本文以日本电子行业285家上市公司2000-2010年数据为样本,利用面板数据分析法对股权制衡机制进行研究。研究表明:首先,股权制衡机制主体—股权制衡度存在边界控制点5.20。当股权制衡度在达到该点前,会对公司绩效产生较为“平稳”的“边际收益效应”;而在达到该点之后,则会对公司绩效产生较为“急剧’’的”边际损失效应“。其次,股权制衡机制客体一控股股东性质与公司绩效有关:公司法人控股与公司绩效正相关.纯市场投资者控股与公司绩效负相关,主银行控股与公司绩效无显著关系。 In this paper, the data of 285 listed companies in Japanese electronics industry from 2000 to 2010 are taken as samples to study the mechanism of equity balance with panel data analysis. The research shows that: First of all, the main body of the system of equity checks and balances - there is a boundary control point 5.20. When equity checks and balances reach this point, it will result in a more ”stable “ ”marginal return “ effect on the performance of the company, and after reaching this point, the company performance will be more ”sharp " Second, the nature of the controlling shareholder of the equity balance mechanism is related to the performance of the company: the holding of the corporate legal person is positively correlated with the corporate performance.The negative correlation between the performance of the pure market investor and the corporate performance, the performance of the controlling shareholder and the company Significant relationship.