股权结构与公司绩效的关系是公司金融研究中的热点问题,但到目前为止,国内外大多数学者仅对两者之间的实证关系进行研究,而少有从理论角度进行研究的成果。从基于作为公司管理者的企业家行为最优化角度的简单模型出发,通过投资者保护程度这一个传导变量,可以看出:外部股权比例、作为企业管理者的企业家持股比例,均与作为公司绩效代理变量的企业价值成倒U型关系。当流通股在一个适当的比例以下时,公司绩效与外部股权比例正相关;在适当比例以上时,公司绩效与外部股权比例负相关。 The relationship between equity structure and corporate performance is a hot issue in corporate finance research. However, up to now, most scholars at home and abroad have only studied the empirical relationship between the two, and few have conducted research results from a theoretical perspective. From the perspective of a simple model based on the optimization of the behavior of entrepreneurs as corporate managers, through the transmission of investor protection, it can be seen that the proportion of external equity and the percentage of entrepreneurs holding shares as corporate managers are all as The corporate value of the company’s performance agency variables is inverted U-shaped. When the tradable shares are below a proper ratio, the company’s performance is positively related to the proportion of external equity; when it is above the appropriate ratio, the company’s performance is negatively related to the external equity ratio.