股票构成与公司绩效:来自深圳股票市场的证据

2009 International Conference on Business Intelligence and Financial Engineering Pub Date : 2009-07-24 DOI:10.1109/BIFE.2009.180

Mengyi Liu

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引用次数: 3

摘要

采用非线性和线性回归模型，以深圳证券交易所331家上市公司为调查对象，检验股票构成与公司绩效之间的相关性。实证结果表明，由于国有股东的空缺，PS与公司绩效之间存在显著的负相关关系。法人股东具有足够的激励和监督管理者的能力，因此PL与LnAMBR之间存在显著的正相关关系。社会公众股东的多样性导致了公司治理的非效率，因此，社会公众股东权益回报率与LnAMBR之间存在显著的负相关关系。

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The Composition of Shares and Corporate Performance: Evidence from Shenzhen Stock Market

To check up the correlation between the composition of shares and the corporate performance, by means of non-linear and linear regression models and taking 331 listed companies in Shenzhen Stock Exchange as the object of survey. The empirical results show that there is a significant negatively correlation between PS and corporate performance because of the vacancy of state-owned shareholders. The legal shareholders possess enough incentives and capability to supervise managers, therefore there is a significant positively correlation between PL and LnAMBR. Whereas, there is a U-shaped curvilinear correlation between CROA and PL. The diversity of social public shareholders results in non-efficiency in corporate governance, thus there is a significant negatively correlation between PT and LnAMBR.

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2009 International Conference on Business Intelligence and Financial Engineering

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