酒类上市公司股权集中度与公司绩效关系研究

摘要

China's liquor corporations are facing new opportunities and challenges, which caused the concern of investors of the enterprise, government regulators, media, and public about the governance issues. Ownership structure is the foundation of corporate governance, this paper selects the 2008-2012 years of China's liquor listing corporation equity to make an empirical study on concentration of relevant data, concentration and corporate performance of equity, finds the problems and puts forward policy recommendations. The empirical results show that the degree of ownership concentration influences corporate performance of China's liquor listing corporation, for specific performance: ①was significantly positively related to the proportion of the first shareholder and corporate performance. ②was significantly positively related to the proportion of top five shareholders and corporate performance.③the Z index had no significant effect on corporate performance.%我国酒类企业面临新的机遇与挑战，引发了企业投资者、政府监管部门、媒体，以及社会公众对其治理问题的关注。股权结构是公司治理的基础，本文选取2008-2012年间我国酒类上市公司股权集中度相关数据进行实证研究，探析股权集中度与公司绩效间的关系，从中发现问题并提出政策性建议。实证结果表明，我国酒类上市公司股权集中度影响公司绩效，具体表现为：①第一大股东持股比例与公司绩效显著正相关。②前五大股东持股比例与公司绩效显著正相关。③Z指数对公司绩效无显著影响。