华东经济管理
華東經濟管理
화동경제관리
EAST CHINA ECONOMIC MANAGEMENT
2015年
5期
169-174
,共6页
股权集中度%公司绩效%主成分分析%回归分析
股權集中度%公司績效%主成分分析%迴歸分析
고권집중도%공사적효%주성분분석%회귀분석
ownership concentration%corporate performance%principal component analysis%regression analysis
为研究股权集中度对公司绩效的影响，文章依据公司治理理论，以我国日用品行业上市公司为研究对象，采用2010-2013年混合样本数据进行回归。得出结论：日用品行业上市公司第一大股东持股比例与公司绩效呈倒“U”型关系；前五大股东持股比例与公司绩效间无显著相关关系；股权制衡度与公司绩效呈负相关关系。总之，在改制国有企业占较大比重的日化行业，股权集中度维持在合理区间有利于企业发展，并根据研究结果提出相关的对策建议。
為研究股權集中度對公司績效的影響，文章依據公司治理理論，以我國日用品行業上市公司為研究對象，採用2010-2013年混閤樣本數據進行迴歸。得齣結論：日用品行業上市公司第一大股東持股比例與公司績效呈倒“U”型關繫；前五大股東持股比例與公司績效間無顯著相關關繫；股權製衡度與公司績效呈負相關關繫。總之，在改製國有企業佔較大比重的日化行業，股權集中度維持在閤理區間有利于企業髮展，併根據研究結果提齣相關的對策建議。
위연구고권집중도대공사적효적영향，문장의거공사치리이론，이아국일용품행업상시공사위연구대상，채용2010-2013년혼합양본수거진행회귀。득출결론：일용품행업상시공사제일대고동지고비례여공사적효정도“U”형관계；전오대고동지고비례여공사적효간무현저상관관계；고권제형도여공사적효정부상관관계。총지，재개제국유기업점교대비중적일화행업，고권집중도유지재합리구간유리우기업발전，병근거연구결과제출상관적대책건의。
In order to study the impact of ownership concentration on corporate performance,the paper,based on the theo?ry of corporate governance,selects Chinese listed companies in commodity industry as the research object,and makes a re?gression analysis on the mixed sample data from 2010 to 2013. The study concludes that:The shareholding ratio of the largest shareholder presents an inverted U-shape relationship with corporate performance in the listed companies of commodity indus?try. The shareholding ratios of top five shareholders do not have a significant relationship with corporate performance. The equi?ty balance degree is negatively correlated with corporate performance. In summary,the ownership concentration maintaining at a rational range is conducive to corporate development in daily chemical industry,which has a large proportion of the re?form of state-owned enterprises. The paper also puts forward some relevant countermeasures based on the study.
