股权结构、信息透明度与公司绩效——基于深市A股上市公司的实证分析

发布时间：2018-03-14 06:01

本文选题：股权结构　切入点：信息透明度　出处：《经济与管理评论》2017年04期 　论文类型：期刊论文

【摘要】：以2007-2013年深圳证券交易所主板上市公司为样本,利用差分广义矩估计法考察股权结构对信息透明度和公司绩效的传导影响机制。研究结论如下:(1)第一大股东与公司绩效表现为正相关关系;第一大股东控制能力对公司绩效的影响不显著。(2)国有股比例的增加有利于公司绩效的提高;法人股注重公司成长,其会降低代理人的代理成本,从而有助于公司绩效的提高;由于流通股股东存在消极监管倾向,所以流通股比例的增加不利于公司绩效的提高。(3)第一大股东持股比例的增加促进了信息透明度对公司绩效的提升作用;第一大股东控制能力不会显著影响信息透明度与公司绩效的正向关系。(4)国有股比例的增加显著促进了信息透明度对公司绩效的提升作用;法人股对信息透明度提高公司绩效的作用并不显著;流通股比例对信息透明度与公司绩效的正向关系有显著的抑制作用。
[Abstract]:Taking the Shenzhen Stock Exchange's main Board listed companies from 2007 to 2013 as a sample, The differential generalized moment estimation method is used to investigate the transmission mechanism of ownership structure on information transparency and corporate performance. The conclusions are as follows: 1) the first shareholder is positively correlated with corporate performance; The increase of the proportion of state-owned shares is conducive to the improvement of corporate performance, the legal person shares pay attention to the growth of the company, which will reduce the agency costs of agents, thus contributing to the improvement of corporate performance. Because of the negative supervision tendency of the circulating shareholders, the increase of the proportion of circulating shares is not conducive to the improvement of corporate performance. (3) the increase of the proportion of the first largest shareholder promotes the promotion of information transparency to the performance of the company; The control ability of the first largest shareholder will not significantly affect the positive relationship between information transparency and corporate performance. The increase of the proportion of state-owned shares significantly promotes the promotion of information transparency to corporate performance; The effect of corporate shares on information transparency is not significant, while the proportion of circulating shares has a significant inhibition on the positive relationship between information transparency and corporate performance.
【作者单位】：江苏理工学院商学院;常州大学怀德学院;
【基金】：教育部人文社会科学项目“新常态下政府在企业慈善捐赠中的作用机理、职能定位、实现路径与对策研究”(项目编号:15YJC840033) 江苏省社会科学基金项目“汇率和货币政策叠加效应下集团公司流动性头寸选择”(项目编号:15EYB012) 江苏理工学院社会科学基金项目“汇率和货币联动效应下集团公司理念持有”(项目编号:KYY15523);江苏理工学院国家社科基金培育项目“货币供给侧改革下的集团现金持有和创新投资质量研究”(项目编号:KYY16568)的阶段性成果
【分类号】：F271;F275;F832.51

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