摘要
传统的股权研究中,每一股份的影响力是均衡的,随着持股比例的提升,影响力渐进提升。但公司法、证券法针对某些特殊持股节点的规定,使其影响力不是渐进提升型,而是跃升型的影响。基于上述理解,本文首先利用专家打分对法理造成的部分持股点的影响力进行重新赋值,得出相应的持股影响力,进而选取2012-2017年在创业板上市的353家公司为研究对象,研究了股权影响力集中度、制衡度、高管持股影响力以及机构持股影响力与企业绩效的关系。研究结果表明:股权影响力集中度、高管持股影响力以及机构持股影响力均与企业绩效显著正相关;在私募股权投资基金影响力方面,有私募股权投资基金参与的企业,股权影响力集中度、高管持股影响力以及机构持股影响力与企业绩效的正相关关系更显著,而股权影响力制衡度则相反。
In the traditional equity research,the influence of each share is balanced and gradually increases with the increase of shares.However,the company law and securities law have specific provisions for some special shareholding nodes,which obviously makes its influence not a gradual increase,but a leap.Based on the above understanding,this paper firstly uses expert scoring method to re-value the influence of some stock holding points affected by jurisprudence,and obtains the corresponding influence of stock holding.Then 353 companies listed on GEM from 2012 to 2017 are selected as research objects to study the effects of equity influence concentration,balance degree,executive shareholding influence and institutional shareholding influence on enterprise performance.The results show that the degree of equity influence concentration,executive shareholding influence and institutional shareholding influence are all significantly and positively correlated with enterprise performance.In terms of the influence of private equity investment funds,the degree of equity influence concentration,executive shareholding influence and institutional shareholding influence have a more significant and positive correlation with enterprise performance,while the balance of equity influence is contrary.
作者
吴继忠
王忆莲
WU Ji-zhong;WANG Yi-lian(Business School,University of Shanghai for Science and Technology,Shanghai 200093,China)
出处
《重庆工商大学学报（社会科学版）》
2021年第1期78-87,共10页
Journal of Chongqing Technology and Business University：Social Science Edition
关键词
股权结构
跃升式股权影响力
私募股权投资基金
企业绩效
equity structure
leaping equity influence
private equity investment funds
enterprise performance
