不同竞争形态下上市公司股权集中度与公司绩效的实证分析

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1、AbstractABSRACTThemodemcompanyisessentiallycharacterizedbytheseparationofownershipandmanagementrightswhichleadstotheproblemofasymmetricinformationandhigheragencycost．Soitisacoreissueinthemodemcompanygovernancetheorythathowtoformtheoptimalcorporategovemancestructurereducetheagencycostsandthe

2、nmaximizethecorporatevalue．Ownershipstructureisthefoundationofcorporategovernance，whichdeterminesthedistributionoftheresidualclaimrightandtheresidualcontrolrights．Differentownershipstructureindicatesdifferentdistributionofrightsandinterests．Stockholderswithdifferentnaturesandstock—holdingpr

3、oportionhavedifferentcorporatestatusandinvestmentpurpose，hencecausingdifferentcorporategovernancemechanismandperformance．Itisthusclearthatownershipstructureiscloselyrelatedtocorporateperformance．Themorereasonableownershipstructure·is，thehighercorporateperformanceis．However,becausethediffere

4、ntcompetitiveenvironmenthasdifferenteffectonthecorporateinternal，thelistedcompanyshowsdifferentsupervisionandincentivemechanismandinvestment,whichultimatelyaffectstherelationshipbetweenownershipstructureandcorporateperformance．Thereforeitissignificanttostudythesubjectfurtherfromthepointofco

5、mpetitiveindustriesfor廿leoptimizationofownershipstructureinChina．Firstlythispaperstatestherelatedresearchsystemandresultsathomeandabroadwiththerelationshipbetweenownershipstructureandcorporateperformanceoflistedcompaniesastocorrespondtllepoint．Andthenonthebasisoftworightsseparatedtheory,pro

6、pertyrighttheory,beyondpropertyrighttheoryandprincipal—agenttheory,wedofurtherresearchandconcludethatthecompetitioniSthemostfundamenta／factortoimprovecorporategovernancemechanismandtheefficiency．Secondly,accordingtotherelatedresearchresultsandtheoreticalanalysis，thepaperproposesthehypothese

7、saboutownershipstructureandcorporateperformance．Afterthat，42listedcompaniesofdifferentcompetitiveindustriesarechosenasthesampleforstudywhichsatisfiesthetermsallthetimefromyear2006to2008．Intheempiricalanalysis，concentrationratiosofsharesCRx，C致，皿，Zalesetas