多维视角下国有股权对企业绩效非线性影响：基于面板平滑转换模型的经验证据

ccording to the ultimate theory of property rights, the ultimate state-owned shareholding ratio as the proxy variable of state-owned equity, using 2004-2014 in Shanghai and Shenzhen A shares of state-owned listed companies large sample data, PSTR model to investigate the relationship between state ownership and corporate performance based on capturing state ownership on firm performance nonlinear effects and from the angle of executive compensation, firm scale, empirical analysis the Chinese state-owned listed companies multi-dimensional heterogeneity of state-owned shares on firm performance difference. The empirical results show that, although the overall state ownership has a positive effect on the performance of enterprises. But this effect is nonlinear in form, when the proportion of state-owned shares is below a threshold value (25.6%), the state ownership on firm performance to promote effect mainly, with the proportion of state-owned shares gradually crossed the threshold value, inhibitory effect of state-owned equity of enterprises performance gradually increased, promoting effect gradually weakened; Executive compensation, firm scale state ownership on firm performance has a moderating effect on, along with the executive compensation, firm size respectively crossed the threshold value, state-owned equity on firm performance by the negative impact into a positive impact. And the threshold value of executive compensation is higher, the high level of executive compensation is needed to realize the positive moderating effect of the state-owned shares and corporate performance.