股权制衡与公司绩效关系研究——基于内外生双重视角的经验证据
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引用本文:龚光明,张柳亮.股权制衡与公司绩效关系研究——基于内外生双重视角的经验证据[J].财经理论与实践,2013,(2):64-67
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作者单位
龚光明,张柳亮 (湖南大学 工商管理学院湖南 长沙410082) 
中文摘要:以2007~2010年798家A股上市公司为样本,从股权结构外生和内生双重视角,探讨股权制衡与公司绩效的关系。结果表明,在外生性视角下,股权制衡对公司绩效有显著的促进作用,但促进作用的强弱与绩效指标的选取有关;考虑内生性的影响后,股权制衡对公司绩效的显著促进作用仍然存在,与外生性视角下的促进作用相比明显增强。研究还发现,公司绩效对股权制衡存在显著的正向反馈效应。
中文关键词:股权制衡  公司绩效  内生性  联立方程
 
Study on the Relationship between Power Balance with Shareholder Structure and Corporate Performance: From Both Endogenous and Exogenous Perspective
Abstract:Taking 798 listed companies from 2007 to 2010 as sample, the relationship between power balance with shareholder structure and corporate performance has been analyzed. The results show, under exogenous perspective, power balance with shareholder structure has a distinct promoting effect on corporate performance, and the influencing level depends on the chosen performance indicators; after considering endogenous effect, the promoting effect still exist and has been strengthened than before. Results also illustrate that corporate performance has a distinct positive feedback on power balance with shareholder structure.
keywords:Power balance with shareholder structure  Corporate performance  Endogenous  Simultaneous equations
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