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本文以2007～2009年沪深两市民营上市公司作为样本,研究了股权制衡的内部监督效应及其对公司绩效的影响。研究结果表明,制衡的股权结构有助于提升公司绩效;非制衡的股权结构不存在内部监督效应,无法对公司绩效进行提升;过度分散的股权结构通过董事会、管理层薪酬设置对公司绩效有一定的促进作用。
Based on the sample of private listed companies in Shanghai and Shenzhen from 2007 to 2009, this paper studies the internal supervision effect of the equity balance and its impact on corporate performance. The results show that the balance of ownership structure helps to improve the performance of the company. The unbalanced ownership structure does not have the internal supervision effect and can not improve the company’s performance. The excessive decentralized ownership structure has a certain effect on the company’s performance through the board of directors and management compensation The promotion effect.