CAJ | 학술논문

本文研究上市公司经营绩效区域差异的分布特征,并从宏观经济因素、制度环境、产业结构和公司治理等方面分析了影响上市公司经营绩效区域差异的原因。研究结果表明：（1）三大经济地带上市公司的经营绩效在空间上表现出东——中——西逐渐递减的趋势;（2）市场规模、产业结构、固定资产投资、对外贸易、地区市场化、政府管理能力和法制化水平与上市公司绩效指标或部分指标之间表现为显著的正相关关系;（3）第一大股东持股比例与上市公司经营绩效之间具有倒U型关系,而股权制衡度与上市公司经营绩效之间具有显著的正相关关系。
본문연구상시공사경영적효구역차이적분포특정,병종굉관경제인소、제도배경、산업결구화공사치리등방면분석료영향상시공사경영적효구역차이적원인。연구결과표명：（1）삼대경제지대상시공사적경영적효재공간상표현출동——중——서축점체감적추세;（2）시장규모、산업결구、고정자산투자、대외무역、지구시장화、정부관리능력화법제화수평여상시공사적효지표혹부분지표지간표현위현저적정상관관계;（3）제일대고동지고비례여상시공사경영적효지간구유도U형관계,이고권제형도여상시공사경영적효지간구유현저적정상관관계。
This paper studies the distribution characteristics of listed companies＇ regional performance difference,and analyses the causes on the basis of macro economic,regulation environment,industrial structure and corporate governance.The results show that：（1） In China,the operational performance of listed companies decreases gradually from the eastern region,the middle region to the western region.（2） The performance indices of listed companies are positively correlated with market scale,industrial structure,fixed asset investment,foreign trade,regional marketization,government managerial ability and legalization level.（3） There is an inverse U shape relationship between performance of listed companies and controlling shareholder＇s shareholding proportion,while there is a significantly positive relationship between performance of listed companies and equity restriction ratio.