【摘要】 以2003～2007年中国制造业上市公司的面板数据为基础,计算相应的终极所有权与公司全要素生产率,建立固定效应模型研究终极所有权与公司全要素生产率的关系.回归结果显示,终极所有权与全要素生产率之间存在显著的3次曲线关系,随着终极所有权的上升,两者关系发生两次明显变化.当终极所有权低于0.30,对全要素生产率有正向促进作用,两者正相关;当终极所有权处于[0.30,0.75]区间时,对全要素生产率则是负向阻碍作用,两者负相关;当终极所有权超过0.75,两者又转变为正向关系.研究结果表明,终极所有权具有显著的治理效应,能影响公司的全要素生产率.更多还原

【Abstract】 The ultimate ownership and firm’s total factor productivity(TFP) were calculated on the basis of the panel data of manufacturing companies listed in China from 2003 to 2007.A fixed effect model was developed to study the relationship between the ultimate ownership and firm’s TFP.The regression results show that there is a significant cubic curve relationship between ultimate ownership and firm’s TFP.The relationship changes clearly twice when the ultimate ownership rises, i.e.,if the ultimate ownership is below 0.30,it is positively related to the TFP.However,the relationship becomes negative while the ultimate ownership is in the interval of [0.30,0.75].Further,if the ultimate ownership is above 0.75,the relationship becomes positive once again.The results indicate that the ultimate ownership has a significant governance effect and can influence the TFP.更多还原