上市公司股权结构与公司经营业绩的实证研究——以我国医药行业上市公司为例

Empirical Research on Ownership Structure and Business Performance of Listed Companies——An Empirical Evidence from Medicine Manufacturing Industry of China

摘要: 上市公司股权结构与公司绩效的研究，一直是理论界和实业界研究的热点和难点问题，不同的观点交织碰撞，结论相差甚远。股权结构作为公司产权基础不但决定公司治理的有效性，而且决定公司的经营绩效。只有合理的股权完善公司的治理结构，才能使公司取得良好的经营业绩。中国上市公司股权结构的缺陷是客观存在的，多数相关的实证分析对此进行了印证。本文以医药行业上市公司为样本，采集了2010年的数据，对股权结构与经营绩效进行实证分析后，利用回归分析法得出国有股份比例和流通股比例与公司经营绩效存在负相关关系，法人股份比例、股权集中度与经营绩效存在正相关关的关系。最后，提出优化中国上市公司股权结构，改善公司经营绩效的建议。

Abstract: The relevance of ownership structure and business performance of listed company has always been a hot and difficult problem in theoretical and empirical research, but the conclusions differ greatly as different perspectives on this subject exist. The ownership structure, which is the basis of the corporate property not only decides the effective of the company controlling but also determines the performance of the company. The weaknesses of our domestic listed company exist objectively. This paper makes an empirical analysis of listed medicine company according to the data of 2010. And then it comes to a conclusion that business performance has a negative correlation with the ownership concentration and the proportion of state-owned shares while a positive correlation with the proportion of corporate shares and the proportion of outstanding shares. Finally, the cause of the empirical and the way to improve the business performance are analyzed.