大股东持投比例和公司绩效的因果关系研究——基于我国上市公司面板数据的格兰杰因果检验被引量：7

Study on the Causal Relationship between Proportion of Blockholder and Corporate Performance——Based on Panel-data Granger Causality Tests of Listed Companies in China

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摘要在公司治理的分析框架中股权结构与公司绩效的关系是一个颇具争议的问题,国内外实证研究很多,但实证结果没有得到一致的结论。本文以我国201家上市公司2000～2007年的1608个面板数据为样本,应用新近发展的Panel-Data Granger因果检验方法对大股东持股比例与公司绩效的关系进行检验,发现大股东持股比例和公司绩效之间互为因果。 In the analytical framework for corporate governance, the relationship between ownership structure and corpo- rate performance is a controversial issue, there are a lot of empirical researches at home and abroad, hut empirical re- suits have not been consistent conclusions. In this paper, we use a sample of 1608 panel data of 201 listed companies in China in 2000 -2007 and apply newly developed Panel-Data Granger causality test method to test the relationships be- tween the large shareholding ratio and the corporate performance. We find that the relationship between the proportion of shareholding and corporate performance is bilateral Granger causality.

作者杜沔顾亮

机构地区汕头大学商学院

出处《预测》 CSSCI 北大核心 2010年第3期50-54,共5页 Forecasting

基金广东省自然科学基金资助项目(8151503101000034)

关键词大股东持股比例公司绩效格兰杰因果检验面板数据 proportion of blockholder corporate performance Granger causality tests panel data

分类号 F421.3 [经济管理—产业经济]

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