譯文（字數 4272）：

股權結構與公司績效：以印度為例

摘 要

任何一家公司的股權結構已經成為公司監管與公司績效的重要事項。因此，誰擁有公司的股權和股權是如何影響公司價值的已經成為這幾十年來學者們的人們話題。在很多成熟市場，股權結構對公司績效的影響已被解決，但是在像印度等這樣的新興市場，卻很少被提及。本文是一個適中的嘗試，以提出股權集中度與公司績效之間的關系的重要性。本文研究股權結構是否會對公司的財務指標和上市公司的市場表現。本文選從BSE的100家公司，來自Bombay證券交易市場選擇了98家。數據的截止日期為2009年10月。研究結果表明，高度集中的所有權存在在印度市場結構中。回歸分析的結果表明，分散的所有權百分比影響會計績效指標（即ROA與ROE），但并不一定股票市場表現指標（即P /E和P /Bv的比率），這表明可能有其他因素，如經濟，政治，上下文）影響公司的業績比其他所有制結構。

關鍵詞：所有制結構，企業績效，公司治理，印度

外文原文（字符數 17082）：

Ownership Structure and Corporate Performance:

 Evidence from India

Abstract

Ownership structure of any company has been a serious agenda for corporate governance and that of performance of a firm. Thus, who owns the firm’s equity and how does ownership affect firm value has been a topic investigated by researchers for decades. Thus, the impact of ownership structure on firm performance has been widely tackled in various developed markets and more recently in emerging markets, but was less discussed before, in India in recent changing environment. This paper is a moderate attempt to address the relationship of ownership structure of the firm and its performance. It investigates whether the ownership type affects some key accounting and market performance indicators of listed firms. The 98 most actively listed companies on BSE 100 indices of Bombay Stock Exchange of India, which constitute the bulk of trading, were chosen to constitute the sample of the study as of end of 2009-10. The findings indicate the presence of highly concentrated ownership structure in the Indian market. The results of the regression analyses indicate that the dispersed ownership percentage influences certain dimensions of accounting performance indicators (i.e. ROA and ROE) but not stock market performance indicators (i.e. P/E and P/BV ratios), which indicate that there might be other factors (economic, political, contextual) affecting firms performance other than ownership 

structure.

Keywords: Ownership structure, corporate performance, corporate governance, India