【作者】 甄红线； 张先治； 史永东；

【Author】 Hongxian Zhen,Xianzhi Zhang,and Yongdong Shi,

【机构】 东北财经大学； 东北财经大学会计学院和内部控制与风险管理研究中心； 东北财经大学金融学院和应用金融研究中心；

【摘要】 本文采用追溯控制链鉴别终极控制者的研究范式,研究中国上市公司终极控制权结构及其对公司绩效的影响。研究结论显示,我国上市公司的所有权结构高度集中,境内法人直接控制了绝大多数上市公司;国家和境内自然人更多地通过法人公司对上市公司实施间接控制,从而成为上市公司最重要的终极控制人;上市公司的终极控制权结构与直接所有权结构存在明显差异;终极控制权集中度与公司绩效之间呈显著的倒U型关系;国家与私人作为终极控制人对企业的控制权与公司绩效呈显著的正相关关系,私人控制的显著性与影响程度均高于国家控制。本文的实证结果支持了在新兴与转轨的市场经济中,集中的控制权结构以及国家与私人投资者的共存有利于提高公司治理效率和公司绩效的结论。更多还原

【Abstract】 This paper researches ultimate control structures of publicly listed companies in China and its effects to corporate performance by applying the methodology of ultimate owners identification through the tracing of control chains. The research results display as follows. There is highly concentrated ownership structure in Chinese listed companies. Domestic legal person directly control the most part of the listed companies. State and domestic individual often indirectly control the listed companies through legal person institutions,and become the most important ultimate owners. The difference between ultimate control structure and the direct ownership structure is obvious. There is significant converse U relation between ultimate control and corporate performance. Both state and private as the ultimate owners have significant positive relation with corporate performance,but the degree of significance and effect of private ultimate owner is higher. The empirical results support in emerging and transition marketing economy,concentrated control structure with state ownership together with private ownership are in favor of improving the efficiency of corporate governance and increasing corporate performance.更多还原