摘要
利用净资产收益率与净增加值率作为考察绩效的指标,通过研究上市金融企业的股权及其控制权结构和绩效发现,整体来看,ROE表现较好的上市银行为国有控制但第一大股东控制权较低。银行中国有股控制的四大银行和招商银行效率最高;具有外资成分的银行经济效率最低,没有发现外资对上市银行绩效具有正面贡献;多元持股的银行效率较低。上市券商的净资产收益率和净增加值率与股权结构和终极控制人性质之间不具有规律性,国有控股没有表现出低效率;国有控股企业中,金字塔控股证券机构的效率优于其他控股方式。保险公司中,非国有控制的中国平安的盈利率(ROE)最高,国有控制的中国太保经济效率(净资产收益率)最高。
With the combination of ROE and net added value rate as the indicator of examining performance, by studying the finan- cial listed firms＇ ownership structures and their performance, it reveals that to give a broad overview, listed banks with higher ROE are controlled by government but their largest shareholders gain lower control rights. The four large banks, controlled with state -owned shares as well as China Merchants Bank have the greatest efficiancy among all banks; Banks with foreign investment have the lowest financial efficiency within banks, positive contribution from foreign capital to listed bank＇ s performance were not discovered. Banks with multiple ownerships have relatively lower bank efficiency. Between listed securities companies＇ ROE and their net added value rates, along with ownership structures and the ultimate controller＇ s properties, regularities were not possessed at all. Further, state - owned holdings do not behave poorly in achieving efficiency. Within state - owned holding enterprises, pyramid holding securities organizations＇ yields better efficiency compared to other holding styles structures. In terms of insurance companies, the non - state - owned Company of Ping An has the greatest rate of return, while China Pacific which is state - contrecled has the highest economic efficiency.
出处
《湖南财政经济学院学报》
2015年第5期41-48,共8页
Journal of Hunan University of Finance and Economics
基金
国家社会科学基金项目青年项目"劳动力成本上升支撑经济结构优化的机制与政策影响研究"(项目编号:14CJL011)
关键词
股权结构
所有权绩效
控制权结构
外资绩效
效率比较
ownership structure
ownership performance
control rights structure
foreign investment performance
efficiency comparison
