CAJ | 학술논문

股权结构及其对公司业绩的影响是公司治理研究领域的热点问题。不同股权结构类型对公司业绩的影响有显著差异，多个大股东股权结构对公司业绩的影响是本文的研究重点。本文运用股改前后的数据进行实证检验，分析了股改后在多个大股东股权结构下公司股权结构的变化、控股股东类型对公司业绩的影响。通过实证研究发现：股改后，多个大股东股权结构的转变对公司业绩影响不显著；与其他股权结构类型相比较，多个大股东控制下的上市公司业绩较高；控股股东为政府的不利于公司业绩的提高。本文的研究结果对于完善我国资本市场发展、保护投资者利益有重要作用。
고권결구급기대공사업적적영향시공사치리연구영역적열점문제。불동고권결구류형대공사업적적영향유현저차이，다개대고동고권결구대공사업적적영향시본문적연구중점。본문운용고개전후적수거진행실증검험，분석료고개후재다개대고동고권결구하공사고권결구적변화、공고고동류형대공사업적적영향。통과실증연구발현：고개후，다개대고동고권결구적전변대공사업적영향불현저；여기타고권결구류형상비교，다개대고동공제하적상시공사업적교고；공고고동위정부적불리우공사업적적제고。본문적연구결과대우완선아국자본시장발전、보호투자자이익유중요작용。
Under the ownership structure of multi-large shareholder, this paper makes an empirical study of corporate performance, and analyzes the effect of changes of ownership structure and types of controlling shareholders on corporate performance after split share structure reform. Through empirical research, we find that ： the change of muhi-large share- holder ownership structure has no effect on corporate performance after share reform; compared with other ownership structure, the performance of a company under multi-large shareholders is better; when controlling shareholder is the government, it is unfavorable to the improvement of corporate performance. The result of this paper is important to per- fect the development of China＇ s capital market, and protect investors＇ interests.