本文選題：創(chuàng)業(yè)板上市公司　切入點(diǎn)：公司治理　出處：《天津大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：我國的創(chuàng)業(yè)板上市公司自上市以來，逐漸的在上市企業(yè)中占據(jù)了相當(dāng)重要的地位。但在創(chuàng)業(yè)板快速發(fā)展的同時(shí)，質(zhì)疑聲也紛紛產(chǎn)生：家族控股普遍化，監(jiān)管存在漏洞，實(shí)際控制人利用職權(quán)占有上市公司優(yōu)良資源，破壞中小股東利益等等。各種治理問題接連出現(xiàn)，嚴(yán)重威脅著創(chuàng)業(yè)板及中國資本市場的健康發(fā)展。因此需要有針對性的對創(chuàng)業(yè)板上市公司股權(quán)結(jié)構(gòu)與公司績效的關(guān)系進(jìn)行研究。 本文從以160家創(chuàng)業(yè)板上市企業(yè)2011年截面數(shù)據(jù)為研究樣本，對創(chuàng)業(yè)板上市企業(yè)股權(quán)結(jié)構(gòu)與績效之間的關(guān)系進(jìn)行了研究。本文首先分析了創(chuàng)業(yè)板上市企業(yè)公司的治理特征和股權(quán)結(jié)構(gòu)的特點(diǎn)，探尋創(chuàng)業(yè)板上市企業(yè)公司存在的隱患，然后以內(nèi)生性的角度研究公司股權(quán)結(jié)構(gòu)與公司績效之間的關(guān)系，為促進(jìn)我國創(chuàng)業(yè)板上市企業(yè)健康成長提供理論及實(shí)證支持。 本文主要通過對創(chuàng)業(yè)板上市企業(yè)公司治理指標(biāo)的特征分析以及公司的股權(quán)結(jié)構(gòu)與績效的回歸分析來進(jìn)行實(shí)證研究，通過研究發(fā)現(xiàn)創(chuàng)業(yè)板上市企業(yè)普遍存在股權(quán)集中度較高、國家股比率與流通股比率較少等特點(diǎn)進(jìn)行回歸分析�；貧w分析的主要結(jié)論：（1）企業(yè)績效與股權(quán)集中度之間存在正相關(guān)關(guān)系但不顯著。（2）企業(yè)績效與國家股比例無顯著相關(guān)關(guān)系。（3）企業(yè)績效與法人股比例顯著正相關(guān)。（4）企業(yè)績效與流通股比例無顯著相關(guān)關(guān)系。(5)企業(yè)績效與公司高管層持股比例呈正相關(guān)但并不顯著。 以實(shí)證研究的結(jié)果為依據(jù)，為優(yōu)化創(chuàng)業(yè)板上市公司治理結(jié)構(gòu)，提高績效，本文提出以下幾點(diǎn)建議（1）合理利用指標(biāo)對公司績效排名進(jìn)行分析（2）增強(qiáng)持股股東與管理層長久持股理念，，避免以短期資本獲利為目的的一上市即減持現(xiàn)象。（3）大力發(fā)展股權(quán)激勵機(jī)制，增強(qiáng)公司管理層與持股股東的監(jiān)管與約束。（4）合理促進(jìn)法人股比例提升，借鑒國外治理模式探索新的出路。
[Abstract]:Since the listing of gem companies in our country, they have gradually occupied a very important position in the listed enterprises. However, with the rapid development of gem, the voices of doubt have emerged one after another: the universality of family holding and the existence of loopholes in supervision. The actual controller uses his power to occupy the fine resources of the listed company, to destroy the interests of the minority shareholders, and so on. It is a serious threat to the healthy development of gem and Chinese capital market, so it is necessary to study the relationship between equity structure and corporate performance of gem listed companies. Based on the section data of 160 gem listed enterprises in 2011, This paper studies the relationship between equity structure and performance of gem listed enterprises. Firstly, this paper analyzes the governance characteristics and equity structure characteristics of gem listed enterprises, and explores the hidden dangers of gem listed enterprises. Then the relationship between equity structure and corporate performance is studied from an endogenous perspective to provide theoretical and empirical support for promoting the healthy growth of listed enterprises on the gem. This paper mainly through the growth enterprise board listed enterprise corporate governance index characteristic analysis and the company stock right structure and the performance regression analysis to carry on the empirical research, through the research discovered that the gem listed enterprise generally has the stock right concentration degree to be high. The main conclusion of the regression analysis is that there is a positive correlation between enterprise performance and equity concentration, but no significant correlation between enterprise performance and the proportion of state shares. There is no significant correlation between corporate performance and the proportion of outstanding shares. (5) there is a positive correlation between corporate performance and the proportion of corporate senior stock, but no significant correlation. Based on the results of empirical research, in order to optimize the governance structure of gem listed companies, improve the performance, The following suggestions are put forward in this paper: 1) A reasonable use of indicators to analyze the ranking of company performance 2) strengthening the concept of long-term ownership of shareholders and management. To avoid the phenomenon of stock reduction in order to gain profits from short-term capital.) to develop the stock incentive mechanism and strengthen the supervision and restriction of the management and shareholders of the company. (4) to promote the proportion of legal person shares to increase reasonably. Learn from the foreign governance model to explore a new way out.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F276.6;F832.51

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