网络结构与国有资本的影响力及控制力

发布时间：2018-03-07 16:49

本文选题：网络结构　切入点：国有资本　出处：《经济与管理研究》2017年04期 　论文类型：期刊论文

【摘要】：本文基于复杂网络模型分析A股2 840家上市公司的股东结构发现:在中国上市公司持股网络中,国有资本管理机构基本控制了大型金融资产管理机构。就A股上市公司的股权结构而言,从总体来看其股权结构较为分散;就单一公司来看,第一大股东持股比例普遍较高,且普遍具有绝对控股优势。从市值规模上来看,大型金融机构更偏爱大市值"龙头公司";从行业角度来看,他们更偏爱金融、制造业、医药以及计算机行业。通过对比美国世界五百强企业之间的持股网络结构,发现相对于中国而言,美国企业股权显性复杂度更高,美国大型金融机构较中国同行更青睐于创新型科技企业。
[Abstract]:Based on the complex network model, this paper analyzes the shareholder structure of 2840 A-share listed companies. The state-owned capital management agencies basically control the large financial asset management institutions. In terms of the equity structure of A-share listed companies, the equity structure of the A-share listed companies is generally scattered. In the case of a single company, the proportion of shares held by the largest shareholders is generally high. From the perspective of market value's scale, large financial institutions prefer the "leading companies" of the great market value; from the perspective of the industry, they prefer finance and manufacturing. The pharmaceutical and computer industries. By comparing the shareholding network structure among the top 500 companies in the United States, we find that compared with China, American enterprises have a higher degree of ownership dominance complexity. Big US financial institutions favor innovative technology companies more than their Chinese counterparts.
【作者单位】：北京大学经济学院;北京大学软件与微电子学院;
【基金】：马克思主义理论研究和建设工程重大项目“中国特色的社会主义所有制理论与分配理论”(2015MJD007)
【分类号】：F832.51;F276.1

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