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国内对股权结构与公司绩效之间的关系的研究主要是从股权集中度和国有控股的角度进行,而从民营控股公司角度,尤其是股权分置改革下民营控股企业的研究仍然相对缺乏。本文以股改第二、第三批民营控股企业为样本,从股权集中度和股权流通性两个纬度对公司绩效进行实证研究,结果显示民营控股公司股权集中度与公司绩效负相关,而民营控股公司股权流通性的变化与公司绩效变化没有显著相关关系。
Domestic research on the relationship between ownership structure and corporate performance is mainly from the perspective of ownership concentration and state-owned holding. However, the research on private holding enterprises is still relatively scarce from the viewpoint of private holding companies, especially the non-tradable share reform. In this paper, the second and third batch of privately held shareholding enterprises as a sample, empirical study of corporate performance from two aspects of ownership concentration and equity liquidity shows that ownership concentration of private holding company is negatively correlated with corporate performance, while private holding There is no significant correlation between the change of company’s equity liquidity and the change of company’s performance.