摘要
文章以2001-2004年在沪、深两市上市的公司的4385个观测值为样本,研究了第一大股东持股比例与公司经营业绩的关系。研究发现随着第一大股东持股比例的增加,公司经营业绩经历了四个阶段的变化:上升(Ⅰ)、下降(Ⅱ)、再上升(Ⅲ)、再下降(Ⅳ)四个阶段,并且,Ⅲ和Ⅳ两种相反趋势的分水岭在第一大股东持股比例为30%这个点。这个点的发现对于国有股减持和引入股权制衡均具有重要参考价值。此外,本研究还发现,就我国目前上市公司股权结构而言,引入股权制衡对提升经营业绩有积极作用。
Taking 4385 observes of Chinese listed companies in Shanghai Security Exchange Market and Shenzhen Security Exchange Market as a sample, the thesis probes the relationship between the NO. 1 large shareholder＇s shares holdings and the company＇s performance. The study shows that the company＇s performance takes on four phrases： increasing Ⅰ , decreasingⅡ , inereasing Ⅲ and decreasing Ⅳ. The marginal point of inereasing Ⅲ inverted to decreasing Ⅳ is 30% that the NO. 1 large shareholder＇s shares holdings is. In addition, the study also finds the check-and-balance of stock ownership plays a positive role in promoting company＇s performances as the current structures of stock ownership are concerned.
出处
《华东经济管理》
2007年第2期26-30,共5页
East China Economic Management
关键词
第一大股东持股比例
公司业绩
股权制衡
the NO. 1 large shareholder＇s shares holdings
company＇s performance
check-and-balance of stock ownership
