基于企业性质的股权结构与绩效关系的研究
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摘要
随着市场经济的发展，资本市场作为资源配置的一种有效手段，其重要性越来越凸显。然而，目前我国上市公司绩效普遍比较低下，严重制约了资本市场的发展。因此研究影响上市公司绩效的因素具有非常重要的现实意义。而公司绩效影响因素的研究是一项复杂的系统性工程，理论界对公司绩效的研究多关注于公司治理因素，很少有基于企业性质探讨股权结构与绩效的关系。因此，本文以企业性质为切入点，通过理论和实证研究上述关系，并提出完善股权结构的建议，以提升上市公司的绩效。
本文回顾了股权结构与企业绩效相关的文献，结合我国上市公司的实际情况，从企业产权性质，最终股权结构和市场结构三个方面探讨了我国上市公司股权结构与绩效的关系。首先，从静态和动态的角度研究了企业产权性质对企业绩效的影响，在此基础上以企业产权性质为出发点对公司股权结构与企业绩效关系进行了实证研究，建立了民营上市公司股权结构与企业绩效的关系。接着，本文详尽分析了我国上市公司股权结构的内在特征，提出了最终股权结构概念，分析了不同最终产权所有者对绩效的影响，最终股权结构下的控股模式对绩效的影响，并建立了国有上市公司最终产权所有者下的股权结构与企业绩效的关系。最后，根据我国转轨经济的特征，把市场结构引入到研究的领域。系统分析了股权结构、市场结构与企业绩效的关系，在此基础上最终建立了我国民营与国有上市公司股权结构与企业绩效内在统一关系。
本文在前面的研究基础上，先后解剖了四通、夏利和天发公司，以案例研究的方法分别从三个角度实证了股权结构与企业绩效的关系，这样较好地支持了本文的研究结论。
The development of market economy has brought the capital market into prominence which is regarded as an efficient measure to allocate resources. However, the listed companies in China are universally of low firm performance, which to a great extent restricts the development of capital market. Hence, it is of great practical significance to study the factors that influence the firm performance of the listed companies. Generally speaking, in theory world much more attention has been attached to studying the management of companies than to exploring the relationship between the ownership structure and the firm performance according to the firm nature. Therefore, Based on firm nature, this thesis studies the above-mentioned relationship through related theories and examples and forwards suggestions to improve ownership structure so as to improve the firm performance of listed companies.
By consulting the documents concerning ownership structure and firm performance and studying the reality of the listed companies in China, the thesis explores the relationship between ownership structure and firm performance of those listed companies in the following three aspects. First, it studies the influence of firm property right nature on the firm performance from the static and dynamic angles and on the basis of it establishes the relationship of private ownership structure and firm performance. Then, this thesis by analyzing in detail the internal features of the ownership structure of the listed companies in China puts forward the concept of ultimate ownership structure and by analyzing the influence on firm performance brought by different ultimate property owners sets up the relationship of ultimate property owners of the national listed companies and firm performance. Finally, this thesis proposes that according to the characteristics of China transition economy, market structure should be introduced to the research field and with the systematic analysis of the relationship among ownership structure, market structure and firm performance; it eventually builds the inner relationship mode between ownership
structure and firm performance of listed companies in China.
In addition to what has been discussed above, this thesis also analyzes three famous companies: Stone Co., Xiali Co. and Tianfa Company to exemplify the relationship mode between ownership structure and firm performance, which gives a solid support to the conclusion this thesis draws.
本文回顾了股权结构与企业绩效相关的文献，结合我国上市公司的实际情况，从企业产权性质，最终股权结构和市场结构三个方面探讨了我国上市公司股权结构与绩效的关系。首先，从静态和动态的角度研究了企业产权性质对企业绩效的影响，在此基础上以企业产权性质为出发点对公司股权结构与企业绩效关系进行了实证研究，建立了民营上市公司股权结构与企业绩效的关系。接着，本文详尽分析了我国上市公司股权结构的内在特征，提出了最终股权结构概念，分析了不同最终产权所有者对绩效的影响，最终股权结构下的控股模式对绩效的影响，并建立了国有上市公司最终产权所有者下的股权结构与企业绩效的关系。最后，根据我国转轨经济的特征，把市场结构引入到研究的领域。系统分析了股权结构、市场结构与企业绩效的关系，在此基础上最终建立了我国民营与国有上市公司股权结构与企业绩效内在统一关系。
本文在前面的研究基础上，先后解剖了四通、夏利和天发公司，以案例研究的方法分别从三个角度实证了股权结构与企业绩效的关系，这样较好地支持了本文的研究结论。
The development of market economy has brought the capital market into prominence which is regarded as an efficient measure to allocate resources. However, the listed companies in China are universally of low firm performance, which to a great extent restricts the development of capital market. Hence, it is of great practical significance to study the factors that influence the firm performance of the listed companies. Generally speaking, in theory world much more attention has been attached to studying the management of companies than to exploring the relationship between the ownership structure and the firm performance according to the firm nature. Therefore, Based on firm nature, this thesis studies the above-mentioned relationship through related theories and examples and forwards suggestions to improve ownership structure so as to improve the firm performance of listed companies.
By consulting the documents concerning ownership structure and firm performance and studying the reality of the listed companies in China, the thesis explores the relationship between ownership structure and firm performance of those listed companies in the following three aspects. First, it studies the influence of firm property right nature on the firm performance from the static and dynamic angles and on the basis of it establishes the relationship of private ownership structure and firm performance. Then, this thesis by analyzing in detail the internal features of the ownership structure of the listed companies in China puts forward the concept of ultimate ownership structure and by analyzing the influence on firm performance brought by different ultimate property owners sets up the relationship of ultimate property owners of the national listed companies and firm performance. Finally, this thesis proposes that according to the characteristics of China transition economy, market structure should be introduced to the research field and with the systematic analysis of the relationship among ownership structure, market structure and firm performance; it eventually builds the inner relationship mode between ownership
structure and firm performance of listed companies in China.
In addition to what has been discussed above, this thesis also analyzes three famous companies: Stone Co., Xiali Co. and Tianfa Company to exemplify the relationship mode between ownership structure and firm performance, which gives a solid support to the conclusion this thesis draws.
引文
[1] Chen Jian, Ownership Structure as Corporate Governance Mechanism: Evidence from Chinese Listed Companies, Economics of Planning, 2001 ,Vol.34,No. 1/2.
[2] Coase, Ronald.H, The Nature of the Firm, Economica, 1937(Ⅳ):368-405.
[3] Coase, Ronald.H, The Problem of Social Costs, Journal of Law and Economics, 1960, 3(1):1-44.
[4] Coase, Ronald.H. The Firm, the Market and the Law, Chicago: University of Chicago press, 1988.
[5] Demsetz, H.Lehn K., The Structure of Corporate Ownership: Causes and Consequences, Journal of Political Economy, 1985.
[6] Harold Demsetz,Belen Villalonga, Ownership Structure and Corporate Performance, Journal of Corporate Finance,2001, (7):209-233.
[7] Harold Demsetz and Belen Villalonga, Ownership Structure and Corporate Control, Journal of Corporate Finance, 2001, Vol.7:209-233.
[8] Huimin Cui, Y.T.Mak, the Relationship between Managerial ownership and firm Performance in High R&D Firms, Journal of Corporate Finance, 2003, 8(2002):313-336.
[9] Jensen, M., TheModern Industrial Revolution Exit and the Failure of Internal Control Aystems, Journal of Finance 1993,(48):831-880.
[10] Jesen, M.mMeckling, W., Theory of the Firm: managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics 1976, (3):305-360.
[11] La Porta, Rafael, and Florencio Lopez Silanes, The Benefits of Privatization: Evidence from Mexico, Quarterly Journal of Economics, 1999, (4): 1193-1242.
[12] La Porta, R., Corporate Ownership Around the World, Ner Working Paper, 1998.
[13] Leech, D., Leahy J, Ownership Structure, Control Type Classifications and the Performance of Large British Companies, The Economic Journal, 1991, Vol, . 101, No.409:1418-1437.
[14] Myeong-Hyeon Cho, Ownership Structure Investment and Corporate Value an Empirical Analysis, Journal of Financial Economics 1998,(47): 103-121.
[15] Oliver Hart, An Economist's Perspective on the Theory of the Firm, Columbia Law Review, 1989.
[16] Shleifer, A., Vishny RW., A Survey of Corporate Governance, Journal of Finace, 1997, 52(2):737-783.
[17] Shuo Wu and Hong Cui, Ownership Structure and Corporate Performance: Evidence from the Mainland China, Conference Paper Annual Meeting, 2002.
[18] Xu Xiaonian and Yan Wang, Ownership Structure, Corporate Governance, and Corporate Performance: The Case of Chinese Stock Companies, Policy Research Working Paper, THE World Bank, Economic Development Institute, June, 1997.
[19] Xu, Xiaonian, and Wang, Yan, Ownership Structure and Corporate Governance in Chinese Stock Companies, China WconomicReview1999, (10):75-98.
[20] Y.T.Mak, Yunan Li, Determinants of Corporate Ownership and Board Structure Evidence from Singapore, Journal of corporate Finacce ,2001, (7):235-256.
[21] Zhang Weiying, Decision Rights, Residual Claim and Performance: A Theory of How the Chinese Economy Works, Mineo, Nuffield College, Oxford University, 1993.
[22] Zuobao Wei, Oscar Varela, State Equity Ownership and Firm Market Performance Evidence from China's Newly Privatized Firms, Global Finance Journal 2003, (14):65-82.
[23] 科斯、阿尔钦等，《财产权利与制度变迁》，上海：上海人民出版社，1994年。
[24] 常键，我国上市公司业绩决定机制实证分析，《管理世界》，2003(5)：109-116。
[25] 陈贵佳，我国不同所有制企业治理结构的比较与改善，《中国工业经济》，2001(7)：23-30
[26] 陈晓、江东，股权多元化、公司业绩与行业竞争性，《经济研究》，2000(8)：28-35。
[27] 陈小悦、徐晓东，股权结构、企业绩效与投资者利益保护，《经济研究》，2001(11)：3-11。
[28] 道格拉斯．C．诺斯，《经济史中的结构与变迁》，上海：上海三联出版社，1994年。
[29] 道格拉斯．C．诺斯，罗伯特．托马斯，《西方世界的兴起》，北京：华夏出版社，1999年。
[30] 杜莹、刘立国，股权结构与公司治理效率，中国上市公司的实证分析，《管理世界》，2002(11)：124-133。
[31] 郭励弘，正确认识我国“国资”的产权归属，《经济社会体制比较》2003(3)：59-62。
[32] 何浚，上市公司治理结构的实证分析，《经济研究》，1998(5)：46-49。
[33] 胡书东，《经济发展中的中央与地方关系—中央财政制度变迁研究》，上海：上海三联出版社，2001年。
[34] 华锦阳，论公司治理的功能体系及对我国上市公司的实证分析，《管理世界》，
2003(1)：127-132。
[35]江小涓，《体制转轨中的增长、绩效与产权组织变化，对中国若干行业的实证研究》，上海：上海三联出版社，1999年。
[36]李涛，混合所有制公司中的国有股权—论国有股减持的理论基础，《经济研究》，2002(8)：19-27。
[37]刘小玄，中国转轨经济中的产权结构和市场结构，《经济研究》，2003(1)：21-29。
[38]林毅夫，蔡昉，李周，《中国的奇迹，发展战略与经济改革》(增订版)，上海：上海三联出版社，1999年第二版。
[39]林毅夫，李周，《中国国有企业改革》，香港：中文大学出版社，1999年。
[40]路易斯．普特曼编，《企业的经济性质》，上海：上海财经大学出版社，2000年。
[41]平新乔，中国国有资产控制方式与控制力的现状，《经济社会体制比较》，2003(3)：63-68。
[42]孙永祥，《公司治理结构，理论与实证研究》，上海：上海三联出版社，2002年。
[43]孙永祥、黄祖辉，上市公司股权结构与绩效，《经济研究》，1999(12)：23-30。
[44]魏杰，国有投资公司治理结构的特点研究，《管理世界》，2001(1)：97-104。
[45]魏后凯，中国制造业集中度与市场结构分析，《管理世界》，2002(4)：63-71。
[46]吴淑琨，股权结构与公司绩效的研究，《中国工业经济》，2002(1)：80-87。
[47]许小年，以法人机构为主体建立公司治理机制和资本市场，《改革》，1997(5)：13-17。
[48]徐晓东、陈小悦，第一大股东对公司治理、企业业绩的影响分析，《经济研究》，2003(2)：64-74。
[49]于东智，股权结构、治理效率与公司绩效，《中国工业经济》，2001(5)：54-62。
[50]张红军，中国上市公司股权结构与公司绩效的理论及实证分析，《经济科学》，2000(4)：34-43。
[51]张维迎，《企业的企业家—契约理论》，上海：上海三联出版社，1995年。
[52]张维迎，《企业理论与中国企业改革》，北京：北京大学出版社，1999年。
[53]赵旭，对民营上市公司绩效的实证分析与评价，《中国工业经济》，2000(10)：78-80。
[54]朱宝宪，1998年中国上市公司并购实践的效应分析，《经济研究》，2002(11)：20-26。
[55]朱武祥、宋勇，股权结构与企业价值—对家电行业上市公司实证分析，《经济研究》，2001(12)：66-72。
[2] Coase, Ronald.H, The Nature of the Firm, Economica, 1937(Ⅳ):368-405.
[3] Coase, Ronald.H, The Problem of Social Costs, Journal of Law and Economics, 1960, 3(1):1-44.
[4] Coase, Ronald.H. The Firm, the Market and the Law, Chicago: University of Chicago press, 1988.
[5] Demsetz, H.Lehn K., The Structure of Corporate Ownership: Causes and Consequences, Journal of Political Economy, 1985.
[6] Harold Demsetz,Belen Villalonga, Ownership Structure and Corporate Performance, Journal of Corporate Finance,2001, (7):209-233.
[7] Harold Demsetz and Belen Villalonga, Ownership Structure and Corporate Control, Journal of Corporate Finance, 2001, Vol.7:209-233.
[8] Huimin Cui, Y.T.Mak, the Relationship between Managerial ownership and firm Performance in High R&D Firms, Journal of Corporate Finance, 2003, 8(2002):313-336.
[9] Jensen, M., TheModern Industrial Revolution Exit and the Failure of Internal Control Aystems, Journal of Finance 1993,(48):831-880.
[10] Jesen, M.mMeckling, W., Theory of the Firm: managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics 1976, (3):305-360.
[11] La Porta, Rafael, and Florencio Lopez Silanes, The Benefits of Privatization: Evidence from Mexico, Quarterly Journal of Economics, 1999, (4): 1193-1242.
[12] La Porta, R., Corporate Ownership Around the World, Ner Working Paper, 1998.
[13] Leech, D., Leahy J, Ownership Structure, Control Type Classifications and the Performance of Large British Companies, The Economic Journal, 1991, Vol, . 101, No.409:1418-1437.
[14] Myeong-Hyeon Cho, Ownership Structure Investment and Corporate Value an Empirical Analysis, Journal of Financial Economics 1998,(47): 103-121.
[15] Oliver Hart, An Economist's Perspective on the Theory of the Firm, Columbia Law Review, 1989.
[16] Shleifer, A., Vishny RW., A Survey of Corporate Governance, Journal of Finace, 1997, 52(2):737-783.
[17] Shuo Wu and Hong Cui, Ownership Structure and Corporate Performance: Evidence from the Mainland China, Conference Paper Annual Meeting, 2002.
[18] Xu Xiaonian and Yan Wang, Ownership Structure, Corporate Governance, and Corporate Performance: The Case of Chinese Stock Companies, Policy Research Working Paper, THE World Bank, Economic Development Institute, June, 1997.
[19] Xu, Xiaonian, and Wang, Yan, Ownership Structure and Corporate Governance in Chinese Stock Companies, China WconomicReview1999, (10):75-98.
[20] Y.T.Mak, Yunan Li, Determinants of Corporate Ownership and Board Structure Evidence from Singapore, Journal of corporate Finacce ,2001, (7):235-256.
[21] Zhang Weiying, Decision Rights, Residual Claim and Performance: A Theory of How the Chinese Economy Works, Mineo, Nuffield College, Oxford University, 1993.
[22] Zuobao Wei, Oscar Varela, State Equity Ownership and Firm Market Performance Evidence from China's Newly Privatized Firms, Global Finance Journal 2003, (14):65-82.
[23] 科斯、阿尔钦等，《财产权利与制度变迁》，上海：上海人民出版社，1994年。
[24] 常键，我国上市公司业绩决定机制实证分析，《管理世界》，2003(5)：109-116。
[25] 陈贵佳，我国不同所有制企业治理结构的比较与改善，《中国工业经济》，2001(7)：23-30
[26] 陈晓、江东，股权多元化、公司业绩与行业竞争性，《经济研究》，2000(8)：28-35。
[27] 陈小悦、徐晓东，股权结构、企业绩效与投资者利益保护，《经济研究》，2001(11)：3-11。
[28] 道格拉斯．C．诺斯，《经济史中的结构与变迁》，上海：上海三联出版社，1994年。
[29] 道格拉斯．C．诺斯，罗伯特．托马斯，《西方世界的兴起》，北京：华夏出版社，1999年。
[30] 杜莹、刘立国，股权结构与公司治理效率，中国上市公司的实证分析，《管理世界》，2002(11)：124-133。
[31] 郭励弘，正确认识我国“国资”的产权归属，《经济社会体制比较》2003(3)：59-62。
[32] 何浚，上市公司治理结构的实证分析，《经济研究》，1998(5)：46-49。
[33] 胡书东，《经济发展中的中央与地方关系—中央财政制度变迁研究》，上海：上海三联出版社，2001年。
[34] 华锦阳，论公司治理的功能体系及对我国上市公司的实证分析，《管理世界》，
2003(1)：127-132。
[35]江小涓，《体制转轨中的增长、绩效与产权组织变化，对中国若干行业的实证研究》，上海：上海三联出版社，1999年。
[36]李涛，混合所有制公司中的国有股权—论国有股减持的理论基础，《经济研究》，2002(8)：19-27。
[37]刘小玄，中国转轨经济中的产权结构和市场结构，《经济研究》，2003(1)：21-29。
[38]林毅夫，蔡昉，李周，《中国的奇迹，发展战略与经济改革》(增订版)，上海：上海三联出版社，1999年第二版。
[39]林毅夫，李周，《中国国有企业改革》，香港：中文大学出版社，1999年。
[40]路易斯．普特曼编，《企业的经济性质》，上海：上海财经大学出版社，2000年。
[41]平新乔，中国国有资产控制方式与控制力的现状，《经济社会体制比较》，2003(3)：63-68。
[42]孙永祥，《公司治理结构，理论与实证研究》，上海：上海三联出版社，2002年。
[43]孙永祥、黄祖辉，上市公司股权结构与绩效，《经济研究》，1999(12)：23-30。
[44]魏杰，国有投资公司治理结构的特点研究，《管理世界》，2001(1)：97-104。
[45]魏后凯，中国制造业集中度与市场结构分析，《管理世界》，2002(4)：63-71。
[46]吴淑琨，股权结构与公司绩效的研究，《中国工业经济》，2002(1)：80-87。
[47]许小年，以法人机构为主体建立公司治理机制和资本市场，《改革》，1997(5)：13-17。
[48]徐晓东、陈小悦，第一大股东对公司治理、企业业绩的影响分析，《经济研究》，2003(2)：64-74。
[49]于东智，股权结构、治理效率与公司绩效，《中国工业经济》，2001(5)：54-62。
[50]张红军，中国上市公司股权结构与公司绩效的理论及实证分析，《经济科学》，2000(4)：34-43。
[51]张维迎，《企业的企业家—契约理论》，上海：上海三联出版社，1995年。
[52]张维迎，《企业理论与中国企业改革》，北京：北京大学出版社，1999年。
[53]赵旭，对民营上市公司绩效的实证分析与评价，《中国工业经济》，2000(10)：78-80。
[54]朱宝宪，1998年中国上市公司并购实践的效应分析，《经济研究》，2002(11)：20-26。
[55]朱武祥、宋勇，股权结构与企业价值—对家电行业上市公司实证分析，《经济研究》，2001(12)：66-72。