股权结构与公司绩效：以印度为例【外文翻译】

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1、外文翻译原文OwnershipStructureandCorporatePerformance:EvidencefromIndiaMaterialSource:InternationalJournalofHumanitiesandSocialScienceAuthor:AmanSrivastavaAbstract Ownershipstructureofanycompanyhasbeenaseriousagendaforcorporategovernanceandthatofperformanceofafirm.Thus,whoownsthefirm’sequityandhowdoes

2、ownershipaffectfirmvaluehasbeenatopicinvestigatedbyresearchersfordecades.Thus,theimpactofownershipstructureonfirmperformancehasbeenwidelytackledinvariousdevelopedmarketsandmorerecentlyinemergingmarkets,butwaslessdiscussedbefore,inIndiainrecentchangingenvironment.Thispaperisamoderateattempttoaddr

3、esstherelationshipofownershipstructureofthefirmanditsperformance.Itinvestigateswhethertheownershiptypeaffectssomekeyaccountingandmarketperformanceindicatorsoflistedfirms.The98mostactivelylistedcompaniesonBSE100indicesofBombayStockExchangeofIndia,whichconstitutethebulkoftrading,werechosentoconsti

4、tutethesampleofthestudyasofendof2009-10.ThefindingsindicatethepresenceofhighlyconcentratedownershipstructureintheIndianmarket.Theresultsoftheregressionanalysesindicatethatthedispersedownershippercentageinfluencescertaindimensionsofaccountingperformanceindicators(i.e.ROAandROE)butnotstockmarketpe

5、rformanceindicators(i.e.P/EandP/BVratios),whichindicatethattheremightbeotherfactors(economic,political,contextual)affectingfirmsperformanceotherthanownershipstructure.Keywords:Ownershipstructure,corporateperformance,corporategovernance,India 1.Introduction Ownershipstructureofanycompanyhasbeenas

6、eriousagendaforcorporategovernanceandthatofperformanceofafirm.Thus,whoownsthefirm’sequityandhowdoesownershipaffectfirmvaluehasbeenatopicinvestigatedbyresearchersfordecades.Thus,theimpactofownershipstructureonfirmperformancehasbeenwidelytackledinvariousdevelopedmarketsandmorerecentlyinemergingmar

7、kets,butwaslessdiscussedbefore,inIndiainrecentchangingenvironment.Thoughthemodernorganizationemphasizesthedivorceofmanagementandownership;inpractice,theinterestsofgroupmanagingthecompanycandifferfromtheinterestsofthosethatsu