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以2003～2007年中国制造业上市公司的面板数据为基础,计算相应的终极所有权与公司全要素生产率,建立固定效应模型研究终极所有权与公司全要素生产率的关系.回归结果显示,终极所有权与全要素生产率之间存在显著的3次曲线关系,随着终极所有权的上升,两者关系发生两次明显变化.当终极所有权低于0.30,对全要素生产率有正向促进作用,两者正相关;当终极所有权处于[0.30,0.75]区间时,对全要素生产率则是负向阻碍作用,两者负相关;当终极所有权超过0.75,两者又转变为正向关系.研究结果表明,终极所有权具有显著的治理效应,能影响公司的全要素生产率.
Based on the panel data of Chinese manufacturing listed companies from 2003 to 2007, the corresponding ultimate ownership and total factor productivity are calculated and the fixed effect model is established to study the relationship between ultimate ownership and firm total factor productivity. The regression results show that the ultimate ownership and the whole There is a significant cubic curve relationship between factor productivity, with the ultimate ownership rising, the relationship between the two changes obviously.When the ultimate ownership is lower than 0.30, it has a positive effect on total factor productivity, and the two are positively correlated. When the ultimate ownership is in the range of [0.30,0.75], the total factor productivity is a negative impediment to the negative correlation between the two. When the ultimate ownership exceeds 0.75, the two are transformed into a positive relationship. The research results show that the ultimate ownership has Significant governance effects can affect a company’s total factor productivity.