财经理论与实践
財經理論與實踐
재경이론여실천
The Theory and Practice of Finance and Economics
2015年
2期
33~39
,共null页
股权制衡度 竞争性股权 实际控制人 U型关系
股權製衡度 競爭性股權 實際控製人 U型關繫
고권제형도 경쟁성고권 실제공제인 U형관계
Equity restriction ratio; Competitive equity; Actual controller; ＂U-shaped＂relationship
测算股权制衡度时不考虑股东间的关联关系可能引致偏差。鉴此,重新测算了股权制衡度,以2003∽2013年927家A股主板上市公司为样本研究其与公司绩效的关系。结果表明：＂新股权制衡度＂与公司绩效为非线性的U型关系,而＂旧股权制衡度＂与公司绩效为线性关系;[1,2]为股权制衡度对公司绩效影响的灰色区间;股权制衡度与公司绩效的关系受股东持股模式和外部环境影响。研究结果支持条件有效论,适度的股权制衡才能发挥积极作用。
測算股權製衡度時不攷慮股東間的關聯關繫可能引緻偏差。鑒此,重新測算瞭股權製衡度,以2003∽2013年927傢A股主闆上市公司為樣本研究其與公司績效的關繫。結果錶明：＂新股權製衡度＂與公司績效為非線性的U型關繫,而＂舊股權製衡度＂與公司績效為線性關繫;[1,2]為股權製衡度對公司績效影響的灰色區間;股權製衡度與公司績效的關繫受股東持股模式和外部環境影響。研究結果支持條件有效論,適度的股權製衡纔能髮揮積極作用。
측산고권제형도시불고필고동간적관련관계가능인치편차。감차,중신측산료고권제형도,이2003∽2013년927가A고주판상시공사위양본연구기여공사적효적관계。결과표명：＂신고권제형도＂여공사적효위비선성적U형관계,이＂구고권제형도＂여공사적효위선성관계;[1,2]위고권제형도대공사적효영향적회색구간;고권제형도여공사적효적관계수고동지고모식화외부배경영향。연구결과지지조건유효론,괄도적고권제형재능발휘적겁작용。
Deviation may occur in measuring equity restriction ratio,if relationship between shareholders in listed companies is not considered.In view of this,this paper measures the new equity restriction ratio and uses the board panel data of China＇s A-share listed companies during2003-2013 to study the relationship between equity restriction and the firm performance.The results show：firm performance is significant＂U-shaped＂relation with the new equity restriction ratio,while it is linear related with the former equity restriction ratio;There is a grey interval of equity restriction ratio[1,2],where the effect of equity restriction on firm performance is negative;the firm performance shape related with the equity restriction ratio is effected by the shareholders＇ holding pattern and the environment.The conclusion support that the positive effect of equity restriction on the firm performance needs some conditions,which means that equity restriction ratio must be moderate.
