对股权结构与公司绩效相关关系的研究,理论界是基于一般性层面、跨国公司层面、中国三资企业层面和含有外资股成分的上市公司四个层面展开的。其共同点是分析方法上的短期的静态角度,不同点在于选取的时间跨度与相应的面板数据以及得出的不同结论。通过对这些研究文献的梳理,构建起了一个关于股权结构与公司绩效相关关系的总体性评述框架,提出了应强化对跨国公司股权结构与经营绩效的研究,分析外资股权管制改革的具体路径,实现企业绩效与国家引资绩效双赢的目标。
Based on four levels including the generality, the transnational corporation, China' s foreign-invested enterprises and the listed companies with the foreign capital stock, the researchers develop their study on inter-relationships between the shareholding structure and the operating performance. The common denominator is the short-term and static analysis while the difference is the time span, the data and the different conclusion. With the survey on these research documents, the article builds the general survey structure about the inter-relationships between the shareholding structure and the operating performance. Furthermore, it puts forward some suggestions such as strengthening the study on transnational corporations' shareholding structure and operating performance, analyzing the concrete path of the reform on management of the foreign capital stock in order to realize the goal of double-win of the operating performance and the national performance of foreign investment.