本文選題：中小板上市公司 + 股權(quán)結(jié)構(gòu)　； 參考：《湖南大學(xué)》2013年碩士論文

【摘要】：中小企業(yè)板自2004年在深圳證券交易所推出以來(lái)，成長(zhǎng)速度驚人。中小上市公司的高成長(zhǎng)性是衡量宏觀經(jīng)濟(jì)良好運(yùn)行、資本市場(chǎng)健康發(fā)展的一個(gè)重要指標(biāo)。成長(zhǎng)性受多因素影響，其中公司治理在公司成長(zhǎng)過(guò)程中發(fā)揮著重要作用。股權(quán)結(jié)構(gòu)是公司治理結(jié)構(gòu)的產(chǎn)權(quán)基礎(chǔ)，直接影響到公司治理的效率。本文通過(guò)研究股權(quán)結(jié)構(gòu)對(duì)中小板上市公司成長(zhǎng)性的影響，以期對(duì)優(yōu)化中小板上市公司股權(quán)結(jié)構(gòu)，促進(jìn)中小板上市公司成長(zhǎng)有所幫助。 首先，本文系統(tǒng)回顧了國(guó)內(nèi)外有關(guān)股權(quán)結(jié)構(gòu)與公司成長(zhǎng)性的文獻(xiàn)，以委托代理理論、企業(yè)成長(zhǎng)理論為理論基礎(chǔ)，分析了中小板公司股權(quán)結(jié)構(gòu)對(duì)成長(zhǎng)性的影響；其次，本文選取公司盈利能力、營(yíng)運(yùn)能力、發(fā)展能力、償債能力四個(gè)方面的11個(gè)指標(biāo)，利用因子分析法構(gòu)建了上市公司成長(zhǎng)性綜合評(píng)價(jià)體系。然后，本文選取2008年12月31日前上市的223家中小板上市公司為樣本，實(shí)證檢驗(yàn)了股權(quán)構(gòu)成、股權(quán)集中度對(duì)公司成長(zhǎng)性的影響。通過(guò)研究我們得出以下結(jié)論：國(guó)有股比例與公司成長(zhǎng)性顯著負(fù)相關(guān)，法人股比例與公司成長(zhǎng)性顯著正相關(guān)，，流通股比例與公司成長(zhǎng)性正相關(guān)但是不顯著，管理層持股比例與公司成長(zhǎng)性呈N型關(guān)系；第一大股東持股比例與公司成長(zhǎng)性呈U型關(guān)系，股權(quán)制衡度與公司成長(zhǎng)性顯著負(fù)相關(guān)。最后，結(jié)合理論分析與研究結(jié)論，我們提出了優(yōu)化中小板上市公司股權(quán)結(jié)構(gòu)，進(jìn)一步完善公司治理的政策建議。
[Abstract]:Small and medium-sized enterprises board has been launched in Shenzhen Stock Exchange since 2004, the growth rate is amazing. The high growth of medium and small listed companies is an important index to measure the good operation of macro economy and the healthy development of capital market. Growth is affected by many factors, among which corporate governance plays an important role in the process of corporate growth. Ownership structure is the property right basis of corporate governance structure, which directly affects the efficiency of corporate governance. This paper studies the influence of ownership structure on the growth of small and medium-sized board listed companies in order to optimize the ownership structure of small and medium-sized board listed companies and promote the growth of small and medium-sized board listed companies. First of all, this paper systematically reviews the domestic and foreign literature on ownership structure and corporate growth. Based on principal-agent theory and enterprise growth theory, this paper analyzes the influence of ownership structure on growth of small and medium-sized board companies. This paper selects 11 indexes of profitability, operation ability, development ability and solvency of listed companies, and constructs a comprehensive evaluation system of the growth of listed companies by factor analysis. Then, this paper selects 223 small and medium-sized listed companies listed before December 31, 2008 as a sample, and empirically tests the influence of equity structure and ownership concentration on the growth of companies. Through the research, we draw the following conclusions: the proportion of state-owned shares is negatively correlated with the growth of companies, the proportion of corporate shares is positively correlated with the growth of companies, the proportion of circulating shares is positively correlated with the growth of companies, but it is not significant. The proportion of managerial shareholding is N type relationship with company growth, the first largest shareholder share holding proportion is U type relationship with company growth, and the equity balance degree is significantly negative correlation with company growth. Finally, based on the theoretical analysis and research conclusions, we put forward some policy suggestions to optimize the ownership structure of small and medium-sized listed companies and to further improve corporate governance.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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相關(guān)期刊論文 前10條

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本文編號(hào)：2110157