本文選題：醫(yī)藥行業(yè) + 股權(quán)結(jié)構(gòu)��； 參考：《天津大學(xué)》2013年碩士論文

【摘要】：股權(quán)結(jié)構(gòu)安排作為公司治理機(jī)制的一個(gè)重要組成部分，近年來(lái)一直是學(xué)術(shù)界關(guān)注的熱點(diǎn)，合理的股權(quán)結(jié)構(gòu)，可以強(qiáng)化公司內(nèi)外部治理，對(duì)公司績(jī)效的提高有重要作用。股權(quán)結(jié)構(gòu)的不同，造成了公司控制權(quán)歸屬的差異，對(duì)公司內(nèi)部監(jiān)督、激勵(lì)、約束、權(quán)利制衡等也會(huì)產(chǎn)生較大影響。國(guó)內(nèi)外眾多學(xué)者對(duì)股權(quán)結(jié)構(gòu)如何影響公司績(jī)效進(jìn)行了持久的爭(zhēng)論，但從實(shí)證結(jié)果來(lái)看，學(xué)術(shù)界還未達(dá)成統(tǒng)一的共識(shí)。我國(guó)大部分上市公司經(jīng)歷了股權(quán)分置改革，具有濃厚的“中國(guó)特色”，再加上某些行業(yè)的特殊性，因此，對(duì)于股權(quán)結(jié)構(gòu)和公司績(jī)效之間關(guān)系的研究依舊具有實(shí)際意義。 本文以醫(yī)藥行業(yè)79家上市公司為樣本，利用2009到2011年三年的面板數(shù)據(jù)進(jìn)行實(shí)證分析。分別從股權(quán)性質(zhì)、股權(quán)集中度、股權(quán)制衡度和股權(quán)構(gòu)成四個(gè)方面反映醫(yī)藥上市公司股權(quán)結(jié)構(gòu)狀況，以托賓Q值、凈資產(chǎn)收益率（ROE）、總資產(chǎn)收益率（ROA）作為被解釋變量，構(gòu)建回歸模型，借用SPSS軟件、STATA軟件進(jìn)行數(shù)據(jù)處理，探討了股權(quán)結(jié)構(gòu)的四個(gè)方面如何影響公司績(jī)效。采用多指標(biāo)的分析方法，，使得到的結(jié)果穩(wěn)健性更強(qiáng)。 經(jīng)過(guò)對(duì)醫(yī)藥行業(yè)股權(quán)結(jié)構(gòu)進(jìn)行實(shí)證分析，我們可以得到如下結(jié)論：1.股權(quán)性質(zhì)與公司績(jī)效正相關(guān)，非國(guó)有控股企業(yè)績(jī)效相對(duì)較高；2.股權(quán)集中度與公司績(jī)效存在倒U型曲線關(guān)系，股權(quán)集中度過(guò)高或者過(guò)低均不利于績(jī)效的提升。3.股權(quán)制衡度與公司績(jī)效呈倒U型曲線關(guān)系，存在一個(gè)最佳的制衡比例。4.國(guó)有股份比例與公司績(jī)效負(fù)相關(guān)，法人股比例與公司績(jī)效正相關(guān)，公眾股持股比例與公司績(jī)效相關(guān)性不明顯。最后，本文以前文的實(shí)證研究結(jié)論為依據(jù)，結(jié)合醫(yī)藥行業(yè)的特殊性，提出了相應(yīng)的建議，對(duì)完善醫(yī)藥企業(yè)公司治理結(jié)構(gòu)有一定的參考價(jià)值。
[Abstract]:As an important part of the corporate governance mechanism, the equity structure arrangement has been a hot topic in the academic circles in recent years. The reasonable ownership structure can strengthen the internal and external governance of the company, which has an important role in the improvement of the company's performance. The difference of the ownership structure has caused the difference of the ownership of the control rights of the company, and the internal supervision of the company, and the incentive to the company. Many scholars at home and abroad have been arguing about how the ownership structure affects the performance of the company. However, from the empirical results, the academic circle has not reached a unified consensus. Most of the listed companies in our country have undergone a split share reform, which has a strong "Chinese characteristics", and some more. Therefore, the research on the relationship between ownership structure and corporate performance is still of practical significance.
Taking 79 listed companies in pharmaceutical industry as samples, this paper makes an empirical analysis using panel data from 2009 to 2011 for three years. It reflects the stock ownership structure of listed companies from four aspects of ownership nature, equity concentration, equity balance and equity composition, with Tobin Q value, net asset yield (ROE), and total asset return (ROA) as an example. By interpreting variables, constructing regression models, using SPSS software and STATA software for data processing, it discusses how the four aspects of ownership structure affect the company performance. The results of multiple indicators are used to make the results more robust.
After the empirical analysis of the ownership structure of the pharmaceutical industry, we can get the following conclusions: 1. the nature of the stock ownership is positively related to the performance of the company, the performance of the non state holding enterprises is relatively high; the 2. ownership concentration and the company performance have an inverted U curve, the high degree of ownership concentration or the low level is not conducive to the performance improvement of the.3. equity balance. There is an inverted U curve relationship with the performance of the company. There is an optimal proportion of the balance between the state-owned shares and the company performance. The proportion of the corporate shares is positively related to the performance of the company, and the correlation between the share of the public shares and the performance of the company is not obvious. Finally, this paper is based on the conclusions of the previous empirical research and the particularity of the pharmaceutical industry. The corresponding suggestions are put forward to improve the corporate governance structure of pharmaceutical enterprises.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F426.72;F271;F275

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