大股東控制，私有收益與公司績效.doc
約9頁DOC格式手機打開展開
大股東控制，私有收益與公司績效,本文共9頁10000余字大股東控制、私有收益與公司績效摘要：股權結構與公司績效的關系一直是學者關注的問題，本文認為股權結構與公司績效的關系是經(jīng)由中間機制或因素發(fā)生作用的，因此引入大股東的私有收益變量。本文以2000年前上市的公司為樣本，對2001年至2003年的股權結構、關聯(lián)資金往來和公司績效作了實證分析，結果表明我國...
內(nèi)容介紹
此文檔由會員 bshhty 發(fā)布
本文共9頁 10000余字
大股東控制、私有收益與公司績效
摘要：股權結構與公司績效的關系一直是學者關注的問題，本文認為股權結構與公司績效的關系是經(jīng)由中間機制或因素發(fā)生作用的，因此引入大股東的私有收益變量。本文以2000年前上市的公司為樣本，對2001年至2003年的股權結構、關聯(lián)資金往來和公司績效作了實證分析，結果表明我國上市公司的股權結構普遍存在大股東控制，在大股東控制下，容易出現(xiàn)大股東以資金占用等形式獲取私有收益，從而損害公司的經(jīng)營績效的現(xiàn)象。
關鍵詞：股權結構；私有收益；績效
Large Shareholder, Private Benefits and Firm Performance
Abstract: The relationship of ownership structure and firm performance is always the focus of researchers, we believe that the relationship is activated by some mechanisms or factors intermediate, so we introduce the private benefits of corporate control in this study. This study made empirical research on the ownership structure, private benefits and firm performance of Chinese listed companies. The results show that in Chinese stock market, most listed companies are controlled by large shareholders and the controlling shareholders always seized private benefits form listed companies at the cost of listed companies’ performance.
Keywords: ownership structure; private benefits; firm performance
參考文獻：
[1] Shleifer ,A. ,and R. Vishny. Large Shareholders and Corporate Control[J].Journal of Political Econom,1986,94:461-88.
[2] Stulz, Rene M.. Managerial Control of Voting Rights: Financing Policies and the Marketfor Corporate Control[J]. Journal of Financial Economics , 1988,20:25-54.
[3] Bolton, Patrick, and Ernst-Ludwig von Thadden. Blocks, Liquidity, and Corporate Control [J].Journal of Finance,1998,53: 1-25.
[4] Shleifer, A., and R. W. Vishny. A Survey of Corporate Governance[]J. Journal of Finance , 1997,52: 737-83.
[5] Holderness, Clifford G., and Dennis P. Sheehan. The Role of Majority Shareholders in Publicly Held Corporations: An Exploratory Analysis[J].Journal of Financial Economics,1988,20: 317-46.
[6] Demsetz, Harold & Kenneth Lehn. The Structure of Corporate Ownership: Causes and Consequences[J].Journal of Political Economy,1985,93:1155-1177.
[7] Morck, Randall, Andrei Shleifer, and Robert W. Vishny. Management Ownership and Market Valuation: An Empirical Analysis[J].Journal of Financial Economics,1988,20:293-315.
[8] Claessens, S., S. Djankov, J. Fan, and L. Lang. Disentangling the incentive and entrenchment effects of large shareholdings[J].Journal of Finance, 2002,57:2741-2771.
[9] Xu ,X. and Y.Wang. Ownership Structure and Corporate Governance in Chinese Stock Companies[J].China Economic Review,1999, 10 :75-98.
[10] 孫永祥,黃祖輝.上市公司的股權結構與績效[J].經(jīng)濟研究,1999,12:23-30
[11] 白重恩,劉俏,陸洲,宋敏,張俊喜.中國上市公司治理結構的實證研究[J].經(jīng)濟研究,2005,(2):81-89.
[12] 陳小悅,徐曉東.股權結構,企業(yè)績效與投資者利益保護[J].經(jīng)濟研究, 2001,(11):3-11.
[13] 朱武祥,宋勇.股權結構與企業(yè)價值———對家電行業(yè)上市公司的實證分析[J].經(jīng)濟研究, 2001,(12):66-72.
[14] 徐莉萍,辛宇,陳工孟.股權集中度和股權制衡及其對公司經(jīng)營績效的影響[J].經(jīng)濟研究,2006,(1):90-100.
[15] 劉芍佳,孫霈,劉乃全.終極產(chǎn)權論,股權結構及公司績效[J].經(jīng)濟研究, 2003,(4):51-62.
[16] Grossman, S., and O. Hart. One share-one vote and the market for corporate control[J]. Journal of Financial Economics,1988,20:175-202.
[17] Johnson, Simon, Rafael La Porta, Florencio Lopez-de-Salines, and Andrei Shleifer. Tunneling[J]. American Economic Review, 2000,90:22-27.
[18] Ehrhardt Olaf and Eric Nowak. Private Benefits and Minority Shareholder Expropriation.2003,working paper June.
[19] 劉峰,賀建剛,魏明海. 控制權,業(yè)績與利益輸送——基于五糧液的案例研究[J].管理世界,2004,(8):45-53.
[20] 劉峰,賀建剛.股權結構與大股東利益輸送實現(xiàn)方式的選擇[J].中國會計評,2004,(2):56-64.
[21] 李春玲, 王化成.家族性控股股東資本運營策略研究[J].財經(jīng)問題研究, 2004,(4):86-92.
[22] 李增泉,孫錚,王志偉. “掏空”與所有權安排——來自我國上市公司大股東資金占用的經(jīng)驗證據(jù)[J].會計研究, 2004,(12):3-13.
[23] 曾昭灶，余鵬翼. 私有收益與控制權轉移模型分析.預測.2007,(3):65-71.
[24] 李善民,王德友,朱滔. 控制權和現(xiàn)金流權的分離與上市公司績效[J].中山大學學報(社會科學版), 2006,(6):83-91.
大股東控制、私有收益與公司績效
摘要：股權結構與公司績效的關系一直是學者關注的問題，本文認為股權結構與公司績效的關系是經(jīng)由中間機制或因素發(fā)生作用的，因此引入大股東的私有收益變量。本文以2000年前上市的公司為樣本，對2001年至2003年的股權結構、關聯(lián)資金往來和公司績效作了實證分析，結果表明我國上市公司的股權結構普遍存在大股東控制，在大股東控制下，容易出現(xiàn)大股東以資金占用等形式獲取私有收益，從而損害公司的經(jīng)營績效的現(xiàn)象。
關鍵詞：股權結構；私有收益；績效
Large Shareholder, Private Benefits and Firm Performance
Abstract: The relationship of ownership structure and firm performance is always the focus of researchers, we believe that the relationship is activated by some mechanisms or factors intermediate, so we introduce the private benefits of corporate control in this study. This study made empirical research on the ownership structure, private benefits and firm performance of Chinese listed companies. The results show that in Chinese stock market, most listed companies are controlled by large shareholders and the controlling shareholders always seized private benefits form listed companies at the cost of listed companies’ performance.
Keywords: ownership structure; private benefits; firm performance
參考文獻：
[1] Shleifer ,A. ,and R. Vishny. Large Shareholders and Corporate Control[J].Journal of Political Econom,1986,94:461-88.
[2] Stulz, Rene M.. Managerial Control of Voting Rights: Financing Policies and the Marketfor Corporate Control[J]. Journal of Financial Economics , 1988,20:25-54.
[3] Bolton, Patrick, and Ernst-Ludwig von Thadden. Blocks, Liquidity, and Corporate Control [J].Journal of Finance,1998,53: 1-25.
[4] Shleifer, A., and R. W. Vishny. A Survey of Corporate Governance[]J. Journal of Finance , 1997,52: 737-83.
[5] Holderness, Clifford G., and Dennis P. Sheehan. The Role of Majority Shareholders in Publicly Held Corporations: An Exploratory Analysis[J].Journal of Financial Economics,1988,20: 317-46.
[6] Demsetz, Harold & Kenneth Lehn. The Structure of Corporate Ownership: Causes and Consequences[J].Journal of Political Economy,1985,93:1155-1177.
[7] Morck, Randall, Andrei Shleifer, and Robert W. Vishny. Management Ownership and Market Valuation: An Empirical Analysis[J].Journal of Financial Economics,1988,20:293-315.
[8] Claessens, S., S. Djankov, J. Fan, and L. Lang. Disentangling the incentive and entrenchment effects of large shareholdings[J].Journal of Finance, 2002,57:2741-2771.
[9] Xu ,X. and Y.Wang. Ownership Structure and Corporate Governance in Chinese Stock Companies[J].China Economic Review,1999, 10 :75-98.
[10] 孫永祥,黃祖輝.上市公司的股權結構與績效[J].經(jīng)濟研究,1999,12:23-30
[11] 白重恩,劉俏,陸洲,宋敏,張俊喜.中國上市公司治理結構的實證研究[J].經(jīng)濟研究,2005,(2):81-89.
[12] 陳小悅,徐曉東.股權結構,企業(yè)績效與投資者利益保護[J].經(jīng)濟研究, 2001,(11):3-11.
[13] 朱武祥,宋勇.股權結構與企業(yè)價值———對家電行業(yè)上市公司的實證分析[J].經(jīng)濟研究, 2001,(12):66-72.
[14] 徐莉萍,辛宇,陳工孟.股權集中度和股權制衡及其對公司經(jīng)營績效的影響[J].經(jīng)濟研究,2006,(1):90-100.
[15] 劉芍佳,孫霈,劉乃全.終極產(chǎn)權論,股權結構及公司績效[J].經(jīng)濟研究, 2003,(4):51-62.
[16] Grossman, S., and O. Hart. One share-one vote and the market for corporate control[J]. Journal of Financial Economics,1988,20:175-202.
[17] Johnson, Simon, Rafael La Porta, Florencio Lopez-de-Salines, and Andrei Shleifer. Tunneling[J]. American Economic Review, 2000,90:22-27.
[18] Ehrhardt Olaf and Eric Nowak. Private Benefits and Minority Shareholder Expropriation.2003,working paper June.
[19] 劉峰,賀建剛,魏明海. 控制權,業(yè)績與利益輸送——基于五糧液的案例研究[J].管理世界,2004,(8):45-53.
[20] 劉峰,賀建剛.股權結構與大股東利益輸送實現(xiàn)方式的選擇[J].中國會計評,2004,(2):56-64.
[21] 李春玲, 王化成.家族性控股股東資本運營策略研究[J].財經(jīng)問題研究, 2004,(4):86-92.
[22] 李增泉,孫錚,王志偉. “掏空”與所有權安排——來自我國上市公司大股東資金占用的經(jīng)驗證據(jù)[J].會計研究, 2004,(12):3-13.
[23] 曾昭灶，余鵬翼. 私有收益與控制權轉移模型分析.預測.2007,(3):65-71.
[24] 李善民,王德友,朱滔. 控制權和現(xiàn)金流權的分離與上市公司績效[J].中山大學學報(社會科學版), 2006,(6):83-91.
