1、<p>　　中文3100字，1900單詞</p><p>　　外文題目：Ownership Concentration and Corporate Performance in the Czech Republic</p><p>　　出 處： The William Davidson Institute

2、 </p><p>　　作 者： Stijn Claessens and Simeon Djankov </p><p>　　The association between ownership structure and corporate performance

3、 is a much studied topic in both transition and market economies. The research on this topic dates back more than sixty years to Berle and Means（1933），who contend that diffuse ownership yields significant power in the ha

4、nds of managers whose interests do not coincide with the interest of shareholders. As a result，corporate resources are not used for the maximization of shareholders’ value. Several studies find a strong positive</p>

5、;<p>　　Much of the empirical work on the relation between ownership structure and corporate performance has had difficulty controlling for the possible feedback of firm characteristic to ownership, especially sinc

6、e it has focused mainly on market economies with low transactions costs in changing ownership. Using a data set that, by construction , alleviates the endogeneity problem can contribute to the dabate on the direction of

7、causality. The design of the Czech privatization program precluded the adj</p><p>　　Thus, we can study the link between concentrated ownership and firm performance following voucher privatization. The Czech

8、voucher scheme prevented insiders from acquiring large ownership stakes, as few direct sales of assets took place before the voucher privatization. The short time before privatization, with the first round starting only

9、three months after the initial announcement, made it difficult for investors with insider knowledge to accumulate sufficient capital to buy significant quant</p><p>　　We relate ownership concentration to two

10、 corporate performance parameters for a crosssection of Czech firms over the period 1992 through 1997. In particular, we test whether firms with more concentrated ownership have experienced larger positive changes in pro

11、fitability and labor productivity. Controlling for some firm-specific variables, we find that both profitability and productivity changes are positively related with ownership concentration. A 10% increase in concentrati

12、on leads to a 2% inc</p><p>　　Empirical design：</p><p>　　We have survey data on Czech firms compiled by a private consulting firm. The database contains financial and ownership information for 1

13、782 firms listed on the Prague stock exchange. All financial variables were defined using international accounting standards from the onset of the survey in 1992. A number of firms do not report revenues，expenditures, or

14、 employment changes. We exclude them from our analysis. The 1992 through 1997 data are complete for 371 firms that went through the first phase</p><p>　　Using accounting data to test the effect of changes in

15、 corporate performance may be objectionable in formerly centrally planned economies. Data quality is weak as new accounting standards were introduced in the Czech republic only in 1992. nevertheless, firm in our sample d

16、o report quite complete information and accounting has improved considerably since the onset of the transition. Especially in the last years of our sample, profitability and productivity can be expected to reflect the ef

17、fects </p><p>　　For the empirical tests, we use profitability and labor productivity as indicators of corporate performance. Profitability is defined as gross operating profit over net fixed assets plus inve

18、ntory. Table 1 shows its increase over time, from 14.4% in 1993 to 16.9% in 1995 on average, followed by a decline in 1996. Seven of the top firms, firms with the highest profitability, operate in the engineering and arc

19、hitectural design, management, accounting sectors. Six of the bottom 10 operate in the ba</p><p>　　As in Demsetz and Lehn（1985）and Weiss and Nikitin（1999）, we use the share of equity held by the top five inv

20、estors （T5）and a logistic transformation of this share（L5）, defined as log{T5/[100-T5]} as the indicators for ownership concentration. Summary statistics for these measures are also provided in Table 1。 Note that the ma

21、gnitude of T5 increase by 40% between 1993 and 1997. The frequency distribution of T5 at the beginning and the end of our sample shows a strong rightward shift, with signi</p><p>　　We also find a positive n

22、on-monotonic relation between ownership concentration and both profitability and labor productivity. Firm with ownership concentration above 50% in 1994 display a 30% higher labor productivity on average in 1996, compare

23、d to firms with less ownership concentration. Profitability shows a similar relation to concentrated ownership, with firm in the seventh decile displaying the highest value. In both cases, the dependent variables peak in

24、 the 60% through 70% range and decl</p><p><b>　　Evidence：</b></p><p>　　We estimate regressions using a pooled sample of 2860 observations, 371 firms with five years of data and 335 f

25、irms with three years of data. This sample is used consistently in all four specifications reported in Table 2. As control variables, we used a dummy for the first phase of privatization and also dummies for years and se

26、ctors. The first phase dummy is used to control for selection bias. Sector dummies are commonly used in studies on firm performance to capture sector-specific shocks，e.g</p><p>　　The empirical tests reveal t

27、hat the lower the dispersion of ownership, the higher profitability and labor productivity. In both specifications，profitability and labor productivity are positively，and statistically significantly，correlated with owner

28、ship concentration. In the year-by-year regressions, not reported, the significance of the ownership concentration variables increases over time, suggesting an improvement in the role of owners in corporate governance. T

29、he coefficient on the squared te</p><p>　　Conclusion：</p><p>　　The Czech voucher scheme provides a unique experiment for empirical research on the relationship between ownership structure and fi

30、rm characteristic as it allows us to study the effects of ownership on firm performance，in a situation in which ownership is exogenous to firm performance. Analysis of market valuation and profitability for 706 Czech fir

31、m yields some evidence that more concentrated ownership tests， we do not find much evidence to suggest that the relationship is the result of the own</p><p>　　The empirical results question the value of dist

32、ribution shares of firm to a large number of individual in an environment that gives them little chance to exercise their ownership control rights. The argument for the mass-privatization program was that investment fund

33、s would concentrate shares and exercise control，which we show did happen in the Czech republic. New non-voucher investors were expected to accumulate shares and take over companies. Thus，the voucher scheme was seen as an

34、 intermediat</p><p>　　Estimating the true costs and benefits of mass privatization in the Czech republic is beyond the scope of this study. Previous work argues that the voucher experiment failed to deliver

35、the promised results， because ownership concentration did not take place，leading to bad performance of companies and the opportunity for asset stripping by incumbent managers. We show that the first argument at least is

36、not supported by the data. Our results lend more support to the alternative view that the Czech</p><p>　　Our findings may be driven by the prevalent method of mass-privatization in the Czech republic that pr

37、ecluded managers and outside investors form gaining a significant corporate ownership. In Hungary and Poland，where mass-privatization was either not used or comprised a small share of the total number of privatized compa

38、nies，other results may obtain. The results here have，however，implication for the other transition economies that followed mass-privatization，Bulgaria and Romania in Eastern Europ</p><p>　　While we investigat

39、e the link between ownership concentration and corporate performance，several related questions remain outstanding. Most importantly，one would like to know what is the precise mechanism through which ownership concentrati

40、on affects performance. One hypothesis is that concentration allows the owners to monitor incumbent managers better through the use of their seats on the Board of Directors. Alternatively，concentrated ownership may give

41、owners sufficient clout in the selection </p><p>　　捷克共和國的公司股權結構與經營績效的關系</p><p>　　公司股權結構與經營績效之間的關系無論在轉軌經濟還是市場經濟中都是一個熱門的研究話題。關于這個話題的研究，最多可以追溯到60年前的Berle和Means（1933），他們主張分散的股權結構使得經理人的利益與股東的利益不一致。其結

42、果是，公司的資源未使得股東的利益最大化。幾項研究表明，在美國和一些其他市場經濟國家中，股權結構與經營績效之間有著很強的正向相關性，并作為一個重要的監(jiān)測標準被用于公司監(jiān)控。在過渡經濟中，實證研究發(fā)現在中國與捷克的市場環(huán)境下，集中的股權結構與憑證價格和股市價格之間有著正相關的關系。其他一些研究表明，在俄羅斯，股權結構與公司的實際表現之間也有著積極的正面相關性。</p><p>　　許多關于股權結構與經營績效的實證研究

43、在公司股權特征對于績效的反作用上難以把握，特別是在市場經濟，這種較低股權轉讓花費的環(huán)境下。捷克的私有化程序設計使得對于公司股權特性的調整問題被解決了，個別而言，股權結構的改變決定是由州來決定的，而非公司自身。招標程序的規(guī)則讓參與代理的中間商無法獲得最佳的股權結構。</p><p>　　因此，我們可以通過憑證私有化來研究股權結構與公司經營績效之間的聯系。捷克的憑證方案防止了內幕人員通過設立大規(guī)模的股權結構，就像一些

44、在憑證私有化程序之前發(fā)生的資金的直接銷售。捷克的憑證程序，不同于俄羅斯的憑證程序，是無法轉讓的，因此個人股份的積累從而從私人憑證處得到百分比的分成無法實現。</p><p>　　在此，我們把捷克公司的股權結構用1992年至1997年之間的兩個顯著的參數來表示。特別是，我們研究了擁有相對較高股權集中度的公司是否在盈利能力與勞動生產力上有更好的表現。對于一些公司的特殊變量而言，我們發(fā)現盈利能力與生產力的改變與公司股權

45、結構有正面相關性。10%的股權集中度的提升可以導致2%的短期勞動生產力的提升，以及3%的短期盈利能力的提升。這些結論可以用計量經濟學的相關數據結論來說明。</p><p><b>　　實證部分：</b></p><p>　　我們通過一個咨詢公司調查了捷克許多公司的相關數據。這些數據來源于布拉格股票交易市場上所列出的1782家公司的財政與股權結構相關信息。有些公司并不公

46、布收入，支出以及職員雇傭的變化。我們通過我們的研究總結出這些數據。1992年至1997年的數據有371家公司通過了第一階段的私有化憑證機制，其中的335家公司通過了第二階段。其中我們選取了22家來進行建模研究。</p><p>　　利用會計數據去研究在以前集中的計劃經濟下股權結構的變化對經營績效的影響效果是令人生厭的。數據的質量并不好，直到1992年，新的會計記賬制度被引入捷克使用。然而，我們的樣本公司數據直到最

47、近幾年并沒有很好的反映出記賬制度的變化。</p><p>　　在實證檢驗中，我們使用企業(yè)盈利能力和勞動生產率作為性能指標。盈利能力被定義為資產凈值加上庫存。表一顯示了其隨著時間的增加，從1993年的14.4%，至1995年達到16.9%的平均值，緊接著在1996年下跌。7家最好的公司，具有最高的盈利能力的企業(yè)，分別是工程和建筑設計，管理和會計部門中的佼佼者。位于最底部的10家公司，本別是基本金屬及金屬制品業(yè)的公司

48、，包括武器裝備等部門。勞動生產率是指每位員工創(chuàng)造的價值增量，其中具體的部門的價值增量是由捷克統計局提供的指數得出的。勞動生產率在1992年至1996年間是逐步提高的。</p><p>　　按照Demsetz 和Lehn（1985）以及Weiss和Nikitin（1999）的研究，我們用平均的份額分配前5個因素（T5）和這5個因素的轉化形態(tài)（L5）,將股權集中度指標定義為log{T5/[100-T5]}。這些數據的

49、統計資料總結見表1。注意T5的數據在1993年至1997年之間增長了40%。我們的樣本的頻率分布在開始和最后的時候發(fā)生了強力的右側移動，伴隨著明顯的前5大股份類型的增長達到70%以上。因為許多股權交易并不是在布拉格交易中心交易的，而是通過談判直接在地下進行的，這可能導致并非價值最大化動機對股權結構的改變起到決定作用。</p><p>　　我們同時發(fā)現了股權集中度與盈利能力和勞動生產率之間并非直接正相關的關系。股權

50、集中度在50%以上的公司在1994年相對股權集中度低的公司有超過30%的更高的勞動生產率。盈利情況顯示了類似的所有權關系。在這兩種情況下，因變量從60%到70%范圍內變動，然后下降。這些發(fā)現與研究中國公司的徐和王的發(fā)現是相似的。</p><p><b>　　論證：</b></p><p>　　我們建立回歸模型用的是2860個樣本的觀測數據，371個公司的5年數據和35

51、5個公司的3年數據。此例中我們應用的所有數據都在表2中。為了控制變量，我們先假設第一階段的私有化，年份，行業(yè)等因素，第一階段的假設是為了控制選擇偏好，行業(yè)的假設是為了研究特定行業(yè)對企業(yè)的沖擊，例如，增加國際貿易，增長的機會等其他一系列會影響企業(yè)業(yè)績表現的行業(yè)特殊因素。最終，年份的假設是為了控制在規(guī)定的年份里環(huán)境因素的改變對于模型的影響。徐和王（1997）和Weiss以及Nikitin（1999）的OLS的估計報告，提供了一個比較的基準，

52、雖然f檢驗拒絕假設，但是所有企業(yè)在盈利能力和勞動生產率情況下都表現為一個常數項。奧斯曼規(guī)格檢驗的測試表明，隨機效應模型是比較合適的，計算值分別為25.32和27.81。</p><p>　　實證檢驗表明，所有權分散程度越低，企業(yè)的盈利能力和勞動生產率越高。這兩種情況表明，在統計研究下，盈利能力與勞動生產率同股權集中度之間呈現正相關。一年又一年的年回歸數據表明，雖然沒有報道，但是隨著時間的推移，所有權集中度變大的意

53、義，就表明了持股人在公司治理中的作用的提高。所有權平方項的系數在兩個規(guī)格中都為負。雖然勞動生產率隨著股權集中度的增加有少量的降低，但只是在隨機效用模型中比較顯著。這可能反映了由Shleifer和 Vishny（1997）研究調查得出的所有權成本概念。</p><p><b>　　結論：</b></p><p>　　捷克券計劃提供了關于股權結構與公司特征的關系進行了實證

54、研究的一個獨特的實驗，因為它使我們能夠對企業(yè)績效研究所有制的影響，所有權是外生的公司業(yè)績。對于706家捷克公司的市場價值與盈利能力的評估，我們發(fā)現股權集中度越高，對公司業(yè)績有影響。并沒有發(fā)現公司特點對公司股權結構的影響。然而我們發(fā)現，某些強力的持股人，即國外投資者和非空資金，更明顯的表現出與業(yè)績提高的相關性。有證據表明，總體擁有集中，以及特定類型的投資者，是使盈利能力與勞動生產力發(fā)生變化的關鍵。實證研究的結果顯示，個人股股東很少有機會行

55、使其所有權，而是將大部分的權利控制權交給了公司。大規(guī)模私有化方案的論據是，我們發(fā)現在捷克共和國，投資股票和基金將集中行使控制。新的非卷投資者預計將累積股份，并且接管公司。因此，學卷計劃被看作是與國家所有制和私人所有制結構中，分配股份的費用由憑證持有人支付的中間步驟。</p><p>　　估計在捷克共和國的真實成本和大規(guī)模私有化的好處已經超出了本研究的范圍。以往的工作經驗得出，卷實驗未能達到所承諾的結果，因為股權集

56、中度沒有發(fā)生轉變，從而導致了不良的公司業(yè)績和現任經理員有可能剝離資產的機會。</p><p>　　我們發(fā)現至少第一個參數不被數據支持。我們的研究結果支持另一種觀點，捷克政府通過不引進適當的機構來監(jiān)督資本市場的發(fā)展，使得私有化的受害者失敗，而自己獲得成功。</p><p>　　我們的研究結果表明，大規(guī)模的私有化是在捷克共和國以排除管理者和外部投資者的形式來獲得一個重大的企業(yè)的所有權的普遍方法

57、。在匈牙利和波蘭，大規(guī)模的私有化不僅僅是組成一個私有化的公司，那只是一小部分，還有其他的途徑可以達到這結果。這里的結果，對于其他轉型經濟體大規(guī)模私有化的含義有不同的應用，如東歐的保加利亞和羅馬尼亞，摩爾多瓦，哈薩克斯坦，吉爾吉斯共和國，烏克蘭，前蘇聯，蒙古等。最后，這些發(fā)現可能有助于像中國和越南這樣的經濟轉型還未發(fā)生的國家在未來制定方案。</p><p>　　雖然我們探討股權集中度與企業(yè)績效之間的聯系，幾個相關的