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中文摘要：
本文研究了不同要素密集产业上市公司股权结构和绩效的差异，以及股权结构对公司绩效的影响。方差分析表明，不同产业的绩效和股权结构存在显著差异：资本密集产业的总资产收益率高于劳动和技术密集产业，而技术密集产业的托宾Q高于其他两个产业；“股权集中，国有股一股独大”的现象在资本密集产业尤为突出。回归分析表明，股权结构和公司绩效密切相关，国家终极控制在不同产业对公司绩效影响不同：在劳动密集产业，国家终极控制不利于公司业绩；在资本密集产业，国家终极控制不利于公司财务业绩，对托宾Q却有正向影响；在技术密集产业，国家终极控制对公司绩效的影响恰和资本密集产业相反，对公司财务绩效存在正向影响，对托宾Q有不利影响。
英文摘要：
This paper explores how ownership structure is related to corporate performance. Analyses reveal significant difference in ownership structure and performance of varies industries. Capitalintense industry has a significantly larger ROA than labor-intense and tech-intense industries, while the latter has a larger Tobin Q. ＂Concentrated ownership and prevailing state interest＂ are characteristic of capital-intense industry. Regression on samples finds that ownership structure closely associates with corporate performance. The impact of prevailing state interest on corporate performance varies among industries. Although controlling state stake poses a negative impact on corporate financial performance in labor-intense and capital-intense industries, a positive impact is found on the Tobin＇ s Q of capital-intense industry. In techintense industry, however, its impact is positive on corporate performance, but negative on Tobin＇ s Q.
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