本研究以2007~2017年中國深滬市場上市公司為研究對象，探討公司控制股東型態是否影響公司經營績效。以會計基礎績效指標(ROA與ROE)與市場基礎績效指標(Tobin’s Q與Market to Book ratio)為因變數建立迴歸模型，研究結果發現：(1)國營企業虛擬變數與各項績效指標呈顯著負相關。(2)民營企業虛擬變數與各項績效指標呈顯著正相關。(3)民營企業中的家族企業與經理人治理企業虛擬變數與各項績效指標皆呈顯著正相關。(4)市場基礎績效指標(Tobin’s Q與Market to book ratio)比較結果顯示，經理人治理企業績效顯著優於家族企業與國營企業，且家族企業顯著優於國營企業。(5)會計基礎績效指標中，ROA的比較結果顯示經理人治理企業有顯著最佳績效，但家族企業與國營企業間沒有顯著差異。
This study examines the effect of controlling shareholder types on corporate per-formance using a sample of listed corporates on Shenzhen and Shanghai stock markets from 2007 to 2017. We adopt both accounting based measures (ROA and ROE) and market-based measures (Tobin’s Q and Market to Book ratio) of corporate performance as dependent variables for our regression models. Our main findings are as follows： (1) significantly negative relationships between state-owned control dummy and corpo-rate performance measures; (2) significantly positive relationships between private con-trol dummy and corporate performance measures; (3) both of family-owned dummy and management controlling dummy are significantly positive relative to corporate perfor-mance measures; (4) management controlling corporates have the highest market-based performance than the other corporates; moreover, family-owned corporates have better market-based performance than state-owned corporates; (5) management controlling corporates have the highest ROA than the other corporates; however, there is no signifi-cant difference between family-owned corporates and state-owned corporates.
