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企业上市可以采取直接上市(IPO)和间接上市(买壳上市等)两种方式。本文考察了民营上市公司的不同上市方式下大股东持股与公司绩效间的关系。研究发现,间接上市的民营企业的大股东持股对公司绩效没有影响,而直接上市的民营企业的第一大股东持股与公司绩效存在正的线性关系,前5大股东持股与公司绩效呈非线性的U形关系。当考虑大股东持股的内生性时,发现间接上市的大股东持股与公司绩效互不影响,而直接上市的大股东持股与公司绩效互为正相关。
Listed companies can take the direct listing (IPO) and indirect listing (buy a shell, etc.) in two ways. This paper examines the relationship between the shareholding of large shareholders and the performance of companies under different listing ways of private listed companies. The research shows that the ownership of the largest shareholder of indirectly listed private enterprises has no effect on corporate performance, while there is a positive linear relationship between the largest shareholder and the company’s performance of the directly listed private enterprises. The top 5 shareholders’ equity and corporate performance U-shaped non-linear relationship. When considering the endogeneity of the large shareholder’s shareholding, it is found that the indirectly listed major shareholder’s shareholding and the company’s performance do not affect each other, while the direct listed major shareholder’s shareholding and the company’s performance are positively correlated with each other.