CAJ | 학술논문

控股股东的性质对于治理行为具有重要影响,并最终决定着上市公司的竞争优势。通过对2003-2006年3590个样本的实证分析发现由于制度约束以及上市公司自发性要求,国有控股与民营控股上市公司普遍重视潜在竞争优势的培育,尤其是董事会制度的建设,治理竞争力均有显著改善。民营控股上市公司具有较强的潜在竞争优势,但由于控制权的争夺导致了上市公司财务状况不佳。国有控股上市公司由于其垄断性地位,具有较强的财务实力。国有控股上市公司应进一步优化股权结构,而民营控股上市公司大股东则应培育理性的投资意识以及联盟意识。
공고고동적성질대우치리행위구유중요영향,병최종결정착상시공사적경쟁우세。통과대2003-2006년3590개양본적실증분석발현유우제도약속이급상시공사자발성요구,국유공고여민영공고상시공사보편중시잠재경쟁우세적배육,우기시동사회제도적건설,치리경쟁력균유현저개선。민영공고상시공사구유교강적잠재경쟁우세,단유우공제권적쟁탈도치료상시공사재무상황불가。국유공고상시공사유우기롱단성지위,구유교강적재무실력。국유공고상시공사응진일보우화고권결구,이민영공고상시공사대고동칙응배육이성적투자의식이급련맹의식。
The nature of controlling shareholders has an important impact on corporate governance and determines ultimately the competitiveness of listed companies.Our empirical study of 3590 Chinese listed companies between 2003 and 2006 shows that both the state-owned and the private companies,in response to institutional and inner requirements,attached great importance to potential competitiveness.In particular,great attention has been paid to the construction of the board system.As a result,corporate governance has significantly improved in listed companies.Specifically,private companies have greater potential competitiveness relative to state-owned companies,but the financial performance of private companies is worse because of the fight over the right of control.State-owned companies have greater financial strength because of monopoly.Such findings imply that stated-owned companies should further optimize ownership structure while substantial shareholders of private companies should cultivate the awareness of rational investment and alliance.