摘要
本文运用随机前沿分析模型实证分析了不同形式的股权集中方式对企业效率的影响,结果表明,股权集中度对企业效率的提高起到明显的促进作用;就股权集中方式而言,股权向多个大股东集中对企业效率提升的影响比向单个最大股东集中更显著。文章提出,中国企业目前还处于"大股东治理"阶段,政府应着力完善大股东治理的监督机制,保护中小投资者的权益,提高公司治理水平。
The authors believe that share concentration has a distinctively positive effect on the promotion of firm＇s efficiency. As far as the pattern of share concentration is concerned, the authors＇ study shows that share concentrated within top ten shareholders is more distinctively effective on the promotion of firm＇s efficiency than the one concentrated by a single large shareholder. Further, it is testified in our study that Chinese enterprises are still in their large shareholder governance stage. How to perfect the large shareholder governance mechanism is becoming a key to the practice of Chinese corporate governance.
出处
《中国流通经济》
CSSCI
北大核心
2009年第12期39-42,共4页
China Business and Market
基金
中国博士后基金资助项目"地区专业化与产业集聚的形成机制及对效率影响研究"(项目编号:20090450510)
广东省自然科学基金"珠江三角洲产业转移动因及互动机制研究"(项目编号:9151802904000003)
贵州省教育厅高校人文社会科学研究项目"贵州省高科技产业国际竞争力研究"(项目编号:08SSD014)的部分成果
关键词
股权集中度
随机前沿分析
企业效率
share concentration
stochastic frontier model
firm＇s efficiency
