摘要
论文以在新三板挂牌并披露了2015年年末股权结构数据的6362家公司为样本,研究发现:新三板公司股权集中度较高,股权集中度与公司绩效的关系为正相关但相关性微弱。高管持股的作用,要看第一大股东持股比例的情况,在公司股权分散(CR1<20%)时,高管持股具有较为积极的意义,但当第一大股东确立控股地位后,高管持股比例与公司绩效趋于不相关。同时,如果第一大股东只是相对控股而高管持股比例处于30%~40%区间时,公司的绩效均值较差,说明此种股权结构情形导致内部冲突或分歧的可能性较大。股权制衡度与公司绩效不相关。
This paper takes the 6362 companies that listing the new three board and published their equity structure data in 2015 year-end as the example. The re search showes that： the ownership cone cntration oftbe three new board companies is relatively high, and the relationship between ownership concantration and corporate performance is positive but weak.The role ofexectttive stock ownership, depending on the proportion of the largest sharcholdcr,Wben CRl〈20%, executive stock ownership has a more positive significance, but when the first major shareholder has established a controlling position, the proportion of executive ownership and corporate performance tend to be irrelevant.If the largest shareholder is only the relative holding and the proportion of executive ownership in the 30-40% interval, the company＇s average performance is poor, indicating that the ownership structure oftbe situation led to the possibility of internal conflict or disagreement.So, the ownership balance is not related to corporate performance.
作者
何宋勇
HE Song-yong(Shenzhen QianhaiAntong Investment Management Co. Ltd., Shenzhen 518000,China)
出处
《中小企业管理与科技》
2017年第8期19-21,共3页
Management & Technology of SME
关键词
股权结构
公司绩效
新三板
ownership structure
corporate performance
new three board
