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股权结构与企业绩效之间相互影响,构成了一种互动关系。跨国公司在华投资企业股权结构的变化与经营绩效之间的良性互动推动了外资的“独资化”进程。实证分析表明,独资企业优于合资和合作企业的绩效表现,成为推动外资企业“独资化”运动的主要因素。而“独资化”开始几年后的时期也是三类企业绩效提升最快的时期,这表明股权结构的变化对公司经营绩效的影响存在一定的滞后期。股权结构与经营绩效之间连续性的互动由于完善了外资的股权结构,不仅提升了独资企业的绩效,而且也改善了整个行业的绩效水平。
The mutual influence between equity structure and corporate performance constitutes an interactive relationship. The positive interaction between the changes in equity structure and operating performance of multinational companies investing in China has promoted the “sole proprietorship” process of foreign investment. The empirical analysis shows that the sole proprietorship enterprise is superior to the performance of joint ventures and cooperative enterprises and becomes the main factor in promoting the “sole proprietorship” movement of foreign capital enterprises. The period after the “sole proprietorization” started a few years ago is also the fastest time for the performance improvement of the three types of companies. This shows that there is a certain lag period in the influence of changes in the ownership structure on the company’s operating performance. The continuous interaction between the equity structure and operating performance has not only improved the performance of the sole proprietorship but also improved the performance of the entire industry by improving the foreign equity structure.