股权结构与公司绩效一直是学术界关心的问题,特别是针对国有股减持这一大背景下,国有股的比例与其效用正是本文研究的目的所在。一般而言国有股成分是低效率的,但是我国的特殊国情,往往需要一定的国有股成分作为投资者信心的重要参考。国有股在上市公司中占有多大比例才益于发挥其效用,同时不影响企业的市场行为,使得企业能发挥私人部门的优化作用是本文的探究方向。由于具体比例难以界定,本文仅仅通过实证方法,模糊地给出大致区间,本文主要选取广西15家上市公司09年中报的截面数据为样本进行实证分析,研究广西上市公司股权结构和公司绩效的关系,得出研究结论:国有法人股比例与公司绩效呈负相关,流通股比例与公司绩效呈正相关。但在国有股占相对小成分时,既国有股作为投资者身份时,其发挥的更多是正相关绩效。 Ownership structure and corporate performance have always been a concern in academia. Especially against the background of the reduction of state-owned shares, the proportion of state-owned shares and their utility are exactly the purpose of this study. In general, the composition of state-owned shares is inefficient, but the special national conditions in our country often require some state-owned shares as an important reference for investors’ confidence. What proportion of state-owned shares in listed companies benefit from its effectiveness, at the same time does not affect the market behavior of enterprises so that enterprises can play the role of the private sector optimization is the direction of this article. Because the specific ratio is difficult to define, this paper gives the approximate interval only by the empirical method. This article mainly selects the cross-sectional data of 15 listed companies in Guangxi in 2009 for the empirical analysis of the sample to study the ownership structure and corporate performance of Guangxi listed companies The results show that the proportion of state-owned legal person shares is negatively correlated with company performance, and the proportion of tradable shares is positively correlated with company performance. However, when state-owned shares account for a relatively small component, when state-owned shares are regarded as investors, they play more positive correlative performance.