论文部分内容阅读
本文以沪深股市102家新材料产业相关企业9年的数据为样本,采用管理用净资产收益率的绩效指标,对股权结构和公司绩效之间的关系进行了实证研究。结果表明,股权集中度和股权制衡度的提高有利于公司绩效的提升,其中第一大股东持股比例和公司绩效呈倒U型关系;国有股比例对于公司绩效影响不明显,而法人股和流通股比例的提高则有助于公司绩效的提升。依据实证结果,本文就合适的股权结构依托理论支持提出了相应的政策建议。
Based on the data of 102 new-material-related enterprises in Shanghai and Shenzhen Stock Exchange for nine years, this paper uses the performance indicators of return on net assets under management to study the relationship between ownership structure and corporate performance. The results show that the increase of ownership concentration and equity balance is conducive to the improvement of corporate performance, of which the shareholding ratio of the largest shareholder and the company performance are inverted U-shaped; the proportion of state-owned shares has no obvious effect on corporate performance, while corporate shares and tradable shares Proportion of the increase will help improve company performance. Based on the empirical results, this paper puts forward the corresponding policy recommendations on the proper ownership structure of relying on theoretical support.