股权结构与公司绩效研究 毕业设计(论文)外文参考资料及译文

股权结构与公司绩效研究Ownership structure and corporate performanceAbstractThis paper investigates the relation

股权结构与公司绩效研究 Ownership structure and corporate performance Abstract This paper investigates the relation between the ownership structure and the performance of corporations if ownership is made multi-dimensional and also is treated as an endogenous variable. To our knowledge, no prior study has treated the corporate control problem this way. We find no statistically significant relation between ownership structure and firm performance. This finding is consistent with the view that diffuse ownership, while it may exacerbate some agency problems, also yields compensating advantages that generally offset such problems. Consequently, for data that reflect market-mediated ownership structures, no systematic relation between ownership structure and firm performance is to be expected. q2001 Elsevier Science B.V. All rights reserved.JEL classification: G32; G34 Keywords : Ownership structure; Corporate performance; Endogenous variable Introduction The connection between ownership structure and performance has been the subject of an important and ongoing debate in the corporate finance literature. The debate goes back to the Berle and Means Ž1932. thesis, which suggests that an inverse correlation should be observed between the diffuseness of shareholdings and firm performance. Their view has been challenged by Demsetz Ž1983., who argues that the ownership structure of acorporation should be thought of as an endogenous outcome of decisions that reflect the influence of shareholders and of trading on the market for shares. When owners of aprivately held company decide to sell shares, and when