本文選題：中小板　切入點(diǎn)：股權(quán)結(jié)構(gòu)　出處：《南京航空航天大學(xué)》2013年碩士論文

【摘要】：股權(quán)結(jié)構(gòu)是公司內(nèi)部權(quán)力配置的外在表現(xiàn)，是股東之間的契約安排，與公司治理結(jié)構(gòu)、公司戰(zhàn)略、公司的成長(zhǎng)，，尤其是與公司績(jī)效之間存在著深刻的內(nèi)在關(guān)聯(lián)。關(guān)于股權(quán)結(jié)構(gòu)問題的研究是中國(guó)資本市場(chǎng)近幾年來(lái)的熱點(diǎn)問題之一，特別是對(duì)中國(guó)上市公司股權(quán)結(jié)構(gòu)的理論及實(shí)證研究，更是這個(gè)領(lǐng)域的焦點(diǎn)問題之一。作為新生事物，中小企業(yè)板上市公司大部分為民營(yíng)及家族公司，在規(guī)模、盈利水平、成長(zhǎng)性等各方面與主板上市公司有著顯著差異，其經(jīng)營(yíng)績(jī)效和發(fā)展趨勢(shì)越來(lái)越多地受到人們的關(guān)注。在這一背景下研究中小企業(yè)板上市公司股權(quán)結(jié)構(gòu)的特點(diǎn)及其與公司績(jī)效之間的關(guān)系，對(duì)于改善中小企業(yè)治理結(jié)構(gòu)更具針對(duì)性，研究結(jié)論也更有參考價(jià)值。 本文在梳理國(guó)內(nèi)外相關(guān)文獻(xiàn)的基礎(chǔ)上引入生命周期理論，分階段研究股權(quán)結(jié)構(gòu)對(duì)公司績(jī)效的影響。選取2007年12月31日前在我國(guó)中小板上市的公司，根據(jù)其2009~2011年3年的平均現(xiàn)金流量特征來(lái)確定其生命周期，結(jié)果表明其中70%以上的公司處于成長(zhǎng)期及成熟期，因此本文僅就處于成長(zhǎng)期及成熟期的中小板上市公司進(jìn)行研究。然后根據(jù)中小板具有盈利能力較高，主業(yè)較為突出的特征選取了績(jī)效的衡量指標(biāo)：每股收益、凈資產(chǎn)收益率、總資產(chǎn)收益率以及主營(yíng)業(yè)務(wù)收益率，并采用主成分分析方法對(duì)其進(jìn)行賦權(quán)，得出一個(gè)績(jī)效的綜合值。最后提出本文的假設(shè)，運(yùn)用描述性統(tǒng)計(jì)、相關(guān)性分析、線性回歸等方法進(jìn)行實(shí)證分析，并得出了如下結(jié)論：（1）對(duì)成長(zhǎng)期公司而言，第一大股東持股比例與公司績(jī)效呈正相關(guān)關(guān)系，股權(quán)制衡度與成長(zhǎng)期公司的績(jī)效呈顯著地負(fù)相關(guān)關(guān)系，而對(duì)于成熟期的上市公司，第一大股東持股比例與公司績(jī)效負(fù)相關(guān)，但是赫芬達(dá)爾指數(shù)以及Z值都與公司績(jī)效呈正相關(guān)關(guān)系；（2）流通股比例對(duì)成長(zhǎng)期和成熟期中小企業(yè)板上市公司均無(wú)顯著性影響；（3）管理層持股比例對(duì)成長(zhǎng)期中小企業(yè)板上市公司的績(jī)效有顯著的正面影響，但對(duì)于成熟期上市公司雖有正面影響，但不如成長(zhǎng)期顯著。在文章的最后，針對(duì)研究結(jié)論提出了幾點(diǎn)對(duì)策建議并指出了本文的局限性，為以后的研究提供了改進(jìn)的方向。
[Abstract]:The equity structure is the external manifestation of the internal power allocation of the company, the contractual arrangement between the shareholders, the corporate governance structure, the corporate strategy, the growth of the company, In particular, there is a deep internal relationship between equity structure and corporate performance. The research on equity structure is one of the hot issues in China's capital market in recent years, especially the theoretical and empirical research on the equity structure of listed companies in China. As a new thing, most of the listed companies on the SME board are private and family companies, which have significant differences from the main board listed companies in the aspects of scale, profit level, growth and so on. More and more attention has been paid to its management performance and development trend. Under this background, the characteristics of equity structure and the relationship between the ownership structure and corporate performance of the SME board listed companies are studied. For improving the governance structure of small and medium-sized enterprises more targeted, the conclusions of the study is more valuable. This paper introduces the life cycle theory on the basis of combing the relevant literature at home and abroad, and studies the influence of ownership structure on corporate performance in stages. According to the average cash flow characteristics of the three years from 2009 to 2011, the life cycle is determined. The results show that more than 70% of the companies are in the period of growth and maturity. Therefore, this paper only studies the small and medium-sized board listed companies in the growing and mature period. Then according to the characteristics of the small and medium-sized boards with high profitability and prominent main industry, the paper selects the performance measures: earnings per share, net asset return, The total return rate of assets and the return rate of main business are weighted by principal component analysis method, and a comprehensive value of performance is obtained. Finally, the hypothesis of this paper is put forward, and descriptive statistics and correlation analysis are used. The empirical analysis by linear regression and the following conclusions are as follows: for the growing company, the proportion of the largest shareholder holding shares is positively correlated with the corporate performance, and the equity balance degree has a significant negative correlation with the performance of the growing company. For mature listed companies, the proportion of the largest shareholders is negatively correlated with corporate performance. However, both Hefendal index and Z value are positively correlated with corporate performance. (2) the proportion of circulating shares has no significant effect on the growth and maturity of SMEs. There is no significant effect on the ratio of managerial shareholding to the growth stage of SMEs. The performance of the board listed companies has a significant positive impact, At the end of this paper, some countermeasures and suggestions are put forward in view of the conclusion of the research, and the limitations of this paper are pointed out, which provides the direction of improvement for the future research.
【學(xué)位授予單位】：南京航空航天大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F275

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