信息产业股权结构与绩效研究(A股上市公司为例).doc

摘要:公司绩效受很多因素的影响，其中股权结构是重要影响因素。股权结构包括股权属性、股权集中度两个方面。国内外关于股权属性、股权集中度与公司绩效关系的研究观点并不一致，分为三类：正相关、负相关和不相关。本文以我国信息产业的A股上市公司为研究样本，对股权属性、股权集中度与公司绩效的关系作了实证研究。在股权属性与公司绩效方面：国家股与公司绩效是不相关，法人股与公司绩效是正相关，流通股与公司绩效是负相关。股权集中度与公司绩效：第一大股东持股比例与公司绩效不相关，前五大股东持股比例的平方和与公司绩效正相关。因此本文针对我国信息产业的股权结构提出，适当增加法人股，提高中小股东参与公司治理的程度，并建立健全公司治理机制的建议。

关键词：股权结构；公司绩效；股权属性；股权集中度；信息产业

ABSTRACT:Corporate performance is affected by many factors; ownership structure is the important influencing factors. Ownership attributes and ownership concentration are two aspects of ownership structure. The view about the relationship between ownership attributes and corporate performance is not consistent both at home and abroad. So was the relationship between ownership concentration and corporate performance. The view is divided into three types: positive correlation, negative correlation and irrelevant. This paper selects the A-share listed company of information industry of our country as samples, making empirical study on relationship between ownership attributes and corporate performance, ownership concentration and corporate performance. In the aspect of equity property and corporate performance:state shares and corporate performance is not correlated, legal person share is positive correlation with corporate performance, tradable shares is negatively correlated with corporate performance. The ownership concentration and corporate performance: the proportion of the first largest shareholder is not related with corporate performance, sum of squares of the top five shareholders' shareholding is positively related with corporate performance. So this paper suggest: moderately reduce state ownership, increase legal person shares, improve the small and medium shareholders to participate in corporate governance, establish a sound corporate governance mechanism.

Keywords: ownership structure; corporate performance; ownership attributes; ownership concentration; information industry.