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本文采用2004—2006年三年共3217个样本数据,比较了中间所有权和终极所有权两种所有权计量方法下,股权结构的不同特征、终极控制人的不同性质和级别及其对公司绩效影响的可能差异,并在此基础上进行了内生性检验。研究表明,无论是采用中间所有权还是终极所有权,股权结构集中度都与公司绩效呈左低右高的u型曲线;省级政府和地市级政府控股对公司绩效产生了显著的负向影响。本文的实证结果支持了股权结构的内生性假设。
This paper uses a total of 3217 sample data from 2004-2006 to compare the different characteristics of ownership structure, the different nature and level of the ultimate controller and the possible impact on the company’s performance under the two ownership measurement methods of intermediate ownership and ultimate ownership Differences, and on the basis of this endogenous test. The research shows that neither the middle ownership nor the ultimate ownership, the ownership structure concentration is left-right-high u-shaped curve; the provincial government and prefecture-level government holding have a significant negative impact on company performance. The empirical results in this paper support the endogenous hypothesis of ownership structure.