市场化进程、股权结构特征与亏损逆转程度——基于2003~2011年中国亏损上市公司的经验证据

杜勇; 刘星; 干胜道

市场化进程、股权结构特征与亏损逆转程度——基于2003~2011年中国亏损上市公司的经验证据

引用本文：杜勇，刘星，干胜道.市场化进程、股权结构特征与亏损逆转程度——基于2003~2011年中国亏损上市公司的经验证据[J].财经理论与实践,2014,(4):60-68

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作者	单位
杜勇，刘星，干胜道	（1.西南大学经济管理学院，重庆400715 2.重庆大学经济与工商管理学院,重庆400044 3.四川大学商学院,四川成都600065）

中文摘要:以股权结构特征对上市公司亏损逆转程度的影响进行理论分析，选取中国证券市场上2003~2011年发生亏损的1508家公司年样本进行实证研究，其结果表明：上市公司的股权结构特征对其亏损逆转程度会产生一定的影响。其中，国有股比例对上市公司的亏损逆转程度产生显著的正面影响，管理层持股与否对上市公司的亏损逆转程度产生显著的负面影响，第一大股东持股比例和控制权市场并没有对亏损上市公司的亏损逆转程度产生明显的影响。进一步的研究还表明，市场化进程会对股权结构特征与亏损逆转程度之间的相关程度产生影响，即在市场化进程较慢的地区，上市公司的股权结构特征对其亏损逆转程度的影响较强；反之，在市场化进程较快的地区，上市公司的股权结构特征对其亏损逆转程度的影响较弱。

中文关键词:股权结构特征市场化进程亏损逆转程度控制权市场

Marketization Process, Characteristics of Ownership Structure and Degree of Loss Reversal——Empirical Evidence Based on the Listed Losing Corporations from 2003 to 2011 in China

Abstract:The article theoretically analyzes the influence of the characteristics of ownership structure on the degree of loss reversal of the listed Corporations, selects 1508 listed losing Corporation in China's stock market during the period of 2003~2011 as the samples to carry out an empirical research. The results indicate that the characteristics of ownership structure have a certain impact on the degree of loss reversal of the listing Corporations. Among them, the proportion of state-owned shares have a significant positive effect on the degree of loss reversal, the proportion of managerial ownership have a significant negative impact on the degree of loss reversal, the proportion of the first shareholder and the controlling market have no obvious influence on the degree of loss reversal of listed Corporations. Further research showed that, the marketization process will influence significantly on the relationship between the ownership structure and the degree of loss reversal, namely in the slower marketization process, the characteristics of ownership structure has a stronger impact on the degree of loss reversal; whereas, in the quicker marketization process, the characteristics of ownership structure has a weaker impact on the degree of loss reversal.

keywords:Characteristics of Ownership Structure Marketization Process Degree of Loss Reversal Controlling Right Market

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