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題 名 | 上市公司股權結構與經營績效之實證分析--以上海證券交易所為例=Shareholding Structure and Corporate Performance of Listed Chinese Companies: Evidence from Shanghai Stock Exchange |
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作 者 | 李美雀; 童雅玲; | 書刊名 | 德明學報 |
卷 期 | 19 2002.06[民91.06] |
頁 次 | 頁15-31 |
分類號 | 563.54 |
關鍵詞 | 股權結構; 國有股; 法人股; 經營績效; 上海證券交易所; Shareholding structure; State share; Legal person share; Corporate performance; Shanghai stock exchange; |
語 文 | 中文(Chinese) |
中文摘要 | 本文以上海證券交易所之上市公司為例,實證分析公司治理之股權結構對公司價 值與績效之影響。本研究之樣本期間為1998—2000。實證結果發現,由於國有股之行政色 彩,加上缺乏足夠之經濟誘因去有效執行監督和評估企業經營效率,因此當國家持股比率 愈高,則公司經營績效愈呈顯著之負相關。在法人持股方面,由於其持股比率愈高,其利 益與公司就愈趨一致而成為事實上之內部監督者,因而與經營績效成顯著正相關。外資持 股則因比率相對甚低,對經營績效沒有正面實質提昇之作用。本研究另外針對國有持股與 法人持股之相對強弱進行探討,發現公司股權結構主要集中於國有股時,其經營績效之負 面關係甚為明顯。 |
英文摘要 | This paper empirically tests the influence of shareholding structure on corporate performance by using Chinese listed firms on Shanghai Stock Exchange during 1998-2000. The results have shown that the proportion of shares owned by the state is negatively associated with corporate performance due to inadequate motivation to closely monitor management performance and decision. In contrast, the proportion of legal person shares is found to be positively associated with corporate performance. As to foreign shares, they do not contribute to the improvement of performance as previously predicted. This has demonstrated the speculative nature on the part of foreign investors because of lack of reliable financial information. This study further tests the relative dominance between state shares and legal person shares. The results have indicated that with state dominance in the ownership structure, the presence of legal person shares does not help improve the corporate performance. This paper thus suggests the necessity of an overall examination of the current multi-ownership structure to further advance the corporate governance system in China. |
本系統中英文摘要資訊取自各篇刊載內容。