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本文使用创业板面板数据,检验了公司股权集中度对经营绩效的门槛效应。实证结果显示,股权集中度与公司绩效之间存在显著的单一门槛效应。具体来看,第一大股东持股比例对公司绩效的影响总体为负,但在跨越相应门槛值后,负向作用显著降低;前五大股东持股比例对公司绩效的影响显著为正,但在跨越门槛值后,正向作用显著降低且不再显著。与此同时,前十大股东持股比例对公司绩效的影响则在统计上不显著。最后,本文给出了创业板公司相对较优的股权集中结构,并对创业板股权结构现状进行了评价。
This article uses GEM panel data to test the threshold effect of the company’s ownership concentration on business performance. Empirical results show that there is a significant single threshold effect between ownership concentration and corporate performance. Specifically, the impact of the shareholding percentage of the largest shareholder on corporate performance is generally negative, but the negative effect is significantly reduced after the corresponding threshold is crossed. The influence of the shareholding percentage of the top five shareholders on corporate performance is significantly positive, After crossing the threshold, the positive effect is significantly reduced and no longer significant. At the same time, the impact of the shareholding percentage of the top ten shareholders on the company’s performance is not statistically significant. Finally, this paper gives a comparatively superior ownership structure of GEM, and evaluates the current situation of GEM ownership structure.