摘要
以医药行业79家上市公司为样本,利用2009年到2011年三年的面板数据进行实证分析,分别研究了股权集中度、股权制衡度和股权构成与公司经营绩效的关系。分别以托宾Q值、净资产收益率(ROE)、总资产收益率(ROA)来衡量公司经营绩效。采用多个收益指标作为被解释变量进行分析,使得实证结果稳健性更强。通过对医药行业股权结构对公司经营绩效的影响进行实证分析,得到如下结论:首先,股权性质和托宾Q、ROE均显著正相关,与ROA关系不显著。其次,第一大股东持股比例(TOP1)与公司经营绩效显著负相关。股权集中度和股权制衡度与公司经营绩效存在一个倒U型关系。最后,国有股份比例与公司经营绩效负相关,法人股比例与公司经营绩效正相关,公众股持股比例与公司经营绩效相关性不明显。
79 listed companies are chosen as samples, using the panel data of past three years（ from 2009 to 2011 ）for empirical analysis. The equity property, ownership concentra- tion, equity balance degree and equity structure are used separately to reflect the status of listed companies＇ownership structure. Tobin Q value, ROE, ROA are also used as explained variable, to build the regression model. Through empirical analysis, some conclusions are reached. Firstly, the nature of equity is related to corporate performance with TQ and ROE and has no significant relationship with ROA. Secondly, TOP1 is negatively related with cor- porate performance. Both equity concentration and equity balance degree have inverted u - shaped curve relationship with corporate performance. Thirdly, the proportion of state - owned shares is negatively correlated with corporate performance. Legal person share pro-portion is positively correlated with corporate performance. The relationship between public offerings shareholding and corporate performance is not obvious.
出处
《沈阳理工大学学报》
CAS
2015年第5期88-94,共7页
Journal of Shenyang Ligong University
关键词
医药行业
股权结构
股权集中度
股权制衡度
公司经营绩效
pharmaceutical industry
ownership structure
ownership concentration
equitybalance degree
corporate performance
