构成与公司绩效关系时,国有股与公司绩效呈正U型曲线,而法人股、流通股持股比例分别与公司绩效呈倒U型关系。在不同规模条件下,股权结构与公司绩效之间的关系是不相同的:小规模公司国有股持股比例与经营绩效表现为正U型关系,而中等规模和大规模公司的均呈倒U型关系;公司规模较大时国有股持股比例处于20%—30%区间时经营绩效优于法人股,而小规模公司较高的法人股持股比例经营绩效优于国有股。更多还原

【Abstract】 With the transfer of control power cases happened in listed companies from 2003-2005, this paper has made an empirical test on the financial data of 2002-2008 using the method of panel data analysis.The results show that:the relationship between the first major shareholders equity ratio and operating performance turns to be a positive U type curve and the same with the relationship between state-owned shares and corporate performance, while that between the equity ratio of the corporate shares and the operating performance, the equity ratio of the circulating shares and the operating performance turn to be an inverted U type curve.Therefore, the relationship between the ownership structure and the corporate performance is different when the company’s size differs.For small companies, the relationship between the equity ratio of its state-owned shares and its operating performance is a positive U type curve, while for medium-and large-scale companies, that will be an inverted U-type curve.When the state-owned shares equity ratio of the larger companies comes to 20%-30%, the company’s operating performance will be superior to its corporate holding, while for those smaller companies, the corporate stares, with a higher proportion, will be superior to the state-owned shares.更多还原