股权结构、公司业绩与行业依赖性研究

以主营业务利润率为因变量，以股权构成为自变量，考察股权结构对上市公司业绩的影响。实证分析的结果表明，股权结构对上市公司经营业绩的影响在国家股、法人股和流通A股中都存在较为明显的行业差异。这一研究结果的政策含义在于，为使上市公司股权结构重构的政策取得预期的效果，应充分考虑到股权结构的“行业依赖性”。

Ownership Structure,Firm Performance and lndustry Dependency

This essay examines the impact of ownership structure on the performance of listed firms in China.The empirical analysis shows that the effect of ownership structure on firm performance of listed companies has obvious industry difference among state-owned shares,corporate-owned shares and circulating A shares.The policy implication of those research findings is that,in order to make the policy of restructuring ownership structure attain its anticipated results,industry dependency of ownership structure needs to be taken into account fully.