华东经济管理
華東經濟管理
화동경제관리
East China Economic Management
2015年
5期
169~174
,共null页
股权集中度 公司绩效 主成分分析 回归分析
股權集中度 公司績效 主成分分析 迴歸分析
고권집중도 공사적효 주성분분석 회귀분석
ownership concentration;corporate performance;principal component analysis;regression analysis
为研究股权集中度对公司绩效的影响,文章依据公司治理理论,以我国日用品行业上市公司为研究对象,采用2010-2013年混合样本数据进行回归。得出结论：日用品行业上市公司第一大股东持股比例与公司绩效呈倒＂U＂型关系;前五大股东持股比例与公司绩效间无显著相关关系;股权制衡度与公司绩效呈负相关关系。总之,在改制国有企业占较大比重的日化行业,股权集中度维持在合理区间有利于企业发展,并根据研究结果提出相关的对策建议。
為研究股權集中度對公司績效的影響,文章依據公司治理理論,以我國日用品行業上市公司為研究對象,採用2010-2013年混閤樣本數據進行迴歸。得齣結論：日用品行業上市公司第一大股東持股比例與公司績效呈倒＂U＂型關繫;前五大股東持股比例與公司績效間無顯著相關關繫;股權製衡度與公司績效呈負相關關繫。總之,在改製國有企業佔較大比重的日化行業,股權集中度維持在閤理區間有利于企業髮展,併根據研究結果提齣相關的對策建議。
위연구고권집중도대공사적효적영향,문장의거공사치리이론,이아국일용품행업상시공사위연구대상,채용2010-2013년혼합양본수거진행회귀。득출결론：일용품행업상시공사제일대고동지고비례여공사적효정도＂U＂형관계;전오대고동지고비례여공사적효간무현저상관관계;고권제형도여공사적효정부상관관계。총지,재개제국유기업점교대비중적일화행업,고권집중도유지재합리구간유리우기업발전,병근거연구결과제출상관적대책건의。
In order to study the impact of ownership concentration on corporate performance,the paper,based on the theo-ry of corporate governance,selects Chinese listed companies in commodity industry as the research object,and makes a re-gression analysis on the mixed sample data from 2010 to 2013. The study concludes that：The shareholding ratio of the largest shareholder presents an inverted U-shape relationship with corporate performance in the listed companies of commodity indus-try. The shareholding ratios of top five shareholders do not have a significant relationship with corporate performance. The equi-ty balance degree is negatively correlated with corporate performance. In summary,the ownership concentration maintaining at a rational range is conducive to corporate development in daily chemical industry,which has a large proportion of the re-form of state-owned enterprises. The paper also puts forward some relevant countermeasures based on the study.
