摘要
以2008—2019年林业上市公司为样本,从企业社会责任角度出发,实证分析林业上市公司的股权结构与企业财务绩效间的影响关系。结果表明:林业上市公司股权结构对绩效有显著的正向促进作用;企业社会责任在股权结构与企业绩效间的关系中存在负向调节作用,股权集中度较股权制衡度表现得更为明显。因此,为提升林业企业绩效,应控制良好的股东制衡机制、适度调节企业社会责任履行力度。
⑴Background——At present,many listed companies still have some problems,such as unclear equity responsibilities,equity separation and so on.Forestry listed companies play an important role in economic development and ecological environmental protection and so on.Therefore,through the reasonable adjustment of the ownership structure of enterprises,it can effectively solve the problems such as the weak foundation of forestry enterprises and the unclear responsibility of ownership,promote the development of forestry industry.⑵Methods——Taking the relevant data of 25 listed forestry companies from 2008 to 2019 as sample data,taking corporate financial performance as the explained variable,equity checks and balances and equity concentration of forestry companies as independent variables,corporate social responsibility as the regulatory variable,and company size,company nature,and company location as the control variables,this paper empirically analyzes the relationship between ownership structure and corporate performance of forestry listed companies,and tests its stability.⑶Results——Equity concentration and corporate financial performance below the significant level of 1%shows that equity concentration of listed companies in the industry has a significant positive effect on financial performance.The degree of equity balance and financial performance below the significant level of 5%shows that it can effectively promote the performance of forestry enterprises.Some listed forestry companies have formed the development path of“pyramid”group.The major shareholders seek private interests through tunnel behavior by relying on the separation of control power and cash flow power,at the expense of the interests of the minority shareholders at the bottom of the pyramid,which affects the stable development of enterprises.The excessively dispersed shareholder structure will reduce the decision-making efficiency of enterprises,and then affect the performance of enterprises.Therefore,the establishment of a good and effective equity balance mechanism is very important for the development of enterprises.The significance level of social responsibility,ownership concentration degree and ownership balance degree is 5%and 10%respectively,indicating that the social responsibility of forestry listed companies has an indirect negative moderating effect on the relationship between the two.The ultimate goal of decentralizing shareholders is to maximize their own interests,and there is no need to bear the pressure of fulfilling social responsibility,so social responsibility does not bring positive performance among shareholders in checks and balances.Therefore,the diversified management objectives of forestry enterprises are more complex and comprehensive,and the traditional methods are difficult to balance the interests of all parties,which affects the quality of corporate social responsibility disclosure,and thus affects enterprise performance.⑷Conclusions and Discussions——The higher shareholding of the largest shareholder in forestry listed companies,the better the enterprise performance will be.Social responsibility plays a negative role in the relationship between ownership structure and performance,and the effect is stronger in state-owned forestry enterprises than in non-state-owned enterprises.In this regard,the following suggestions are put forward:First,it is suggested to properly increase the proportion of the largest shareholder and minority shareholders.Second,it is necessary to strengthen the supervision of“pyramid”structure of enterprises,and to improve the level of governance.Thirdly,enterprises are expected to reasonably strengthen their awareness of social responsibility according to their own situations,to accumulate corporate moral capital and to enhance their comprehensive competitive strength,so as to ensure the long-term and stable development of enterprises.
作者
闵雪
耿玉德
MIN Xue;GENG Yude(College of Economics and Management,Northeast Forestry University,Harbin 150040,China)
出处
《林业经济问题》
北大核心
2021年第5期497-502,共6页
Issues of Forestry Economics
关键词
林业上市公司
股权结构
企业社会责任
forestry listed company
shareholding structure
corporate social responsibility
