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生物制药作为七大战略新兴产业之一,具有诱人的发展前景,其股权结构与绩效的关系因此也受到了关注。由于不同行业的股权结构对绩效的影响有时是不一致的,有必要以我国生物制药上市公司为研究样本,选取2010~2013年生物制药上市公司的财务数据,采用因子分析与回归分析方法,从股权构成、股权集中度和股权制衡三方面对生物制药上市公司绩效的影响进行实证分析,探讨生物制药上市公司股权结构与绩效的关系,并提出相关建议。研究发现:股权集中度、管理层持股和法人股都与生物制药上市公司绩效成正比。股权制衡度与生物制药上市公司绩效成负相关。而流通股、国有股与生物制药上市公司绩效成反比的假设被拒绝。
Biopharmaceuticals, as one of the seven strategic emerging industries, have attractive prospects for development. The relationship between ownership structure and performance has also drawn attention. Since the impact of ownership structure of different industries on performance is sometimes inconsistent, it is necessary to take China’s bio-pharmaceutical listed companies as the research sample, select the financial data of listed biopharmaceutical companies from 2010 to 2013, using factor analysis and regression analysis methods, from the equity The ownership concentration, and equity checks and balances on the performance of biopharmaceutical companies to conduct an empirical analysis of the relationship between ownership structure and performance of biopharmaceutical listed companies, and put forward relevant recommendations. The study found that: ownership concentration, management and legal person shares are proportional to the performance of biopharmaceutical companies. Equity balance and biopharmaceutical performance of listed companies is negatively correlated. The assumption that the outstanding shares of tradable shares, state-owned shares and biopharmaceutical companies are inversely proportional to one another is rejected.