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有关公司绩效的研究,大多关注于绩效水平的高低,绩效波动性同样也是衡量绩效优劣的重要指标。本文以2005-2009年我国上市公司的数据为研究样本,以托宾Q值的标准差作为绩效波动性的衡量指标,实证分析了股权集中度与公司绩效波动性之间的关系。结论表明:股权集中度越高,绩效波动性越小。本文的研究从股权集中度的角度丰富了对于绩效波动性的研究。
Most of the researches on corporate performance focus on the level of performance, and performance volatility is also an important indicator to measure the performance. Based on the data of Chinese listed companies from 2005 to 2009 as the research sample and the standard deviation of Tobin’s Q value as the measure of performance volatility, this paper empirically analyzes the relationship between ownership concentration and firm performance volatility. The conclusion shows that the higher the stock ownership concentration, the smaller the performance volatility. The research in this paper enriches the research on performance volatility from the angle of ownership concentration.