中国上市公司大股东对公司绩效影响的实证研究
Large Shareholders
摘要
本文以2001-2003年835家非金融性A股公司为样本，从第一大股东持股比例、第一大股东性质、第一大股权持股主体、是否存在其他大股东以及控股类型五个方面实证研究了大股东和公司绩效关系。研究结果发现，(1)第一大股东持股比例与公司绩效呈现出显著的U型关系；(2)无控股股东和绝对控股类型的经营绩效要优于相对控股类型；(3)第一大股东是境内社会法人、境外社会法人和流通股股东的公司绩效优于第一大股东是国家的公司绩效；(4)当第一大股东性质不同时，大股东对公司绩效的影响具有不同的规律性，即当第一大股东是国家时，国有股持股主体的影响最为显著，当第一大股东是境内社会法人时，持股比例的影响最为显著。Abstract
This paper investigates how large shareholders influence corporate performance, focusing on the relations among largest shareholder’s ownership, property and identity, the existence of other large shareholders, controlling patterns and corporate performance, by using a cross-section data of 835 non-financial public companies in China. Firstly, our results demonstrate a significant U-shaped relationship between largest shareholders’ ownership and corporate performance. Secondly, we find that companies with majority-controlling or no controlling shareholders achieve better performance that those with minority-controlling shareholders. Thirdly, companies with largest shareholders as non-state-owned enterprises, foreign investors, and current equity investors do better in term of performance than those with largest shareholders as the states. Finally, the effect of large shareholders on corporate performance displays distinct features as the largest shareholders are different in nature. 
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