国家股

在相对控股情况下，与国有法人股、国家股相比，法人股相对控股下会计盈余的信息含量更高。

Comparing with the legal person share and the state share , I find the state legal person share corporations ' information content of accounting earnings is more remarkable .

按现行的股权构成划分，国家股与现金持有显著负相关；法人股与现金持有正相关，但不具有显著性；

Secondly , according to current ownership division , State share has a significant impact on cash holding and legal person share has an positive impact on cash holding , but not statistically significant .

具体结论如下：Z指数对公司并购绩效具有显著的负效应；国家股比例与公司并购绩效呈显著正相关；流通股比例与公司并购绩效呈显著负相关。

Specifically : the Z index has a significant negative effect on the performance of corporate M A ; proportion of state shares and corporate M A performance was a significant positive correlation ; the proportion of tradable shares and corporate performance is negatively correlated .

另外，国家股股权变更和法人股股权变更、横向变更与投资型变更及实业型变更、ST公司股权变更与总体变更公司的效应之间存在一定差异。

Besides , there exists some divergence between the effects brought about by the changes taking place in state stock equity and legal person 's stock equity , in horizon and in investment mode , in ST stock equity and in the company as a whole .

从国营到国有&国家股转让效果分析

The Effects of State - owned Shares Transfer in China

上市公司国家股与企业价值关系的实证研究

Analysis of relationship between corporate value and state-owned share in listed companies

国家股转让与上市公司治理改进

Transfer of Stated-owned Shares and Listed Companies Corporate Governance Improvement

国有企业制度创新的现实障碍和国家股流通思路初探

State-owned enterprises institutional originality and transaction of state shares

国家股和法人股在成长性好和成长性差两组中都具有显著的负面影响；

National share and legal person share had notable negative influence in two groups ;

国家股比例与债务比率成U型关系；

There is an U shape relationship between the fraction of state shares and debt ratio ;

国家股、法人股流通问题解决方案

A Solution to the Circulation Problem of State - owned stocks and Corporation - owned stocks

盈余管理程度与国家股比例正相关。

There is a positive correlation between earnings management and the ratio of the state shares .

在国家股和法人股中基本上存在一个直接控股的大股东。

In the country and legal person share there is a direct holding in the big shareholders .

目前我国证券市场只为企业解决了资金问题，在国家股占绝对控股地位且非流通股占总股本70%还多的情况下，不可能对企业治理结构产生根本的影响。

Now , Chinese stock markets only provide the enterprises with funds but not change their governing organizations .

在企业进行公司制改造时，通常会发行国家股、法人股和个人股。

Any state-owned enterprise transforming into a company will issue state-owned shares , corporation shares and individual shares .

股权分置改革对国家股样本、两权分离度低的样本和工业样本影响更大。

Non-tradable share reform influences national sample , low separation of ownership and control right sample and industrial sample more .

区分了所有权后，国家股，法人股比例对公司的绩效无明显影响。

After distinguishing ownership , state-own share , legal-person share and liquid share has no obviously effect on its performance .

第二条本规定所指上市公司国有股、包括国家股和国有法人股。

The State-owned shares of listed companies mentioned in these Provisions include the State shares and the State-owned corporate shares .

由于制度性缺陷，我国上市公司法人股、国家股与二级市场普通股股价存在巨大差异。

In China 's stock market the institutional limitation causes a great price difference among common shares corporate shares and nation-owned shares .

这说明国家股回购确实为A股股东创造了财富，有关股份回购的个别信息披露不规范，“内幕交易者”提前获得了信息并加以利用。

The information disclosure of the share repurchases is not canonical , and insiders acquire and make use of the information beforehand .

上市公司的股权人为的划分为国家股、法人股、普通股，其中只有普通股可以流通。

The shares of listed companies are divided into state shares , legal person shares , ordinary shares which can only circulation .

因此，解决办法是要进行产权改革，将国家股退出股票市场加以解决。

This can be solved by having a reform of property right , making nation 's share exit from the stock market .

股权结构的分散性与国家股的大小呈负相关，与流通股的大小呈正相关。

Dispersion of equity structure is negatively related to the scale of state owned stocks , positively to the scale of circulation stocks .

从规范股票市场的角度讲，应分期分批的实现国家股和法人股的流通。

From the angle of regulating it , our stock market should achieve the circulation of stocks of state and legal persons in turns .

国家股比例和流通股比例与股权代理成本呈较显著正相关。

( c ) there is positive and comparatively significant correlation between the state-owner shareholding proportion , tradable shareholding proportion and the equity agency cost .

应通过降低占垄断地位又无法在二级市场流通的国家股的比例，优化股权结构，提高公司绩效。

We should optimize the EOS and improve the corporation performance by reducing the scale of state-owned share which is non-liquid and in monopoly position .

股权分散、第一大股东主动出让股权或为国家股的公司则易于被兼并；

While the company whose ownership is dispersed , whose number one shareholder voluntary remise shares , or a state-owned first block shareholder , is liable to be acquired .

因此，解决好国家股、法人股的流通问题，这将是我国发展经济过程中一个重要的课题。

Thus , how to solve the problem on the circulation of state-owned stock and legal persons ' stock is an important question In the process of developing economy .

本文在提出股权结构与公司经营绩效关系的若干假定的基础上，采用实证研究的方法得出我国上市公司股权结构与经营绩效的关系结论为：国家股比例与经营绩效之间呈负相关关系；

Results show that there exists a significantly negative relationship between the state structure ratio and corporate performance ; corporation share ratio and the company 's performance are positively related ;

结果表明，国家股、法人股没有表现出其与公司绩效的显著相关关系：流通股对公司绩效也不存在显著的相关关系。

The results show : the percentage of the state-owned shareholding and the law persons shareholding is not positive related with corporate performance ; the same as the public-owned shareholding .