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政府补助对林业上市公司绩效的影响-基于股权结构的中介效应

作  者:
周春应;张红燕
单  位:
南京林业大学经济管理学院
关键词:
公司绩效;政府补助;股权结构;中介效应
摘  要:
随着政府对林业上市公司补贴的深入,政府补贴在林业上市公司中的作用也受到越来越多的关注.基于2012~2016年沪深两市林业行业36家上市公司为样本,考察了政府补助、公司绩效与股权结构三者之间的关系.研究发现,政府补助与公司绩效显著正相关;政府补助通过第一大股东持股比例、前五大股东持股比例、赫芬达尔指数和Z指数对公司绩效产生中介效应.
作  者:
Zhou Chunying;Zhang Hongyan;College of Economics and Management, Nanjing Forestry University;
关键词:
corporate performance;;government subsidies;;equity structure;;mediation effect
摘  要:
With the government's deepening of subsidies for forestry listed companies, the role of government subsidies in forestry listed companies has also received more and more attention. Based on the sample of 36 listed companies in the forestry industry of Shanghai and Shenzhen Stock Exchange during 2012 to 2016, the relationship between government subsidies, company performance and shareholding structure was examined. The study found that: government subsidies are significantly positively correlated with company performance; government subsidies have a mediating effect on company performance through the shareholding ratio of the largest shareholder, the shareholding ratio of the top five shareholders, the Herfindahl index and the Z index.

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