股权结构与公司绩效研究综述.doc

股权结构的陷阱 宋敏张俊喜李春涛我们感谢香港大学经济及工商管理学院中国金融研究中心( HYPERLINK http://www.econ.hku.hk/ccfrwww.econ.hku.hk/ccfr )的资助。作者简介：李春涛是香港大 学经济金融学院的傅士生;宋敏和张俊喜都是香港大学经济金融学院教授,障上生导师。宋敏教授同时兼任香港犬学 经济及匸商管理学院中国金融研究中心主任，两人最近双双荣登世界最著名的500经济学家。联系作者，李春涛, RMI 我们感谢香港大学经济及工商管理学院中国金融研究中心( HYPERLINK http://www.econ.hku.hk/ccfrwww.econ.hku.hk/ccfr )的资助。作者简介：李春涛是香港大 学经济金融学院的傅士生;宋敏和张俊喜都是香港大学经济金融学院教授,障上生导师。宋敏教授同时兼任香港犬学 经济及匸商管理学院中国金融研究中心主任，两人最近双双荣登世界最著名的500经济学家。联系作者，李春涛, RMI122, K.K.Leung Building, the Univ, of H.K., Pokfulam RD. Pokfulam, H.K.; Tel: 852 Email: HYPERLINK mailto:chll@econ.hku.hkechll@econ.hku.hke A Trap inside the Ownership Abstract This research examines how ownership structure and contlicts of interests among the largest shareholders under a poor corporate governance system affect firms performance in China? By employing an unbalanced panel sample of more than one thousand listed firms in the past three years, this paper studied the relationship through intensive modeling. After controlling both the industrial and firm level fixed effect and endogenily problem of ownership. we find the following results: (1) Large shareholders other than the controlling shareholder play an important monitoring role in corporate governance; (2) The effect of the controlling shareholder is U-shaped; (3) Firms issue foreign shares perform better than those not; (4) Government controlled firms arc valued lower. Those results can be viewed as a general result of previous research on Chinas ownership and firm performance? By taking account the illiquid share discount, this paper finds that the currern shareholding structure is the main reason to he blamed for the low performance of Chinas public listed firms. Keywords: Shareholding Structure Corporate Performance Tobins Q 股权结构的陷阱 摘要 本文研究了在一个相对落后的公司治理环境中，股权结构和大股东之间的利益冲突对中国上市公司业绩的影响。 通过研究沪深两市一千多家上市公司过去三年的非平衡纵列样木，木文利用一系列模型对这一关系进行了深入的分 析。在控制了行业和公司层面的固定效应、股权结构内生性的基础上，木文得出如下结论：(1)控股股东持股率对公 司业绩的影响为非线性的，显示出控股股东监替和隧道效应并存的双重效应；(2)非控股大股东对控股股东和管理层 有显著的临控和制衡作用；