股权结构与公司绩效_外文翻译.doc

译文（字数 4272）：

股权结构与公司绩效：以印度为例

摘 要

任何一家公司的股权结构已经成为公司监管与公司绩效的重要事项。因此，谁拥有公司的股权和股权是如何影响公司价值的已经成为这几十年来学者们的人们话题。在很多成熟市场，股权结构对公司绩效的影响已被解决，但是在像印度等这样的新兴市场，却很少被提及。本文是一个适中的尝试，以提出股权集中度与公司绩效之间的关系的重要性。本文研究股权结构是否会对公司的财务指标和上市公司的市场表现。本文选从BSE的100家公司，来自Bombay证券交易市场选择了98家。数据的截止日期为2009年10月。研究结果表明，高度集中的所有权存在在印度市场结构中。回归分析的结果表明，分散的所有权百分比影响会计绩效指标（即ROA与ROE），但并不一定股票市场表现指标（即P /E和P /Bv的比率），这表明可能有其他因素，如经济，政治，上下文）影响公司的业绩比其他所有制结构。

关键词：所有制结构，企业绩效，公司治理，印度

外文原文（字符数 17082）：

Ownership Structure and Corporate Performance:

 Evidence from India

Abstract

Ownership structure of any company has been a serious agenda for corporate governance and that of performance of a firm. Thus, who owns the firm’s equity and how does ownership affect firm value has been a topic investigated by researchers for decades. Thus, the impact of ownership structure on firm performance has been widely tackled in various developed markets and more recently in emerging markets, but was less discussed before, in India in recent changing environment. This paper is a moderate attempt to address the relationship of ownership structure of the firm and its performance. It investigates whether the ownership type affects some key accounting and market performance indicators of listed firms. The 98 most actively listed companies on BSE 100 indices of Bombay Stock Exchange of India, which constitute the bulk of trading, were chosen to constitute the sample of the study as of end of 2009-10. The findings indicate the presence of highly concentrated ownership structure in the Indian market. The results of the regression analyses indicate that the dispersed ownership percentage influences certain dimensions of accounting performance indicators (i.e. ROA and ROE) but not stock market performance indicators (i.e. P/E and P/BV ratios), which indicate that there might be other factors (economic, political, contextual) affecting firms performance other than ownership 

structure.

Keywords: Ownership structure, corporate performance, corporate governance, India