Ultimate Control Right and Firms Total Factor Productivity: An Empirical Research of Chinese Listed Companies

摘要：

We use the panel data of Chinese listed companies from 2003 to 2007 to study the relationship between ultimate control right and firms total productivity. On the foundation of calculating the ultimate control rights of Chinese listed companies, total factor productivity is introduced as an indicator of firms performance and a fix effect model is established. We estimate the model according to industries and examine the impact of ultimate control rights on performances of listed companies in different industries. The result shows that an inverse U-curve relationship exists between ultimate control right and firms total factor productivity as a whole. When ultimate control right is at a relatively low level, it is positively related to total factor productivity. However, it is negatively related to total factor productivity while at a relatively high level.

关键词： ultimate control right total factor productivity corporate governance panel data fized effect model

作者: Yi Zou Kai Li Baojun Ai Miao Huo

作者单位: School of Business Administration, Northeastern University, Shenyang, 110004, China

会议类型: 国际会议

会议名称: 第八届武汉电子商务国际会议(The Eighth Wuhan International Conference on E-Business)

会议地点: 武汉

会议语种:英文

页码: 2183-2188

在线出版日期: 2009-05-30（万方平台首次上网日期，不代表论文的发表时间）