上市公司的所有权结构与公司的治理效率

通过对上海证券交易所1998年至2005年间上市公司的公司治理效率与其所有权结构的分析发现：国有股比率与资产收益率之间不存在具有显著解释力度的相关关系；法人股比率与资产收益率之间存在着显著的正相关关系；散户股比率与资产收益率之间存在着显著的负相关关系。分析的结果说明：民间的法人股股东比国有股股东能够更有效地推动企业收益率的增长；大股东对小股东的权益侵害以及小股东自身的投机性使得小股东无法改善公司的治理效率。

Ownership Structure and Governance Effects of Chinese Listed Companies

Using the sample data of companies listed on Shanghai Stock Exchange,ROA(Return on Assets) was regressed on SOC(the radio of state-owned capital to total capital),GPOC(the ratio of great private-owned capital to total capital) and DPOC(the ratio of dispersed private-owned capital to total capital) respectively.The empirical results show: SOC is uncorrelated with ROA;GPOC is positively correlated with ROA;DPOC is negatively correlated with ROA.These results suggest the importance of great private shareholder...