上市公司股权结构与公司绩效实证分析——基于不同行业的考察

摘要

以沪深两市石油化工行业和纺织服装行业214家上市公司为样本,考察不同行业不同竞争性下股权结构与公司绩效之间的关系.实证分析结果表明:股权结构对上市公司绩效的影响随行业竞争性的不同而不同.不同行业股权集中度与公司绩效的关系完全不同,同类型的股东在公司治理中发挥的作用也依行业而定.国有股减持及建立合理的股权结构应考虑不同行业的特点有区别地进行.%This paper takes two hundred and fourteen listed companies in petrified industry and textile industry as researching samples, which listed in Shanghai Securities Exchange and Shenzhen Securities Exchange, to study the relationship between ownership structure and corporate performance under the different industrial competition. The empirical research shows that the effect of ownership structure on corporate performance is different under different industrial competition. The relationship between ownership concentration and Performance vary from one industry to another. In different industries, stockholders of the same type play different role in corporate governance. Reducing proportions of state-owned share and building up a reasonable ownership structure should take the features of different industries into consideration.