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在强调最优股权结构研究的内生性前提下,本文利用2005、2006年民营上市公司数据检验了各种股权结构对公司绩效的影响。研究发现:①第一、二大股东持股数越接近公司绩效越高;②股权制衡公司绩效显著优于“一股独大”;“双寡头”公司绩效显著优于“一股独大”;内生性前提与制衡股东个数是最优股权结构检验不容忽视的因素。
Under the premise of emphasizing the endogeneity of the research on optimal ownership structure, this paper uses the data of private listed companies from 2005 to 2006 to test the impact of various ownership structures on corporate performance. The study found that: ① The first and second largest shareholder holding the number of shares closer to the higher the performance of the company; ② Equity balance performance significantly better than the company’s “duopoly”; “duopoly” A dominant "; endogenous conditions and the number of shareholders is the optimal balance of ownership structure test can not be ignored.