引入外资股东对企业绩效的影响.doc

引入外资股东对企业绩效的影响 ——基于四机赛瓦的案例分析 摘要 中国近三十年来的持续快速的经济增长主要得益于1978年以来的改革开放政策,在这一过程中,最重要的方面之一在于对计划经济体制下的国有公司进行产权制度改革,并逐步建立起了不断完善的现代公司制度以及市场经济体制。其中,对外开放政策无疑为外国资本进入中国市场提供了可能,特别地,近几年中可以观察到一个显著的经济现象:越来越多的外国资本进入中国并持有中国上市公司的股份,从而对中国上市公司绩效,以及中国的公司治理和金融市场产生了重要影响。可以推断,随着中国改革开放政策的不断深入,在未来还将有更多的外资进入中国资本市场并持有更多的股份。从理论上讲,外资持有中国上市公司股份必将对中国上市公司业绩产生重要影响,但是,由于中国的金融体制并不健全、市场经济体制还不够完善以及现代公司制度的不成熟等现实,还无法简单地判断外资持股对公司业绩到底会产生什么样的影响,以及不同的外资持股会产生什么样的不同影响,更不能简单地根据现有的理论去推导或者根据以成熟市场经济体制下的现代公司为对象的研究结果来推断中国的现实,更何况,即使是针对成熟市场经济的相关研究,也依然存在很多的争议。在这种情况下,外资持有中国上市公司的股份显然具有非同一般的经济意义。 关键词；四机赛瓦：外资股东：企业绩效 Abstract In 1978 since the reform and open policy Chinese nearly thirty years of sustained and rapid economic growth mainly because, in this process, one of the most important aspects in the reform of property right system under the planned economy of the State-Owned Company, and gradually establish a continuous improvement of Modern Corporation system and market economy system. Among them, the opening-up policy is to provide a possible, foreign capital to enter the China market in particular, in recent years can be observed a significant economic phenomenon: more and more foreign capital to enter the Chinese and hold China shares in the listing Corporation, so as to Chinese performance of listing Corporation, has produced important influence and China corporate governance and financial market. Can be inferred Chinese, along with the deepening of reform and opening up, in the future there will be more foreign investment into China capital market and hold more shares. Theoretically speaking, foreign holdings Chinese listing Corporation shares will have important influence on China listing Corporation performance, but, because of Chinese financial system is not perfect, the market economy system is not perfect and the Modern Corporation system is not mature and realistic, foreign ownership on the performance of the company what will produce what kind of effect is not simply to