摘要
发展混合所有制经济,是当前深化国资国企改革的重要内容。基于中国上市公司数据实证研究混合所有制企业股权结构与公司绩效的关系,结果表明:股权集中度与公司绩效存在"倒U型"关系,适度集中的股权结构、多个大股东之间的制衡作用均有利于绩效改善,异质股东制衡比同质股东制衡更有利于绩效改善;第一大股东性质对股权结构与公司绩效的关系起调节作用。因此,企业在推进混合所有制改革中,应当防止股权过于集中或过于分散;应在大股东间形成有效的股权制衡关系;国有企业引入民营、外资等非国有资本,实现真正意义上的混合所有制是一种更优的股权结构。
One of the most important reform of state-owned enterprises is to promote the mixed ownership economy. The empirical research on the relationship of mixed ownership structure and corporate performance based on the data of Chinese listed companies finds that： There is an ＂inverted U-shaped＂ relationship between equity concentration and company performance. Both the moderately concentrated equity structure and the balance effect between multiple major shareholders contributes to performance improvement. The balance effect between heterogeneous shareholders contributes more to performance improvement than homogene- ous shareholders. The nature of the first major shareholder plays a regulatory role in the relationship between ownership structure and corporate performance. Therefore, in the mixed ownership reform, the enterprises should prevent the ownership structure from being too concentrated or too dispersed. They also should promote effective balance effect between multiple major shareholders. The state-owned enterprises should integrate with private and foreign capital to achieve the mixed ownership in in deed.
作者
王欣
韩宝山
WANG Xin;HAN Bao-shan(Institute of Industrial Economics,China Academy of Social Sciences,Beijing 100044,China;The Research Center of People＇s Government of Shandong Province,Ji＇nan 250011,China)
出处
《经济体制改革》
CSSCI
北大核心
2018年第6期125-131,共7页
Reform of Economic System
基金
国家自然科学基金面上项目"竞争性国有企业混合所有制改革研究"(71472186)
国家社会科学基金重大项目"国有企业改革和制度创新研究"(15ZDA026)
关键词
混合所有制
股权结构
股权制衡
公司绩效
mixed ownership
ownership structure
ownership balance
corporate performance
