摘要
本文选取2002～2010年中国企业非平衡面板数据,通过系统广义矩估计方法分析股权结构对企业声誉的影响。研究表明,股权集中度与企业声誉存在非线性关系,过高的股权集中度对企业声誉有显著的消极作用。股权差异度的降低有助于企业声誉的提高,但这受制于一股独大。大股东的国有背景对企业声誉有消极影响,而家族/个人背景对企业声誉的影响并不显著。本文的结论有助于企业认识股权结构的各个特征对企业声誉的影响,并通过股权结构的调整和公司治理机制的优化来构建良好的企业声誉。
Using unbalanced data from a panel of firms in China from 2002 to we found that ownership concentration in the hands of the largest shareholder shows porate reputation. High ownership concentration erodes corporate reputation, 2010 and System GMM method, a non-linear relationship with corand contestability of the main shareholder＇s power enhances it. The major shareholder＇s state-owned background has a negative impact on corporate reputation, and family/personal background has no significant effect on corporate reputation. The conclusions are helpful for corporate to understand the impact of various features of ownership structure on corporate reputation, and to build a good reputation through the adjustment of ownership structure and the optimization of corporate governance.
出处
《经济管理》
CSSCI
北大核心
2011年第7期31-38,共8页
Business and Management Journal ( BMJ )
