股权集中度、机构投资者与公司绩效—基于我国A股上市公司的实证研究

Ownership Concentration,Institutional Investor and Firm Performance—Evidence from A-Share Listed Companies

摘要: 本文基于2007~2013年A股上市公司数据，分析我国上市公司的股权结构对公司绩效的影响，其中，从股权集中度、机构投资者持股比例两个角度研究股权结构，发现两者对公司绩效均有积极影响。同时，机构投资者持股比例对国有企业和民营企业绩效影响没有显著差异，但是股权集中度对民营比对国有企业的影响更大，说明大股东的存在有利于民营企业控制权的行使以及公司内部监督。本文的研究为公司股权结构和绩效之间的关系提供了新的证据，对于我们进一步提高公司经营效率具有重要的意义。

Abstract: Based on the A-share public listed companies’ data from 2007 to 2013, the paper analyzes the in-fluence of ownership structure on corporate performance in China. From the perspective of own-ership concentration and institutional investor related to equity structure, the empirical results show that they have positive effects on corporate performance. Meanwhile, the shareholding of institutional investors’ impact on state-owned enterprises and private enterprises does not differ significantly. But the impact of equity concentration on the private enterprises is bigger than that on the state-owned enterprises. It shows that large shareholders are conducive to the internal su-pervision and control of private enterprises. The research concerning the relationship between ownership structure and performance provides new evidence for companies to improve operating efficiency.