基于生命周期的中小企业股权结构对绩效的影响

Influence of SME Equity Structure on SME Performance

摘要:

以中小企业板2007年以前上市的制造类企业为样本，将企业分为成长期和成熟期，探讨了股权属性、股权集中度和股权制衡度与EVA(economic value added)的关系.多元线性回归模型的实证结果得出,国有股比例与企业绩效负相关；流通股比例对企业绩效影响不大；股权集中度和股权制衡度对企业绩效的影响比较复杂.总体上，成长期较高的股权集中度、成熟期较高的股权制衡度对企业绩效有积极作用.

Abstract:

Based on samples of manufacturing enterprises of small and medium sized enterprises(SME) on board before 2007, the relationship was explored between economic value added(EVA) and equity property, ownership concentration and equity balance degree of enterprises in growth stage and mature stage. The empirical results of multiply linear regression model show that there is a negative correlation between the proportion of state owned shares and enterprises’ value; tradable shares rates have little effect on the enterprise’s value; it is more complex to determine the effect of the degree of ownership concentration and equity balance degree on enterprise’s value. But generally speaking, higher degree of ownership concentration in growth stage and higher degree of equity balance in maturity stage contribute positively to enterprise’s performance.