本文以2001——2004年A股上市公司为研究样本进行实证研究,发现上市公司的股权集中度与公司业绩呈U型关系,与收到非标准无保留意见呈负的线性关系。说明高度分散和高度集中的两个极端状态的股权结构对上市公司良好的经营业绩是有益处的,中国注册会计师具有不完全独立性。而注册会计师对上市公司财务敏感区间的反应再一次证明了后一个结论。 Based on the empirical study of A-share listed companies from 2001 to 2004, this paper finds that the ownership concentration of listed companies has a U-shaped relationship with the company’s performance and a negative linear relationship with the non-standard unqualified opinion received. This shows that the highly dispersed and highly concentrated ownership structures of the two extremes are beneficial to the good operating performance of listed companies and the CPAs in China are not completely independent. The CPA’s response to the financially sensitive range of listed companies once again proved the latter conclusion.