DOI: 10.15986/j.1008-7192.2020.05.008
企业的股权结构决定其治理结构,而企业的治理结构会影响企业绩效,因此研究企业股权结构有助于找到提高企业绩效的关键。物流作为影响我国经济发展的重要一环,对其进行探究有利于提升物流上市企业的绩效,我国物流上市企业多由国有企业改制而来,控股股东以国有股东为主,“一股独大”的问题较为突出,目前针对物流行业的研究较少且结论各异,依照证监会2012版行业分类及物流行业所包括范围,选取国泰安数据库2009-2018年沪深A股上市物流业企业作为研究样本,运用主成分分析法得出综合绩效指标进行实证研究,以期为物流上市企业采取更加有效的公司治理方式做出一些尝试。研究表明,第一大股东持股比例与企业绩效成正U型关系,即低水平的股权集中度对物流上市企业绩效有抑制作用,而高水平的股权集中度对物流上市企业绩效有促进作用; 股权制衡度与企业绩效之间呈负相关关系,即物流上市企业提升股权制衡度,将在一定程度上抑制企业绩效的提升。
The corporate ownership structure determines the corporate governance structure, which in turn affects corporate performance. Just as the study of corporate equity structure is conducive to find the key to improve corporate performance, so is the exploration of logistics industry, an important link affecting China's economic development, to promote the performance of listed logistics enterprises. China's logistics listed enterprises are mostly reformed from the state-owned enterprises and the controlling shareholders are mainly state-owned shareholders, hence the prominent problem of “one dominant share”. Since there are fewer researches with differentiate conclusions on the logistics industry at present, this paper selects Shanghai and Shenzhen A-share listed logistics enterprises from the CSMAR database in 2009-2018 as the research sample based on the industry classification of CSRC 2012 version and the scope of logistics industry. In the empirical study the principal component analysis is used to obtain aggregate performance indicators, with which the listed logistics enterprises could make some attempts to adopt a more effective way of corporate governance. The results show that the shareholding ratio of the largest shareholder has a positive U-shaped relationship with enterprise performance. That is to say, the low level of ownership concentration inhibits the performance of logistics listed enterprises, while the high level of ownership concentration would promote the performance of logistics listed enterprises. There is a negative correlation between the equity balance ratio and enterprise performance. Accordingly, the improvement of equity balance in logistics listed enterprises will inhibit the improvement of enterprise performance to some extent.
