CAJ | 학술논문

从股权结构的角度对控制权指标进行选定和度量，以主营业务收益率、管理费用除以主营业务收益的比率作为公司控制权在经营绩效上的反映，建立了一个股权分散、控制权弱化与公司经营绩效的因果模型，并以中国ST民营企业数据进行实证。结果表明，公司的ST化与股权的制衡化以及第一大股东对董事会、总经理的直接控制能力下降（控制权弱化）存在显著正相关关系。因此，现代企业应该强化第一大股东的控制权，控制权转移应和股权转让相一致，才能有利于我国上市公司的长远发展。
종고권결구적각도대공제권지표진행선정화도량，이주영업무수익솔、관리비용제이주영업무수익적비솔작위공사공제권재경영적효상적반영，건립료일개고권분산、공제권약화여공사경영적효적인과모형，병이중국ST민영기업수거진행실증。결과표명，공사적ST화여고권적제형화이급제일대고동대동사회、총경리적직접공제능력하강（공제권약화）존재현저정상관관계。인차，현대기업응해강화제일대고동적공제권，공제권전이응화고권전양상일치，재능유리우아국상시공사적장원발전。
A causal model of ownership structure, control power and performance is estab- lished to explain ST phenomenon in private listed company in China. In the model, indexes to control measure are selected from the perspective of ownership structure, and yield of main busi- ness, namely management fee deride main business revenue is regarded as the influence degree of control on performance. The results show that ST is significant positive related with company ownership structure and the reduction of the biggest shareholder＇s control on the directorate and general manager. So the control power of biggest shareholder should be strengthened, and the control right should be consistent with ownership structure.