本文選題：零售行業(yè)　切入點(diǎn)：上市公司　出處：《天津商業(yè)大學(xué)》2017年碩士論文

【摘要】：在黨的十八大報(bào)告提出深化國(guó)有企業(yè)改革后,國(guó)企改革問(wèn)題便更加受到各界關(guān)注。其中,有專(zhuān)家指出應(yīng)該根據(jù)國(guó)有企業(yè)不同的功能進(jìn)行分類(lèi),從而根據(jù)不同類(lèi)型制定相應(yīng)的改革策略。同時(shí),考慮到我國(guó)零售行業(yè)開(kāi)放最早、競(jìng)爭(zhēng)激烈以及市場(chǎng)導(dǎo)向性強(qiáng)等特點(diǎn),而且近些年由于電子商務(wù)的強(qiáng)烈沖擊,導(dǎo)致行業(yè)整體狀況發(fā)生了較大動(dòng)蕩。盡管當(dāng)前已有很多關(guān)于股權(quán)結(jié)構(gòu)與公司績(jī)效的相關(guān)研究成果,但很多實(shí)證研究都是基于我國(guó)全部上市公司的數(shù)據(jù)展開(kāi)的,關(guān)于零售行業(yè)的相關(guān)研究目前仍然較少�；诖�,本文認(rèn)為對(duì)我國(guó)零售上市公司的股權(quán)結(jié)構(gòu)與公司績(jī)效進(jìn)行實(shí)證研究,從而找出最有利于公司績(jī)效的股權(quán)結(jié)構(gòu),不僅對(duì)我國(guó)零售上市公司的國(guó)企改革工作具有現(xiàn)實(shí)意義,而且對(duì)與零售行業(yè)相類(lèi)似,市場(chǎng)化程度比較高的商業(yè)類(lèi)國(guó)有企業(yè)的改革,同樣具有較強(qiáng)的借鑒意義。首先,本研究在緒論部分簡(jiǎn)單介紹了研究背景、目的、意義、思路、技術(shù)路線、方法以及創(chuàng)新,使讀者能夠從整體上對(duì)本研究的內(nèi)容有所了解。其次,在相關(guān)概念界定與研究現(xiàn)狀部分,介紹了本研究中所涉及的一系列重要概念,并對(duì)國(guó)內(nèi)外當(dāng)前研究現(xiàn)狀進(jìn)行了系統(tǒng)介紹,使讀者能夠?qū)Ρ狙芯康南嚓P(guān)理論深入了解。再次,我國(guó)零售上市公司股權(quán)結(jié)構(gòu)與公司績(jī)效關(guān)系部分,通過(guò)對(duì)零售上市公司中不同性質(zhì)與不同結(jié)構(gòu)的股權(quán)對(duì)公司績(jī)效作用的研究,進(jìn)行具有較強(qiáng)針對(duì)性的闡述,并且利用公開(kāi)數(shù)據(jù)對(duì)我國(guó)零售上市公司的股權(quán)結(jié)構(gòu)現(xiàn)狀進(jìn)行了分析。最后,通過(guò)實(shí)證分析方法對(duì)本文提出的一系列假設(shè)進(jìn)行了檢驗(yàn),并得出本研究的主要結(jié)論。本文通過(guò)使用文獻(xiàn)研究法、比較研究的方法以及實(shí)證研究的方法,來(lái)完成本論題。本文實(shí)證研究所得出的檢驗(yàn)結(jié)果包括:第一,國(guó)有股比例與公司績(jī)效呈負(fù)相關(guān)關(guān)系。第二,法人股比例與公司績(jī)效呈現(xiàn)正相關(guān)關(guān)系。第三,流通股比例與公司績(jī)效呈現(xiàn)負(fù)相關(guān)關(guān)系。第四,第一大股東持股比例與公司績(jī)效幾乎沒(méi)有關(guān)系。第五,前五大股東持股比例與公司績(jī)效呈現(xiàn)正相關(guān)關(guān)系。第六,第二到第五大股東持股比例與公司績(jī)效呈現(xiàn)正相關(guān)關(guān)系。第七,前五大股東持股比例平方和對(duì)公司績(jī)效有正向影響。第八,第一大股東與第二大股東持股比例的比值對(duì)公司績(jī)效有負(fù)向影響。通過(guò)實(shí)證分析的方法,本研究對(duì)我國(guó)零售上市公司,不同股權(quán)結(jié)構(gòu)安排是否能夠帶來(lái)不同的公司績(jī)效結(jié)果進(jìn)行了檢驗(yàn),由此提出針對(duì)零售上市公司的股權(quán)結(jié)構(gòu)安排,并為其他類(lèi)似行業(yè)提供了參考樣本。本研究的創(chuàng)新點(diǎn)主要集中于以下兩個(gè)方面:第一,研究對(duì)象的創(chuàng)新。本文集中于對(duì)零售行業(yè)股權(quán)結(jié)構(gòu)與企業(yè)績(jī)效之間關(guān)系的研究。第二,研究?jī)?nèi)容的創(chuàng)新。本文將研究對(duì)象限定在具體的行業(yè)中,檢驗(yàn)不同的股權(quán)結(jié)構(gòu)對(duì)績(jī)效的影響,其結(jié)果更有說(shuō)服力,并且對(duì)國(guó)有企業(yè)改革更有實(shí)際意義。
[Abstract]:After the report of the 18th National Congress of the Party proposed to deepen the reform of state-owned enterprises, the issue of state-owned enterprises reform has attracted more attention from all walks of life. Among them, some experts pointed out that they should be classified according to the different functions of state-owned enterprises. At the same time, considering the characteristics of China's retail industry, such as the earliest opening, fierce competition and strong market orientation, and due to the strong impact of e-commerce in recent years, Although there have been a lot of research results on equity structure and corporate performance, many empirical studies are based on the data of all listed companies in China. There are still few researches on the retail industry. Based on this, this paper makes an empirical study on the equity structure and corporate performance of the retail listed companies in China, so as to find out the equity structure that is most conducive to the performance of the company. It is not only of practical significance to the reform of state-owned enterprises in China's retail and listed companies, but also of great significance to the reform of commercial state-owned enterprises with a high degree of marketization similar to that of the retail industry. First of all, The research background, purpose, significance, train of thought, technical route, method and innovation are briefly introduced in the introduction part, so that readers can understand the content of this research on the whole. In the part of definition and research status of related concepts, this paper introduces a series of important concepts involved in this study, and systematically introduces the current research situation at home and abroad, so that readers can deeply understand the relevant theories of this study. In the part of the relationship between the ownership structure and corporate performance of the retail listed companies in our country, through the study of the effects of the different nature and structure of the equity ownership on the performance of the retail listed companies, the author makes a strong exposition of the relationship between the ownership structure and the corporate performance. Finally, this paper tests a series of hypotheses put forward in this paper by using the empirical analysis method to analyze the present situation of the stock ownership structure of the retail listed companies in our country. The main conclusions of this study are as follows: first, this paper uses the methods of literature research, comparative research and empirical research to complete this thesis. The results of this empirical research are as follows: first, The proportion of state-owned shares is negatively related to corporate performance. Second, the proportion of corporate shares is positively correlated with corporate performance. Third, the proportion of circulating shares is negatively correlated with corporate performance. Fifth, the first five shareholders have a positive correlation with corporate performance. Sixth, the second to fifth largest shareholders have a positive correlation with corporate performance. The square sum of the first five major shareholders has a positive impact on corporate performance. Eighth, the ratio of the first largest shareholder to the second largest shareholder has a negative impact on corporate performance. This study examines whether different ownership structure arrangements can bring about different corporate performance results in China's retail listed companies, and puts forward the equity structure arrangements for retail listed companies. And provide reference samples for other similar industries. The innovation of this study mainly focuses on the following two aspects: first, the innovation of the research object. This paper focuses on the relationship between equity structure and corporate performance in the retail industry. This paper limits the research object to the specific industry, tests the influence of different ownership structure on the performance, the result is more persuasive, and has more practical significance to the state-owned enterprise reform.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F724.2;F715.5;F832.51

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