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本文将描述企业成长阶段性特征因素作为外生变量对公司治理与公司绩效的关系并进行系统研究分析,假设股权结构对公司绩效的影响是随着企业发展阶段而变化的,以期解释国内外学者对这一问题研究结果的不一致。选取我国上市民营制造业企业作为样本进行实证分析,研究结果支持本文的观点:成长阶段公司的股权集中度与公司绩效正相关;成熟阶段公司的股权集中度与公司绩效负相关,与股权制衡度不相关。
This article will describe the characteristics of enterprise growth stage as an exogenous variables on the relationship between corporate governance and corporate performance and conduct systematic research and analysis, assuming the ownership structure of the company’s performance changes with the stage of enterprise change, in order to explain the domestic and foreign scholars Inconsistent with the findings of this research. The results of the research support the viewpoint of this article: the ownership concentration of the company in the growth stage is positively correlated with the company performance; the ownership concentration of the company in the mature stage is negatively correlated with the company performance, and the balance of ownership irrelevant.