财经理论与实践Issue(2)：33-39,7.
股权制衡对上市公司绩效的非线性影响基于股权制衡度的新测算
Nonlinear Effect of Equity Restriction on the Performance of Listed Companies:Based on the New Measure of Equity Restriction Ratio
摘要
Abstract
Deviation may occur in measuring equity restriction ratio,if relationship between shareholders in listed companies is not considered.In view of this,this paper measures the new equity restriction ratio and uses the board panel data of China's A-share listed companies during 2003-2013 to study the relationship between equity restriction and the firm performance.The re-sults show:firm performance is significant “U-shaped”relation with the new equity restriction ratio,while it is linear related with the former equity restriction ratio;There is a grey interval of equity restriction ratio [1,2],where the effect of equity restriction on firm performance is nega-tive;the firm performance shape related with the equity restriction ratio is effected by the share-holders'holding pattern and the environment.The conclusion support that the positive effect of equity restriction on the firm performance needs some conditions,which means that equity re-striction ratio must be moderate.关键词
股权制衡度/竞争性股权/实际控制人/U型关系Key words
Equity restriction ratio/Competitive equity/Actual controller/“U-shaped”rela-tionship分类
管理科学引用本文复制引用
黄建欢,杨宁,尹筑嘉..股权制衡对上市公司绩效的非线性影响基于股权制衡度的新测算[J].财经理论与实践,2015,(2):33-39,7.基金项目
国家社会科学基金(10CGL039)、中国博士后科学基金(2013M541059)、湖南省自然科学基金(13JJ3052) （10CGL039）
