股權(quán)集中度對企業(yè)績效的影響——以浙江企業(yè)為例摘要過高的股權(quán)集中度可能會導(dǎo)致股東對公司的參與度過高，導(dǎo)致管理經(jīng)營機(jī)構(gòu)的獨(dú)立性缺失，可能導(dǎo)致較為嚴(yán)重的利益侵占。過低的股權(quán)集中度可能導(dǎo)致經(jīng)營者的利益難以與股東利益相一致，導(dǎo)致公司決策緩慢，工作效率低下，影響企業(yè)發(fā)展。鑒于此,本文以浙江省上市企業(yè)為研究對象，選取了2018年至2023年浙江省上市企業(yè)股權(quán)集中度及財(cái)務(wù)績效等相關(guān)數(shù)據(jù)，通過實(shí)證檢驗(yàn)浙江省上市企業(yè)股權(quán)集中度對企業(yè)績效的影響關(guān)系。研究結(jié)果表明，上市公司股權(quán)集中度與企業(yè)績效之間呈現(xiàn)出正相關(guān)關(guān)系，進(jìn)一步分析發(fā)現(xiàn)，資產(chǎn)規(guī)模越大，股權(quán)集中度對企業(yè)績效的正向影響越顯著。這為我國上市企業(yè)股權(quán)進(jìn)一步改革優(yōu)化及公司治理提供了較好的理論依據(jù)。關(guān)鍵詞：浙江上市企業(yè)；股權(quán)集中度；企業(yè)績效ABSTRACTExcessiveshareholdingconcentrationmayleadtoexcessiveshareholderparticipationinthecompany,resultinginalackofindependenceinthemanagementandoperationorganization,whichmayleadtomoreseriousinterestencroachment.Toolowequityconcentrationmayleadtotheinterestsofoperatorsbeingdifficulttoalignwiththeinterestsofshareholders,resultinginslowdecision-makingandlowworkefficiency,whichaffectsthedevelopmentofenterprises.Inviewofthis,thispapertakeslistedenterprisesinZhejiangProvinceastheresearchobject,selectstherelevantdatasuchasequityconcentrationandfinancialperformanceoflistedenterprisesinZhejiangProvincefrom2018to2023,andempiricallyexaminestherelationshipbetweentheequityconcentrationoflistedenterprisesinZhejiangProvinceandtheperformanceofenterprises.Theresultsshowthatthereisapositivecorrelationbetweentheequityconcentrationoflistedcompaniesandtheperformanceofthefirm,andfurtheranalysisshowsthatthelargertheassetscale,themoresignificantthepositiveimpactoftheequityconcentrationontheperformanceofthefirm.ThisprovidesagoodtheoreticalbasisforthefurtherreformandoptimizationoftheequityandcorporategovernanceofChina'slistedenterprises.Keywords:Zhejianglistedenterprises;shareholdingconcentration;BusinessperformancePAGE20緒論研究背景及意義隨著現(xiàn)代公司制度的不斷完善，很多上市公司股權(quán)已經(jīng)日漸分散，股權(quán)的分散可能導(dǎo)致限制經(jīng)營者的手段不斷減少，進(jìn)一步導(dǎo)致管理層追求企業(yè)價(jià)值最大化的目標(biāo)虛化，最終導(dǎo)致上市企業(yè)的資源配置出現(xiàn)問題。同時(shí)，高股權(quán)集中度的上市企業(yè)，第一，大股東與管理層可能合謀侵占小股東利益，第二，大股東也可能加強(qiáng)了對管理層經(jīng)營層的監(jiān)督與激勵(lì)。浙江位于我國東部發(fā)達(dá)地區(qū)同時(shí)擁有眾多上市企業(yè)，因此，研究浙江的上市企業(yè)股權(quán)集中度對企業(yè)績效的影響意義重大，為我國企業(yè)制度的改革和公司資源的配置與治理提供理論依據(jù)。研究內(nèi)容本文分為以下四個(gè)部分：第一，梳理了股權(quán)集中度與企業(yè)績效的具體定義；第二，逐步建立實(shí)證模型，并通過國泰安數(shù)據(jù)庫選取變量，導(dǎo)出數(shù)據(jù)并清洗得到相關(guān)數(shù)據(jù)并進(jìn)行描述性分析；第三，進(jìn)行回歸分析并分析結(jié)果；最后，結(jié)合上述結(jié)論提出相應(yīng)建議。

理論基礎(chǔ)股權(quán)集中度相關(guān)概述股權(quán)集中度是指全部股東因持股比例的不同所表現(xiàn)出來的股權(quán)集中還是股權(quán)分散的數(shù)量化指標(biāo)。股權(quán)集中度是衡量公司的股權(quán)分布狀態(tài)的主要指標(biāo)，也是衡量公司穩(wěn)定性強(qiáng)弱的重要指標(biāo)，同時(shí)也是衡量公司結(jié)構(gòu)的重要指標(biāo)。企業(yè)是否負(fù)債無關(guān)，不存在最佳資本結(jié)構(gòu)問題。財(cái)務(wù)績效相關(guān)概述財(cái)務(wù)績效是企業(yè)戰(zhàn)略及其實(shí)施和執(zhí)行為最終的經(jīng)營業(yè)績作出的貢獻(xiàn)，主要通過盈利能力、營運(yùn)能力、償債能力和抗風(fēng)險(xiǎn)能力這四方面體現(xiàn)。財(cái)務(wù)績效能夠全面展示企業(yè)在成本控制的效果、資產(chǎn)運(yùn)用管理的效果、資金來源調(diào)配的效果以及股東權(quán)益報(bào)酬率的組成。國外研究現(xiàn)狀Furong和Xiaoyong(2023)研究結(jié)果結(jié)果表明,股權(quán)集中度與研發(fā)投入呈倒U型關(guān)系。而在股票期權(quán)存在的情況下,這種倒U型關(guān)系顯著變?nèi)?。原?chuàng)性/價(jià)值研究結(jié)果對于旨在授予股票期權(quán)、改善股權(quán)集中度對研發(fā)投資策略影響的企業(yè)具有重要的管理啟示。Wen等(2023)研究結(jié)果肯定了企業(yè)應(yīng)該依靠債務(wù)融資而不是股權(quán)融資來提升其ESG績效。Ma(2023)對股權(quán)集中度對企業(yè)財(cái)務(wù)績效影響的相關(guān)文獻(xiàn)進(jìn)行梳理,并進(jìn)行總結(jié)和展望,以期為企業(yè)優(yōu)化股權(quán)結(jié)構(gòu)、增強(qiáng)競爭優(yōu)勢、提升財(cái)務(wù)績效提供一定的參考和借鑒。國內(nèi)研究現(xiàn)狀趙良余(2013)，研究發(fā)現(xiàn)需要保持在一定區(qū)間內(nèi)的適當(dāng)股權(quán)比例才有助于公司績效的提高。高爽(2015)研究發(fā)現(xiàn)，股權(quán)集中度與企業(yè)績效有倒U關(guān)系。汪衛(wèi)芳(2020)研究發(fā)現(xiàn),企業(yè)持股越高對企業(yè)創(chuàng)新起負(fù)面作用。高之遠(yuǎn)(2021)研究發(fā)現(xiàn)，國企的股權(quán)集中度相較于非國企的股權(quán)集中度對企業(yè)績效的促進(jìn)作用更大；龍頭壟斷行業(yè)，股權(quán)集中度對企業(yè)績效的影響更大。梁思佳(2022)研究發(fā)現(xiàn)，股權(quán)集中度與企業(yè)績效呈不對稱倒u關(guān)系；擴(kuò)大公司規(guī)模有利于開展技術(shù)革新與開發(fā)。許安娜(2022)得出結(jié)論,股權(quán)集中度對與企業(yè)績效有一定的正相關(guān)關(guān)系，特別是對于國營企業(yè)，正相關(guān)關(guān)系越大。邱浦添翼(2023)得出結(jié)論，股權(quán)集中度與企業(yè)績效之間有著一定的正相關(guān)關(guān)系。馬堯(2023)得出結(jié)論:股權(quán)集中度可以提高企業(yè)績效。張靜坤(2023)研究發(fā)現(xiàn)，股權(quán)集中度和薪酬對企業(yè)績效有著較大的正向影響。岳瑞霞(2023)實(shí)證結(jié)果表明，股權(quán)集中度在某一范圍內(nèi)才可以對企業(yè)績效有正向影響。李溪月(2023)實(shí)證結(jié)果得出：股權(quán)集中度對企業(yè)有著非常顯著的正向影響。

實(shí)證設(shè)計(jì)數(shù)據(jù)來源本文選取上證主板A股和深證主板A股所有浙江上市企業(yè)，剔除財(cái)務(wù)狀況有問題的ST類上市公司貨幣金融服務(wù)公司、資本市場服務(wù)公司、保險(xiǎn)業(yè)公司及其他金融業(yè)公司。共選取428家公司樣本。所有數(shù)據(jù)來源于國泰安CSMAR。研究變量對股權(quán)集中度進(jìn)行衡量的相關(guān)指標(biāo)主要包括Top指標(biāo)、CRn指標(biāo)、赫芬達(dá)爾指標(biāo)（hhi）以及Z指標(biāo)（一）Top指標(biāo)：第n大股東持股比例，Top反映了企業(yè)前n大股東持有股權(quán)份額占企業(yè)總股本數(shù)量的比例。學(xué)術(shù)界通常以Top1、Top5、Top10進(jìn)行衡量股權(quán)集中情況。（二）CRn指標(biāo)：前n大股東持股比例。公式如下：CR=i=1n從一定程度上來看，CRn可以反映出控股大股東對企業(yè)的掌控程度高低。該指標(biāo)的數(shù)值變化間接揭露了股東們是否看好企業(yè)的發(fā)展前景：CRn指數(shù)若伴隨時(shí)間推移出現(xiàn)提高，則是向外界傳達(dá)利好信息，即大股東正在增持企業(yè)的股份，表明了他們對企業(yè)的發(fā)展前景充滿信心，愿意長期持有公司股份；反之則表明股東們在對外拋售股份，準(zhǔn)備從公司抽回資金。這顯示了股東們對企業(yè)未來發(fā)展持悲觀態(tài)度，傾向于拋售股票，所以觀察股權(quán)集中度的變化經(jīng)常能夠總結(jié)出和企業(yè)發(fā)展緊密相關(guān)的重要信息。（三）赫芬達(dá)爾指標(biāo)（hhi）：依據(jù)前幾大股東持股份額的平方和來反映企業(yè)股權(quán)集中度的指標(biāo)。公式如下：Hn=i=1nXXi代表第i大股東的持股份額，由于將Xi取平方再加總，所以該指數(shù)呈現(xiàn)出“馬太效應(yīng)”。企業(yè)的股權(quán)集中度越高，相應(yīng)的赫芬達(dá)爾指數(shù)也會越高。（五）Z指數(shù)，通過第一大股東持股額與第二大股東持股額的比值，反應(yīng)企業(yè)的股權(quán)情況。第一大股東股權(quán)越集中，對企業(yè)掌控能力更強(qiáng)決策權(quán)越大。反之，說明其他股東可以更好的對第一大股東進(jìn)行監(jiān)督與牽制，同時(shí)也可以更好的干預(yù)公司管理與經(jīng)營。公式如下：Z=X1/X2綜上，Top指標(biāo)顯示股權(quán)集中情況，通過Top指標(biāo)可以看出股東對于企業(yè)未來的態(tài)度。赫芬達(dá)爾指數(shù)說明了股東持股情況的差異，Hn指數(shù)越高，說明前n大股東掌控能力越大。Z指數(shù)表明了第一大和第二大股東之間的差距。本文選區(qū)的股權(quán)集中度指標(biāo)具體有：Top1、Top3、Top5、Top10以及根據(jù)前五大股東持股份額的平方和計(jì)算出的hhi。其中，hhi用于穩(wěn)健性檢驗(yàn)。每股收益（EPS）是現(xiàn)今學(xué)術(shù)界最普遍最受認(rèn)可的用于衡量上市企業(yè)盈利好壞的指標(biāo)。每股收益向各類投資者傳遞企業(yè)盈利水平財(cái)務(wù)狀況以及財(cái)務(wù)風(fēng)險(xiǎn)情況等重要信息，每股收益是衡量一家企業(yè)財(cái)務(wù)狀況優(yōu)劣情況的核心評判標(biāo)準(zhǔn)之一。通過每股收益，投資者可以對一家企業(yè)的經(jīng)營情況、盈利情況有相關(guān)的了解，并基于此對其發(fā)展前景等做出一定的預(yù)測。公式如下：每股收益（EPS）=企業(yè)凈利潤/公司總股本數(shù)回歸模型設(shè)計(jì)及變量相關(guān)性分析首先，進(jìn)行基本的統(tǒng)計(jì)分析。以下表格的描述性分析數(shù)據(jù)為2018年至2023年浙江上市企業(yè)股權(quán)集中度的情況。被解釋變量：eps（每股收益）解釋變量：top1（第一大股東持股占比），top3（前三大股東持股占比），top5（前五大股東持股占比），top10（前10大股東持股占比），hhi（前五大股東持股份額的平方和）控制變量：size(總資產(chǎn)的對數(shù))，roe（凈資產(chǎn)收益率A），revenue（主營業(yè)務(wù)收入），stocks（存貨），Sell（銷售費(fèi)用）表3.1浙江上市企業(yè)描述性統(tǒng)計(jì)變量樣本數(shù)均值標(biāo)準(zhǔn)差最小值最大值eps1,8730.5760180.976425-6.5020715.67267top11,89734.1823814.766992.8888.24top31,89750.3502616.046336.56123.94top51,89756.0209816.333848.54142.39top101,89762.1242517.1914711.49170.96hhi1,8971622.4981187.60117.36388316.843size1,89722.2641.15938917.8864326.61653roe1,8880.0770081.308899-25.863241.3301revenue1,8967.73E+092.72E+10804192.65.72E+11stocks1,8831.89E+098.16E+0927731.391.84E+11Sell1,8722.96E+087.23E+0889206.19.77E+09本次研究采用通用性回歸方程，參考耿慶峰、郭旭挺在2019年的研究。對被解釋變量及解釋變量之間相關(guān)性展開分析，用自變量來預(yù)測因變量。公式如下：Performancei，t=α0+α1concentratei，e+α2sizei，t+α3levi，t+α4fixi，t+α5duali，t+μi，t在上述模型中，performancei,t利用每股收益為指標(biāo)展示企業(yè)業(yè)績，α0為截距項(xiàng)，α1、α2、α3、α4分別為相應(yīng)解釋變量的回歸系數(shù)，concentratei,t反映了公司的股權(quán)集中情況，分別用top1、top3、top5和top10表示。μi,t為隨機(jī)擾動(dòng)項(xiàng)。為了避免多重共線性所導(dǎo)致的研究結(jié)果不準(zhǔn)確，對選取的三個(gè)自變量指標(biāo)進(jìn)行相關(guān)性分析（如表3.2所示）。從變量相關(guān)性結(jié)果可以看出，CR1指標(biāo)、H3指標(biāo)和Z指標(biāo)的相關(guān)性較低，沒有存在多重共線性，因此可以展開分析。表3.2浙江上市企業(yè)Pearson相關(guān)系數(shù)矩陣Epstop1top3top5top10hhisizeroerevenuestocksSelleps1top10.136***1top30.177***0.831***1top50.182***0.743***0.967***1top100.178***0.642***0.874***0.943***1hhi0.143***0.951***0.869***0.804***0.714***1size0.166***0.041*0.00700-0.0180-0.03700.03301roe0.170***0.01700.02000.02100.02300.0170-0.02801revenue0.104***0.03300.03400.02900.02600.03000.429***0.004001stocks0.074***0.043*0.051**0.040*0.03300.03300.427***0.005000.304***1Sell0.125***0.01300.01800.02400.02700.007000.393***0.007000.279***0.152***1注：***、**、*分別對應(yīng)1％、5％、10％顯著性水平

表3.32018-2023年浙江上市企業(yè)主要變量均值統(tǒng)計(jì)股票名稱股票代碼Top1Top3Top5Top10每股收益華數(shù)傳媒00015638.54658.2261.72266.370.4698444英特集團(tuán)00041125.59659.97664.14267.2241.3716664榮安地產(chǎn)00051747.9380.68482.90283.9260.3808128萬向錢潮00055960.94464.75666.78869.030.2128354華媒控股00060748.09454.8157.28263.540.013382順發(fā)恒業(yè)00063161.3372.28274.7576.7180.1870944浙江震元00070522.98626.67829.22633.590.3238774普洛藥業(yè)00073928.0846.41252.90860.610.6254298英洛華00079539.4249.66651.57253.3320.120235浙商中拓00090641.09852.12655.461.9621.1190098錢江摩托00091329.57444.68449.49656.8880.4503044眾合科技0009257.71616.76621.9830.590.1467984華東醫(yī)藥00096341.7560.3263.01266.31.551544盈峰環(huán)境00096731.84454.165.36272.6560.3414946眾泰汽車00098029.31847.87257.45664.44-2.1542898雙槍科技00121132.8149.5156.4764.6250.3810595源飛寵物00122228.0652.9465.1275.931.257771和泰機(jī)電00122580.4188.9993.8195.580.2864765永泰運(yùn)00122830.8142.954.169.761.253331667浙江正特00123853.2466.673.6876.860.512001博菲電氣00125534.7554.6367.1376.970.2627856煒岡科技00125632.0965.4771.2976.280.463635鋮昌科技00127047.2255.6262.971.960.443767一彬科技00127852.9572.6180.9389.560.1503752光華股份00133349.2260.1668.2973.440.408717楚環(huán)科技00133624.6347.7660.572.950.953771新和成00200148.68452.68254.82658.330.853328827偉星股份00200329.85240.76646.1852.3260.564918487精工科技00200631.1638.36240.87844.1980.863796227傳化智聯(lián)00201059.29464.33467.97473.0160.9831126盾安環(huán)境00201129.4841.93845.07449.7060.39809136凱恩股份00201216.97223.64624.74626.8081.03824974億帆醫(yī)藥00201941.25444.01245.69649.2280.950786813京新藥業(yè)00202020.54833.34438.98846.3820.8328092蘇泊爾00203281.6989.38690.66492.6240.826875473旺能環(huán)境00203433.80656.05461.00869.6041.08031942兔寶寶00204329.63639.97844.7350.8320.45248724寧波華翔00204816.39431.13638.18447.2661.04794764三花智控00205031.18264.15466.54269.8561.4243939橫店東磁00205650.24855.2757.99861.4761.03884772浙江交科00206154.1961.68466.3271.4681.65234848宏潤建設(shè)00206238.5855.76458.13261.840.873284續(xù)表3.32018-2023年浙江上市企業(yè)主要變量均值統(tǒng)計(jì)股票名稱股票代碼Top1Top3Top5Top10每股收益華峰化學(xué)00206444.62459.42467.54671.2461.03043204景興紙業(yè)00206715.59618.35219.38421.1440.691669787萬邦德00208226.42836.82842.66448.730.49261076萬豐奧威00208538.63448.8954.56463.5940.671126453生意寶00209546.56653.22254.2455.9040.435154827海翔藥業(yè)00209933.75243.36446.34251.5980.2317136廣博股份00210322.82840.81251.11455.45-0.3399362三變科技00211214.7724.88231.17438.6260.09863三維通信00211513.05629.5632.02635.28-0.0121814康強(qiáng)電子00211919.7232.97839.50246.4660.3110568韻達(dá)股份00212052.11459.7165.51273.490.8442972匯洲智能00212228.12244.58449.5755.606-0.4624146天邦食品00212422.65633.06637.4748.14054-0.022348銀輪股份0021269.50818.91225.81433.3060.460174利歐股份00213110.37822.44626.06230.0740.045495廣宇集團(tuán)00213317.4131.2533.96637.7340.4789848東南網(wǎng)架00213529.72441.5746.60455.1760.2834864宏達(dá)高科00214422.54429.8933.94638.3580.434534報(bào)喜鳥00215416.37429.96633.45438.4360.2497032寧波東力00216423.53844.79849.254.0620.0024968創(chuàng)新醫(yī)療00217317.08434.24445.37658.048-0.7088138中天服務(wù)00218820.42630.86637.22446.892-0.0201238方正電機(jī)00219610.98224.0829.7936.618-0.606496東晶電子00219913.56633.24842.25649.648-0.0774996海亮股份00220338.71453.87259.59267.210.5161764海利得00220617.19433.26841.32848.9560.3056464大立科技00221428.15231.86833.95437.0880.2592618三力士00222432.30436.10237.75440.3740.1552248大華股份00223635.04644.9249.80455.141.0230024濱江集團(tuán)00224443.93458.74664.64872.431.2532746聚力文化00224713.23424.38232.547.412-0.9373934聯(lián)化科技00225026.68232.95437.0143.6260.3109614大東南00226327.9129.6930.76832.5360.0623898浙富控股00226623.94442.47449.955.4660.2329106水晶光電0022739.94619.0723.6634.3820.4250774萬馬股份00227625.1736.95638.81440.7120.2435504聯(lián)絡(luò)互動(dòng)00228020.12631.05635.82440.534-0.5166872亞太股份00228438.72245.11446.59457.5980.013372久立特材00231836.51641.73844.88250.2520.784411理工能科00232229.68239.5145.6551.8140.5543328永太科技00232617.98238.09643.85647.5460.4084128仙琚制藥00233221.5527.15431.40239.0220.5549666續(xù)表3.32018-2023年浙江上市企業(yè)主要變量均值統(tǒng)計(jì)股票名稱股票代碼Top1Top3Top5Top10每股收益海寧皮城00234434.30454.9556.97659.7640.2217216中恒電氣00236435.5643.85247.27451.710.0894478亞太藥業(yè)00237016.2727.7135.57446.718-0.7837176偉星新材00237238.0863.07469.63275.260.7437484亞廈股份00237532.7752.1255.28259.9620.0711942雙箭股份00238120.75633.51241.61848.920.4710964新亞制程00238837.73848.96254.96259.1780.0690972航天彩虹00238921.41844.60650.07456.5060.2846548愛仕達(dá)00240335.59447.86454.3163.8440.0936926嘉欣絲綢00240419.6739.444.34649.7220.3178168?？低?0241537.98255.57661.75668.8261.4688956康盛股份00241814.16835.6944.13247.98-0.1731602尤夫股份00242727.51451.6863.00470.712-1.3754948杭氧股份00243054.1865.5569.49674.1041.0196032萬里揚(yáng)00243428.73850.8658.82673.250.1364062閏土股份00244016.7338.21646.3852.880.8363714金洲管道00244321.16626.69629.00631.3460.685436巨星科技00244442.25651.07854.63459.7981.025871眾應(yīng)退00246424.0438.922541.56543.6125-0.44363申通快遞00246832.71253.64660.5370.6340.3765318雙環(huán)傳動(dòng)0024728.1919.74628.37242.5620.3310148圣萊退00247318.1345.377556.1362.045-0.41724525富春環(huán)保00247925.87439.34843.38848.0520.3728926金固股份00248812.06427.15235.6447.0460.0382758浙江永強(qiáng)00248937.87650.00657.41260.4440.1121082榮盛石化00249363.01271.53274.12678.3041.1456484老板電器00250849.6860.72262.68468.191.6211466金字火腿00251520.338.63844.59849.720.0179406日發(fā)精機(jī)00252041.4352.156.28861.564-0.2271898浙江眾成00252232.60843.83647.80851.7240.0804954天山鋁業(yè)00253219.4137.70248.51665.8820.4670028西子潔能00253439.00674.48277.4979.540.5439284寶鼎科技00255233.55264.2871.17275.6840.043975兄弟科技00256226.69445.04250.71652.410.0827832森馬服飾00256316.28242.07461.30480.3860.4526202貝因美00257024.44634.99239.75846.492-0.085515明牌珠寶00257430.253.1354.38656.01-0.0511114萬安科技00259045.8655.16257.38861.0480.0980606世紀(jì)華通00260211.95428.7738.68252.7960.1318886愛康科技00261010.67416.67819.88423.684-0.1225602哈爾斯00261547.954.92457.39662.4540.2001118露笑科技00261719.40634.48641.12448.968-0.1761496續(xù)表3.32018-2023年浙江上市企業(yè)主要變量均值統(tǒng)計(jì)股票名稱股票代碼Top1Top3Top5Top10每股收益完美世界00262428.6348.88258.22866.3740.8091018仁智股份00262919.53622.28423.93226.724-0.3029662道明光學(xué)00263239.93848.3854.32661.6180.2983682申科股份00263328.1255.0458.45661.782-0.1439756棒杰股份00263421.50239.53849.82655.0580.1041474贊宇科技00263717.36234.5240.3948.0340.7379918公元股份00264139.1761.93665.98669.9220.3664932衛(wèi)星化學(xué)00264836.72855.42462.17867.951.5656878信質(zhì)集團(tuán)00266425.947.6653.43661.0060.6624834浙江美大00267722.453.6163.46671.760.7732948億利達(dá)00268628.9647.74255.17664.958-0.1888196喬治白00268713.48231.31439.48447.570.3886188浙江世寶00270342.30473.45474.38275.004-0.0292434思美傳媒00271231.86844.90450.8558.93-0.4888902友邦吊頂00271835.8370.78273.46875.8880.1189438躍嶺股份00272511.5329.40444.69457.3940.0649376電光科技00273049.9159.9962.74265.7740.2035112永興材料00275641.96453.44457.40863.884.1123746浙農(nóng)股份00275822.88442.82454.29860.75437.8278934浙江建投00276134.40862.31870.74479.9024.820976先鋒電子00276745.4867.0568.50270.6580.176849中堅(jiān)科技00277948.5559.46466.52476.5020.053409永和智控00279525.5745.93653.93462.9180.1518222微光股份00280139.3869.29873.73677.371.185792華統(tǒng)股份00284039.32254.66460.12266.7940.2512636威星智能00284921.4440.16247.5354.4820.5895232潔美科技00285948.9265659.2563.6620.715563星帥爾00286031.25448.10651.53456.2420.8433116今飛凱達(dá)00286332.59452.71858.8263.1220.1933986中大力德00289627.20256.51661.48864.6760.7337924意華股份00289746.38852.62257.05263.9380.7139382中欣氟材00291522.06440.5651.62864.1520.3666396鋒龍股份00293143.33460.83266.96272.7480.4975726興瑞科技00293724.43447.4859.40271.150.5220278昂利康00294036.37645.67850.82258.5221.4136412新農(nóng)股份00294254.563.2169.00274.8281.069891海象新材00301127.0842.8066666750.1933333358.286666671.861570667大洋生物0030178.8617.7233333323.6631.163333331.346346思進(jìn)智能00302521.3450.1662.2671.786666671.038474667中晶科技00302625.4633333346.3866666753.6366666763.996666670.865108667祖名股份00303024.0848.0162.1066666773.0866666727.11528807泰坦股份00303672.7566666780.4366666782.4733333384.253333330.660129694續(xù)表3.32018-2023年浙江上市企業(yè)主要變量均值統(tǒng)計(jì)股票名稱股票代碼Top1Top3Top5Top10每股收益真愛美家00304151.5271.6479.0266666783.612666670.389364378浙能電力60002368.9676.87280.1583.0940.54455178浙江新能60003269.2390.1990.38590.620.898630033寧波聯(lián)合60005129.0832.93434.3536.7060.84883982東望時(shí)代60005234.29445.43849.0153.5440.46416992古越龍山60005939.44444.03846.96249.930.93544552浙江東日60011349.22650.5451.37452.8520.37707982東睦股份60011412.04625.330.6736.8661.65141888杭鋼股份60012645.07463.15870.4577.20.253132893波導(dǎo)股份60013016.419.71821.13623.1061.01877092維科技術(shù)60015229.21444.59250.58654.2840.589074233巨化股份60016047.0858.43863.01867.0061.17428386臥龍地產(chǎn)60017344.4956.4158.82863.1840.77727488退市美都60017530.09542.2950.22558.371.0224565中國巨石60017626.9750.37252.86656.421.4019421雅戈?duì)?0017732.40248.65854.12659.7961.0572646新湖中寶60020832.4151.8856.91465.6081.55269444浙江醫(yī)藥60021621.5739.7442.86446.7821.04918032瀚葉股份60022624.6543.77648.71652.1560.68637072金鷹股份60023248.585152.09253.9840.81171212民豐特紙60023534.8737.03837.83639.330.742544307陽光照明60026132.3144.84449.31254.90.56071024海正藥業(yè)60026730.6543.24646.6749.3220.66872256嘉化能源60027334.83443.01245.9850.6780.990328錢江水利60028333.5565.47670.09872.880.4574454天通股份60033012.520.89224.83430.9820.3632808浙江龍盛60035211.9825.28828.74634.1261.2911238寧波韻升60036631.5866636.3326638.6146641.594660.2292326小商品城60041555.63461.55463.05465.5040.2066774士蘭微60046037.98844.05846.53650.360.353858杭蕭鋼構(gòu)60047741.2644.71846.8950.3280.2483206龍?jiān)ㄔO(shè)60049126.05838.51644.92653.8420.5064586騰達(dá)建設(shè)6005128.2615.13818.2723.3380.2541008華海藥業(yè)60052125.20444.45247.56853.2980.4730874菲達(dá)環(huán)保60052627.31444.59846.10648.382-0.048952億晶光電60053721.81431.29233.30436.316-0.2448934恒生電子60057020.7231.22234.62840.4681.1549722信雅達(dá)60057117.18825.76628.48631.7880.1415064康恩貝60057222.94835.94240.18244.4560.2821852祥源文旅60057633.848.9754.18857.832-0.2607564臥龍電驅(qū)60058032.36443.83447.2652.5060.6917188新安股份60059613.22427.73631.6835.8041.8280382續(xù)表3.32018-2023年浙江上市企業(yè)主要變量均值統(tǒng)計(jì)股票名稱股票代碼Top1Top3Top5Top10每股收益浙數(shù)文化60063347.71853.96456.97460.7560.490583尖峰集團(tuán)60066816.1519.88621.71624.4382.0150274京投發(fā)展60068337.77860.5963.42665.8580.7947032均勝電子60069935.65843.67248.48255.110.0836794物產(chǎn)中大60070427.4349.80655.34661.990.9283696寧波富達(dá)60072476.9578.76679.40680.3880.4024276通策醫(yī)療60076333.7542.5647.00652.2441.7550908寧波富邦60076837.2541.4743.82647.9120.3827398東方通信60077643.840646.254446.89348.0820.0990436輕紡城60079037.55643.72845.96490.4001896錢江生化60079637.97251.56452.4153.7980.0785052浙大網(wǎng)新60079712.19420.05823.91228.088-0.0139178寧波海運(yùn)60079831.1147.5951.0653.7660.2626668杭州解百60081462.89868.29669.04470.0340.6399824香溢融通60083014.95231.98237.71241.5480.0548722寧波中百60085715.7830.73837.94446.960.4443622百大集團(tuán)60086533.746.75251.71656.8620.4870612杉杉股份60088431.62846.04651.90657.4540.8970674愛柯迪60093333.28854.3967.87474.0520.5463074寧波能源60098226.77652.85454.02455.1960.2879476浙文互聯(lián)6009869.09617.38621.23826.466-0.2618026航民股份60098739.39853.7159.3466.170.7809868晉億實(shí)業(yè)60100239.87852.76654.4755.9640.2574844寧波港60101872.85883.36486.65288.520.2627856寧波遠(yuǎn)洋60102272.984.69090.610.512001華鼎股份60111324.08838.94650.48864.972-0.2571532三江購物60111635.4270.3573.68276.9440.2323758博威合金60113731.05649.30856.32664.4880.5826998杭齒前進(jìn)60117733.01651.90655.27859.540.3010206桐昆股份60123321.42237.46444.65850.5881.4286538百隆東方60133929.7260.3873.0878.420.5379848三星醫(yī)療60156732.76452.14657.61866.9040.6005678會稽山60157932.37458.91464.93269.5020.4286788浙文影業(yè)60159917.22430.67238.53245.416-0.4036934金田股份60160928.2933333353.7433333357.4866666763.196666670.374692333拓普集團(tuán)60168964.62668.37870.12673.370.9073442寧波建工60178931.05238.8640.75243.1180.3160882福萊特60186522.42861.7680.51686.733666.30654298正泰電器60187742.27855.50660.7566.3140.458661133海天精工60188238.6980.13283.51286.2381.23583518浙版?zhèn)髅?0192176.9583.3486.52589.8550.615998喜臨門60300821.94638.05243.74451.1120.6304876續(xù)表3.32018-2023年浙江上市企業(yè)主要變量均值統(tǒng)計(jì)股票名稱股票代碼Top1Top3Top5Top10每股收益萬盛股份60301026.43839.79245.62853.2520.8464064弘訊科技60301549.21857.93659.07260.1740.1361094三維股份60303337.25660.1566.37473.740.4766512新坐標(biāo)60304051.47660.10664.25268.2441.3685006福達(dá)合金60304526.3437.39641.17448.7380.4144866浙江黎明60304842.5574.3275.45576.460.406197臺華新材60305534.25469.9279.69884.3640.3711072萬控智造60307063.0873.57581.1788.642.763088533物產(chǎn)環(huán)能60307154.1264.2171.0978.110.3873933彩蝶實(shí)業(yè)60307347.498878.128285.827897.50030.615998樂惠國際60307621.6684557.34463.9040.415269393圣達(dá)生物60307927.48254.60660.25866.1717.08847046大豐實(shí)業(yè)60308123.68442.7250.58664.030.48962819天成自控60308542.52452.91857.73263.1440.619186513寧波精達(dá)60308832.13244.03654.9162.3020.36251144正裕工業(yè)60308945.4360.83870.81874.1281.008770047越劍智能60309534.9862.0567.3533333373.790.533821056橫店影視60310380.3588.9389.80491.0120.9871957芯能科技60310513.9831.7642.34653.540.424463333紅蜻蜓60311643.50458.04463.9470.21.566837307春風(fēng)動(dòng)力60312933.00648.0453.54460.4660.59414296云中馬60313043.9471.4475.4376.060.6399824榮晟環(huán)保60316542.90253.4262.72670.1940.60229182莎普愛思60316825.32842.4751.20258.820.89778008稅友股份60317154.9682.1988.0991.21.0498281福斯達(dá)60317379.762586.966792.466799.5250.0091808德創(chuàng)環(huán)保60317743.64264.86670.61473.9861.2526873圣龍股份60317858.21466.7470.95674.1740.73548196皇馬科技60318119.539.151.5968.2360.592171573華正新材60318641.15653.94656.58668.6360.8467842公牛集團(tuán)60319555.432583.017585.1786.57850.396462067江山歐派60320829.0860.25265.31871.7160.556698413鎮(zhèn)洋發(fā)展60321355.6272.6281.1885.430.84000145比依股份60321565.6257780.7285.0950.6738772夢天家居60321655.89569.31574.5375.450.1999649日月股份60321827.13653.93868.64675.3061.038784407富佳股份60321941.976.2284.3989.360.726488濟(jì)民醫(yī)療60322232.60250.34256.44261.4460.1604564新鳳鳴60322523.85651.78266.07275.5920.885576奧翔藥業(yè)60322957.62463.44866.33471.0760.4167346五芳齋60323730.2755.5360.4767.21.364678諾邦股份60323854.80966.31270.3267273.954541.0910248續(xù)表3.32018-2023年浙江上市企業(yè)主要變量均值統(tǒng)計(jì)股票名稱股票代碼Top1Top3Top5Top10每股收益浙江仙通60323944.8565.49268.98271.9280.4391164電魂網(wǎng)絡(luò)60325811.38232.3350.60468.9841.077497合盛硅業(yè)60326055.32478.17485.70888.1623.8802884天龍股份60326648.48265.26467.72670.2920.484627聯(lián)翔股份60327240.5355.3766.2375.170.34992銀都股份60327750.93265.48478.82282.8280.8272134泰瑞機(jī)器60328945.56668.0271.35673.0860.3880852斯達(dá)半導(dǎo)60329046.857569.642576.157580.75250.396462067永新光學(xué)60329729.29451.04264.39874.6580.556698413杭叉集團(tuán)60329844.68867.7471.19275.3041.02681518華鐵應(yīng)急60330014.84227.27633.12641.9480.49101振德醫(yī)療60330151.47257.87460.16664.1164.2903846得邦照明60330348.58473.87276.87880.1040.6700292旭升集團(tuán)60330530.07268.4774.979.9320.7933054金海高科60331149.58856.38658.80462.1580.3593574誠邦股份60331634.6250.73253.9859.0780.1020822迪貝電氣60332047.82664.0767.07469.7280.405914梅輪電梯60332136.0767.1371.12473.040.1497456百達(dá)精工60333130.76447.5757.91670.7940.4907454杰克股份60333741.91467.4971.6277.4860.9946416浙江鼎力60333847.0986770.44674.4161.9228072三美股份60337937.3662.3770.03577.13750.8791175元成股份60338830.96846.84653.46663.690.2891056九洲藥業(yè)60345635.08445.0451.7959.8060.5648936祥和實(shí)業(yè)60350032.4649.0863.76871.7180.3701802金石資源60350550.2656.26260.14664.3980.7704122南都物業(yè)60350634.3660.61268.92477.310.9275188司太立60352020.8743.90649.16256.480.811456美諾華60353823.54433.33437.243.2561.1405854奧普家居60355163.5783572.28077579.67227587.923850.43692105海興電力60355648.88865.2769.60673.651.038784407健盛集團(tuán)60355835.69444.72450.22659.2140.1986038偉明環(huán)保60356842.47459.85867.75677.0041.051431三星新材60357832.89664.4966.83668.4020.7058022捷昌驅(qū)動(dòng)60358328.59654.15261.15268.3481.3455354東尼電子60359534.44259.71671.25677.450.187532永藝股份60360025.71848.98658.9368.770.691528縱橫通信60360230.55438.80844.46251.70.144849珀萊雅60360535.48868.9174.10678.0622.2384972東方電纜60360632.60845.61651.02858.711.0684666京華激光60360731.6346.8250.96858.8880.6979648麒盛科技60361023.3350.1760.3466.99251.3138465續(xù)表3.32018-2023年浙江上市企業(yè)主要變量均值統(tǒng)計(jì)股票名稱股票代碼Top1Top3Top5Top10每股收益諾力股份60361127.33639.78445.7654.0741.0211328君禾股份60361746.46860.0164.75470.620.438486杭電股份60361830.77454.63256.3458.8920.1791094鎮(zhèn)海股份60363710.10618.32424.15632.2180.327223春光科技60365746.69457.99266.40273.7180.967246恒林股份60366159.1272.31674.0275.7182.7553958柯力傳感60366244.88554.182557.382562.82251.23532675康隆達(dá)60366531.07657.33264.7971.0680.2698686五洲新春60366723.68240.29448.83457.8620.3760054奇精機(jī)械60367742.91859.24266.6175.670.3757364晨豐科技60368535.167.575.34476.4740.4982862大勝達(dá)60368765.0177.637579.917581.2050.35928075寧水集團(tuán)60370020.71434.42844.5857.7080.58798694德宏股份60370134.80850.05854.6158.5040.815055907盛洋科技60370322.42240.45246.14452.448-0.0178902中源家居60370938.2574.2575.89677.80.2544734香飄飄60371156.64472.5281.55687.8320.6985062朗迪集團(tuán)60372654.51664.39267.39271.0240.6552802仙鶴股份60373381.1985.1786.2587.430.9341124大元泵業(yè)60375712.68838.06463.4468.9621.2357028中馬傳動(dòng)60376730.69263.6868.16871.6140.1916112寧波高發(fā)60378837.33247.3956.07464.5880.7435204星光農(nóng)機(jī)60378923.9849.74658.4165.01-0.5230288華友鈷業(yè)60379919.47636.67441.33844.4741.9580416福斯特60380650.6471.51475.20478.6481.7586868誠意藥業(yè)60381127.07236.8942.38451.9320.8648156顧家家居60381637.6661.49868.16275.8262.135165嘉澳環(huán)保60382227.48848.14658.37865.5980.6419536百合花60382364.21468.47870.30474.0880.9538882安正時(shí)尚60383937.6763.18473.3176.7560.2653862新化股份60386717.0930.227533.632539.29751.49272125太平鳥60387747.9943468.0055882.2874687.375241.117625新澳股份60388931.0948.65652.38258.8280.503306壽仙谷60389633.51445.69451.13659.6161.0715988長城科技60389737.51665.71668.24870.6621.0351088永創(chuàng)智能60390137.48653.258.74265.7180.3742478牧高笛60390852.666.4568.89271.3621.0412054合力科技60391713.4335.948.43462.0880.4737368鐵流股份60392634.6745.80852.759.7420.755594格林達(dá)60393142.1268.7374.2966666776.360.931761建業(yè)股份60394841.9033333365.1666.5675.923333331.666402333雪龍集團(tuán)60394919.9548.2171.2576.926666670.503286667續(xù)表3.32018-2023年浙江上市企業(yè)主要變量均值統(tǒng)計(jì)股票名稱股票代碼Top1Top3Top5Top10每股收益吉華集團(tuán)6039802841.93248.71257.980.4665264甬金股份60399525.9553.462559.0464.29752.15991175退市中新60399647.722559.8161.557563.425-3.1362895繼峰股份60399733.43459.88664.38679.35-0.1367654眾望布藝60500373.3576.0333333377.0378.613333331.253331667合興股份60500579.1366666789.2418333390.5151666791.850166670.295780689五洲特紙60500729.8933333364.9966666780.1285.133333330.640198122長鴻高科60500866.2482.7185.7933333388.056666670.520467967豪悅護(hù)理60500933.8333333361.4233333370.0033333373.336666671.4680923杭州熱電60501161.6386.3788.890.32930.707772長華集團(tuán)60501852.3283.0586.9588.176666670.362700667永和股份60502044.7957.6762.3568.71.0698805世茂能源6050286071.2575.3176.111.1922505迎豐股份60505553.2833333367.6276.3966666787.881.361067333咸亨國際6050561643.6361.9684.252.5535081聯(lián)德股份60506037.3766666776.9579.7266666782.951.314811444天正電氣60506624.6643.1266666745.9850.90.242310622明新旭騰60506825.2557.1066666765.8166666775.803333330.968815667華康股份60507717.6633333330.7342.4633333359.253333331.361067333浙江自然60508053.463.4169.4678.112.5535081冠盛股份60508831.8252.9433333357.9164.116666671.314811444奧銳特60511638.1366666770.2676.0466666785.613333330.376234289德業(yè)股份60511737.9764.61568.6473.3554.883046盛泰集團(tuán)60513830.3370.782.4789.660.615963西大門60515558.5562.9565.3268.436666670.778867333華達(dá)新材60515857.6570.173.4175.663333330.461426667新中港60516274.6778.4879.1680.120.2864765聚合順60516619.0837.8743.8233333350.773333330.628283東亞藥業(yè)60517741.4850.8066666755.1066666761.954266670.843302667一鳴食品60517940.3867.379.3985.116666670.019515華生科技60518037.4163.2471.34575.6351.1288465神通科技60522849.7533333376.2685.7187.650.231747222天普股份60525556.2171.676.3633333380.103333330.317502667綠田機(jī)械60525953.5165.9471.175.982.1262435王力安防60526846.8733333371.8733333383.9266666787.537666670.1663364新亞電子60527729.5654.7760.5769.896666670.785173889園林股份60530354.0580333368.6694666774.6358333381.620633330.548282633法獅龍60531855.7468.1472.7733333377.590.346431帥豐電器60533637.2866666761.6766666768.3833333374.623333331.425789李子園60533735.6765.6133333374.5333333381.330.7460254立昂微60535818.2333333330.3433333335.6866666744.290.962239667拱東醫(yī)療60536952.3167.2566666771.7433333377.292.826712續(xù)表3.32018-2023年浙江上市企業(yè)主要變量均值統(tǒng)計(jì)股票名稱股票代碼Top1Top3Top5Top10每股收益華旺科技60537728.0244.3347.7933333360.176666671.408518野馬電池60537816.6666666745.8333333370.8333333378.696666670.737769833福萊新材60548855.5969.72575.2477.6850.7458905森林包裝60550022.3454.2671.0776.190.996334國邦醫(yī)藥60550723.0846.0261.0572.211.455604德昌股份60555524.3656.429865.239874.84981.3525725福萊蒽特60556629.2250.5361.9375.4450.7625505恒盛能源60558031.8163.674.60575.580.655787浙江上市企業(yè)每股收益及Top系列描述性分析根據(jù)從國泰安數(shù)據(jù)庫CSMAR中取得的浙江上市企業(yè)剔除財(cái)務(wù)狀況有問題的ST類上市公司貨幣金融服務(wù)公司、資本市場服務(wù)公司、保險(xiǎn)業(yè)公司及其他金融業(yè)公司,進(jìn)行數(shù)據(jù)整理計(jì)算，得出浙江上市企業(yè)EPS等相關(guān)數(shù)據(jù)，具體數(shù)據(jù)如表3.3所示。由上表可知，從Top指標(biāo)來看，股權(quán)集中度大多呈現(xiàn)不一致，其中第一大股東占比最大的為蘇泊爾公司（002032），占有81.69%，最低的是眾合科技（000925），占有7.716%。前三大股東占比最大的為浙江新能（600032），占有90.19%，最低的為騰達(dá)建設(shè)（600512），占有15.138%。前五大股東占比最大的為和泰機(jī)電（001225），占有93.81%，最低的為騰達(dá)建設(shè)（600512），占有18.27%。前十大股東占比最大的為福斯達(dá)（603173），占有99.525%，最低的為景興紙業(yè)（002067），占有21.144%。從每股收益績效來看，最高的是浙農(nóng)股份（002758），每股收益為37.827，最低為退市中新（603996），每股收益為-3.136。在業(yè)績較好的企業(yè)中，萬控智造（603070）和合盛硅業(yè)（603260）股權(quán)集中度較高，第一大股東占比為63.08%和55.324%，前十大股東占比分別為88.64%和88.16%。在2018至2023年間，有多家公司業(yè)績呈現(xiàn)虧損，如：亞太藥業(yè)（002370）、聚力文化（002247）和退市中新（603996），第一大股東占比為16.27%、13.234%、47.7225%前十大股東占比分別為46.718%、47.412%、63.425%。綜上，股權(quán)集中度在一定程度上會影響公司的績效，但同時(shí)也還有其他諸多限制條件，如2018年至2023年間新型冠狀肺炎疫情、公司所處行業(yè)、產(chǎn)業(yè)規(guī)模、流動(dòng)資產(chǎn)情況、負(fù)債水平等都有著較大的關(guān)系。以下的實(shí)證分析將驗(yàn)證這一結(jié)果。

浙江上市企業(yè)績效與股權(quán)集中度回歸分析表4.1浙江上市企業(yè)股權(quán)集中度與企業(yè)績效的回歸結(jié)果Eps（1）Eps（2）Eps（3）Eps（4）Top10.0057**(2.55)Top30.0085***(4.36)Top50.0084***(4.50)Top100.0075***(4.20)size0.1662***0.1704***0.1720***0.1705***(4.95)(5.13)(5.18)(5.14)roe0.1136***0.1137***0.1138***0.1137***(8.36)(8.38)(8.38)(8.37)revenue0.00000.00000.00000.0000(1.60)(1.60)(1.57)(1.59)stocks-0.0000-0.0000-0.0000-0.0000(-0.38)(-0.51)(-0.49)(-0.44)sell0.00000.00000.00000.0000(0.39)(0.39)(0.37)(0.35)constant-3.2934***-3.6192***-3.7017***-3.6636***(-4.42)(-4.87)(-4.97)(-4.91)observations1,8321,8321,8321,832根據(jù)表4.1顯示，當(dāng)企業(yè)Size＞均值時(shí)，Top1的股權(quán)集中度和eps成正相關(guān)；Top3的股權(quán)集中度和eps成正相關(guān)；Top5的股權(quán)集中度和eps成正相關(guān)；Top10的股權(quán)集中度和eps成正相關(guān)。同時(shí)，size系數(shù)為正，但相對較小，分別為0.0953、0.0921、0.0929、0.0975，說明size與eps之間有著影響不大的正相關(guān)關(guān)系。roe系數(shù)為正，系數(shù)分別為0.5749、0.5732、0.5801、0.5843，說明roe是eps的決定因素之一，且影響較大。revenue和stocks系數(shù)皆接近于0，說明這兩個(gè)因素對eps影響不大。

以size均值為劃分標(biāo)準(zhǔn)進(jìn)行分組回歸：表4.2浙江上市企業(yè)股權(quán)集中度與企業(yè)績效的分組回歸（size＞均值）Eps（1）Eps（2）Eps（3）Eps（4）Top10.0111***（4.4）Top30.0130***（5.69）Top50.0121***(5.49)Top100.0106***(4.82)size0.09530.09210.09290.0975(1.56)(1.53)(1.54)(1.61)roe0.5749***0.5732***0.5801***0.5843***(7.69)(7.73)(7.82)(1.61)revenue0.00000.00000.00000.0000(0.97)(0.91)(0.90)(0.88)stocks-0.0000-0.0000-0.0000-0.0000(-0.29)(-0.43)(-0.37)(