本文選題：上市銀行 + 股權(quán)結(jié)構(gòu)�。� 參考：《西北農(nóng)林科技大學(xué)》2012年碩士論文

【摘要】：隨著公司治理理論的不斷發(fā)展，股權(quán)結(jié)構(gòu)與公司價(jià)值的關(guān)系日益成為理論界關(guān)注的焦點(diǎn)，這主要是因?yàn)楣竟蓹?quán)結(jié)構(gòu)與公司經(jīng)營運(yùn)作的治理機(jī)制之間存在著重要的關(guān)系。銀行作為經(jīng)營貨幣的特殊性行業(yè)，對(duì)一國國民經(jīng)濟(jì)的健康發(fā)展和金融秩序的持續(xù)穩(wěn)定起著舉足輕重的作用。我國上市銀行在國際銀行業(yè)中的競爭實(shí)力和業(yè)務(wù)能力雖然都取得了很大的提高，但資本結(jié)構(gòu)仍然存在諸多不合理的地方，制約著其經(jīng)營績效和公司價(jià)值的進(jìn)一步提升。但是，在現(xiàn)有的相關(guān)文獻(xiàn)研究中涉及銀行業(yè)股權(quán)結(jié)構(gòu)與公司價(jià)值的關(guān)系的卻很少，而且研究所得出的結(jié)論也并不統(tǒng)一，因此選擇我國上市銀行公司的股權(quán)結(jié)構(gòu)與公司價(jià)值的關(guān)系問題進(jìn)行研究，，具有非常深遠(yuǎn)的理論與現(xiàn)實(shí)意義。 本文采用經(jīng)濟(jì)增加值（EVA）作為評(píng)價(jià)公司價(jià)值的指標(biāo)，與傳統(tǒng)的評(píng)價(jià)指標(biāo)相比，EVA不僅考慮了債務(wù)資本的成本，還考慮了股權(quán)資本成本，更真實(shí)的揭示了上市公司的經(jīng)營績效和公司價(jià)值，可以幫助投資者更加直接地判斷企業(yè)是否真正為股東創(chuàng)造了價(jià)值。首先，文章論述了我國上市銀行股權(quán)結(jié)構(gòu)與公司價(jià)值關(guān)系研究的的背景和意義、國內(nèi)外文獻(xiàn)綜述以及本文的研究方法。然后，分別介紹了股權(quán)結(jié)構(gòu)與公司價(jià)值之間關(guān)系的理論基礎(chǔ)，主要包括委托代理理論，內(nèi)部人控制理論，股權(quán)制衡理論和EVA理論，并從銀行的特殊性出發(fā)，對(duì)上市銀行股權(quán)結(jié)構(gòu)與公司價(jià)值之間的關(guān)系進(jìn)行了理論分析。在此基礎(chǔ)之上，論文選取我國14家上市銀行2007至2010四年間的面板數(shù)據(jù)，運(yùn)用OLS線性回歸的方法對(duì)股權(quán)結(jié)構(gòu)與公司價(jià)值的關(guān)系現(xiàn)狀進(jìn)行實(shí)證研究。 通過實(shí)證研究發(fā)現(xiàn)：上市銀行公司價(jià)值與國家股比例存在負(fù)相關(guān)性，與法人股比例存在正相關(guān)性，與流通股比例不存在顯著的相關(guān)性；此外，上市銀行公司價(jià)值與第一大股東持股比例存在倒“U”型關(guān)系，與前五大股東持股比例之和存在正相關(guān)性，與第二大股東與第一大股東的持股比例之比不存在顯著相關(guān)性，與第二大股東至第五大股東持股比例之和與第一大股東持股比例之比存在正相關(guān)性。研究結(jié)果進(jìn)一步為上市銀行通過股權(quán)結(jié)構(gòu)調(diào)整以提高公司價(jià)值，進(jìn)而增強(qiáng)自身市場競爭力提供了依據(jù)。
[Abstract]:With the development of corporate governance theory, the relationship between ownership structure and corporate value has become the focus of the theoretical circle. This is mainly because there is an important relationship between the corporate equity structure and the governance mechanism of corporate operation.As a special industry, banks play an important role in the healthy development of national economy and the stability of financial order.Although the competitive strength and business ability of Chinese listed banks in the international banking industry have been greatly improved, there are still many unreasonable places in the capital structure, which restrict the further improvement of their business performance and corporate value.However, the relationship between banking equity structure and corporate value is rarely involved in the existing literature, and the conclusions of the study are not uniform.Therefore, it is of great theoretical and practical significance to study the relationship between equity structure and corporate value of listed banks in China.In this paper, EVA (Economic value added) is used as the index to evaluate the value of the company. Compared with the traditional evaluation index, EVA not only considers the cost of debt capital, but also takes into account the cost of equity capital.It reveals the operating performance and the company value of the listed company more truthfully, which can help investors judge directly whether the enterprise has created the value for the shareholders or not.Firstly, the paper discusses the background and significance of the research on the relationship between equity structure and corporate value of listed banks in China, literature review at home and abroad, and the research methods of this paper.Then, it introduces the theoretical basis of the relationship between equity structure and corporate value, including principal-agent theory, insider control theory, equity balance theory and EVA theory, and starts from the particularity of banks.The relationship between equity structure and corporate value of listed banks is analyzed theoretically.On this basis, this paper selects the panel data from 2007 to 2010 of 14 listed banks in China, and makes an empirical study on the relationship between equity structure and corporate value by using OLS linear regression method.Through the empirical study, we find that there is a negative correlation between the value of listed banks and the proportion of state shares, a positive correlation with the proportion of corporate shares, and no significant correlation with the proportion of circulating shares; in addition, there is no significant correlation between the value of listed banks and the proportion of state shares.There is an inverted "U" relationship between the value of listed banks and the proportion of the largest shareholders, a positive correlation with the sum of the first five shareholders, and no significant correlation with the ratio of the second largest shareholder to the largest shareholder.There is a positive correlation between the sum of the shareholding ratio of the second largest shareholder to the fifth largest shareholder and the proportion of the largest shareholder.The results provide the basis for the listed banks to enhance their market competitiveness by adjusting their equity structure.
【學(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.3;F124;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 董彥嶺;張繼華;吳立振;;國有商業(yè)銀行引進(jìn)戰(zhàn)略投資者的偏失及矯正思路[J];財(cái)經(jīng)科學(xué);2008年02期

2 嚴(yán)若森;;論上市公司股權(quán)結(jié)構(gòu)與經(jīng)營績效的關(guān)系[J];財(cái)經(jīng)問題研究;2009年06期

3 王昱升;;股權(quán)結(jié)構(gòu)與公司績效的實(shí)證研究[J];財(cái)會(huì)通訊(學(xué)術(shù)版);2008年11期

4 趙保國,魏巍,劉優(yōu)輝;市場機(jī)制、股權(quán)集中度與公司治理模式[J];當(dāng)代財(cái)經(jīng);2004年04期

5 歐陽韶輝;日本銀行業(yè)的股權(quán)模式[J];當(dāng)代亞太;2003年06期

6 張國林,曾令琪;股權(quán)結(jié)構(gòu)與公司業(yè)績、治理效率關(guān)系的實(shí)證[J];重慶大學(xué)學(xué)報(bào)(自然科學(xué)版);2005年07期

7 于東智;股權(quán)結(jié)構(gòu)、治理效率與公司績效[J];中國工業(yè)經(jīng)濟(jì);2001年05期

8 吳淑琨;股權(quán)結(jié)構(gòu)與公司績效的U型關(guān)系研究——1997～2000年上市公司的實(shí)證研究[J];中國工業(yè)經(jīng)濟(jì);2002年01期

9 賓國強(qiáng),舒元;股權(quán)分割、公司業(yè)績與投資者保護(hù)[J];管理世界;2003年05期

10 黃曉飛;井潤田;;我國上市公司的實(shí)證研究:股權(quán)結(jié)構(gòu)和高層梯隊(duì)與公司績效的關(guān)系[J];管理學(xué)報(bào);2006年03期

本文編號(hào)：1756802