【摘要】：創(chuàng)業(yè)板自2009年成立后發(fā)展迅速，截止到2011年5月31日，創(chuàng)業(yè)板上市公司數(shù)量已經(jīng)由首批的28家增加到218家。創(chuàng)業(yè)板上市公司是我國(guó)企業(yè)的新生發(fā)展力量，其股權(quán)結(jié)構(gòu)對(duì)公司績(jī)效的影響吸引了社會(huì)各界的關(guān)注。 本文以這218家創(chuàng)業(yè)板上市公司為研究樣本，本文選擇了樣本公司償債能力、盈利能力和營(yíng)運(yùn)能力的七個(gè)財(cái)務(wù)指標(biāo)，并對(duì)其進(jìn)行主成分分析，然后根據(jù)主成分分析得出的綜合績(jī)效，將其與股權(quán)結(jié)構(gòu)相關(guān)變量進(jìn)行多元回歸分析，研究了股權(quán)結(jié)構(gòu)對(duì)績(jī)效的影響。 研究發(fā)現(xiàn)：1.創(chuàng)業(yè)板上市公司第一大股東持股比例與其績(jī)效顯著負(fù)相關(guān)；2.第二至第五大持股比例和與公司績(jī)效顯著正相關(guān)；3.Z值與公司績(jī)效負(fù)相關(guān)，但不顯著；4.國(guó)有股比例與公司績(jī)效呈顯著U型關(guān)系；5.法人股比例與公司績(jī)效顯著負(fù)相關(guān)；6.流通股比例與公司績(jī)效負(fù)相關(guān)。 針對(duì)研究結(jié)論本文提出了優(yōu)化創(chuàng)業(yè)板上市公司股權(quán)結(jié)構(gòu)、提高經(jīng)營(yíng)業(yè)績(jī)的幾點(diǎn)對(duì)策，包括1.控制過高的第一大股東比例，，增加其他大股東持股比例；2.優(yōu)化國(guó)有股比例；3.構(gòu)建相互制衡的股權(quán)結(jié)構(gòu)，形成多元股權(quán)結(jié)構(gòu)；4.保護(hù)中小投資者的利益，“用腳投票”代替“用手投票”；5.加強(qiáng)創(chuàng)業(yè)板市場(chǎng)監(jiān)管
[Abstract]:After the establishment of the gem in 2009, the number of listed companies on the gem has increased from 28 to 218 by May 31, 2011. Gem listed companies are the new developing force of Chinese enterprises, and the influence of their equity structure on corporate performance has attracted the attention of all walks of life. Taking 218 listed companies on the gem as the research sample, this paper selects seven financial indexes of the sample companies' solvency, profitability and operating ability, and makes principal component analysis on them. Then according to the comprehensive performance obtained by principal component analysis, the influence of equity structure on performance is studied by multivariate regression analysis. The results are as follows: 1. There is a significant negative correlation between the proportion of the largest shareholders and the performance of gem listed companies; 2. The second to fifth largest shareholding ratio and corporate performance significantly positive correlation; 3. Z value and corporate performance negative correlation, but not significant; 4. The proportion of state-owned shares and corporate performance showed a significant U-type relationship; 5. The proportion of corporate shares and corporate performance significantly negative correlation; 6. The proportion of tradable shares is negatively correlated with corporate performance. In view of the research conclusion, this paper puts forward several countermeasures to optimize the equity structure of listed companies in gem and to improve their business performance, including 1. Control the proportion of the first largest shareholder, increase the proportion of other major shareholders; 2. Optimize the proportion of state-owned shares; 3. Construction of mutual checks and balances of the equity structure to form a pluralistic equity structure; 4. Protect the interests of small and medium-sized investors, "vote with the foot" instead of "vote with the hand"; 5. Strengthening the supervision of the gem market
【學(xué)位授予單位】：吉林財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51

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