上市公司股权集中度与经营绩效关系的行业特征分析

本文利用上海证券交易所采掘、电力和煤气行业的40家及批发、零售贸易业,电子信息产业的91家上市公司的数据,在进行适当的筛选和剔除之后,对它们2003年至2005年三年的数据进行了实证研究。结果表明,在不同的行业特征条件下,股权集中度对公司经营绩效的影响是不同的:在竞争性行业的上市公司中,股权相对集中,且有若干个大股东的股权集中度有利于公司绩效的提升;在垄断性行业的上市公司中,则是较高的股权集中度有利于公司绩效的提升,无论是第一大股东、前五大股东或前十大股东的持股比例都应保持较高水平。这些实证结果为完善我国的上市公司治理提供了有益的启示。

Analysis of Industrial Characteristics on the Relation Between Ownership Concentration and Performance of Listed Companies

Based on the selected information of 40 companies including mining,electricity and gas as well as 91 listed companies including wholesale and retail business together with electronics and information industry,which represent monopoly industry and competitive industry respectively,an empirical study has been done according to the data during 2003-2005.It draws the conclusion that ownership concentration has different influence on corporate performance under the circumstance of different industrial characteristics.That is to say,relatively high ownership concentration and major stock holders are helpful to corporate performance in the listed companies of competitive industries,while the higher ownership concentration promotes corporate performance in listed companies of monopoly industries,the proportion of ownership remains higher for the largest share holder,top five holders or top ten holders.The empirical result might provide useful enlightenment to corporate governance of China's listed companies.