【摘要】：2005年股權(quán)分置改革后,我國上市公司的股票進入全流通階段,改變了以往我國獨有的流通股與非流通股并存于上市公司的分置狀況,同時我國上市公司的股權(quán)結(jié)構(gòu)也隨之發(fā)生變化。而作為公司治理基礎(chǔ)的股權(quán)結(jié)構(gòu)對公司治理機制的順利運行至關(guān)重要,它對公司的經(jīng)營績效起重要的決定作用。在這一背景下,本文選擇我國中小企業(yè)板上市公司為研究對象,分析后股權(quán)分置時期的中小板上市公司股權(quán)結(jié)構(gòu)與經(jīng)營績效的關(guān)系。 本文按照理論分析-實證分析-政策建議的研究思路,首先闡述股權(quán)結(jié)構(gòu)與公司治理的基本理論,此后,從股權(quán)集中度和股權(quán)屬性兩個角度分析股權(quán)結(jié)構(gòu)影響公司績效的機理。理論分析結(jié)果表明,合理的股權(quán)結(jié)構(gòu)有助于改善公司治理結(jié)構(gòu)和經(jīng)營績效。在此基礎(chǔ)上,通過描述性統(tǒng)計方法分析我國中小板上市公司的股權(quán)結(jié)構(gòu)和經(jīng)營績效現(xiàn)狀,并在構(gòu)建模型的基礎(chǔ)上對其進行實證檢驗,結(jié)果發(fā)現(xiàn)：股權(quán)集中度與經(jīng)營績效是倒U型關(guān)系,股權(quán)制衡有助于提高公司的經(jīng)營績效；國有股占比與經(jīng)營績效負(fù)相關(guān),法人股占比與公司績效正相關(guān),自然人股比例同公司績效則無顯著的相關(guān)關(guān)系。 最后,在結(jié)合前文理論與實證分析的基礎(chǔ)上,為改善我國中小企業(yè)板上市公司的股權(quán)結(jié)構(gòu)、提高企業(yè)經(jīng)營績效提出相應(yīng)的政策建議：保持股權(quán)制衡的存在并構(gòu)建適度集中的股權(quán)結(jié)構(gòu)；適度保持法人持股比例并降低國家股占比；強化證券市場的外部監(jiān)管和法制建設(shè)。
[Abstract]:After the reform of non-tradable shares in 2005, the stock of listed companies in our country entered the stage of full circulation, which changed the situation that the tradable shares and non-tradable shares coexisted in the listed companies in the past. At the same time, the ownership structure of listed companies in China also changes. As the basis of corporate governance, the ownership structure is very important to the smooth operation of corporate governance mechanism, which plays an important role in determining the performance of the company. Under this background, this article chooses the small and medium-sized enterprise board listed company of our country as the research object, analyzes the relationship between the ownership structure and the management performance of the small and medium-sized board listed company in the period of the split share structure. Based on the theoretical analysis, empirical analysis and policy recommendations, this paper first expounds the basic theory of equity structure and corporate governance, and then analyzes the mechanism of ownership structure influencing corporate performance from the perspective of ownership concentration and ownership attributes. The results of theoretical analysis show that reasonable ownership structure is helpful to improve corporate governance structure and management performance. On this basis, through descriptive statistical method to analyze the ownership structure and management performance of small and medium-sized listed companies in China, and on the basis of building the model to carry out an empirical test. The results show that the equity concentration degree and the operating performance are inversely U-shaped, and equity checks and balances can help to improve the company's business performance. The proportion of state-owned shares is negatively correlated with operating performance, the proportion of corporate shares is positively correlated with corporate performance, and the proportion of natural shares has no significant correlation with corporate performance. Finally, on the basis of the above theory and empirical analysis, in order to improve the ownership structure of Chinese SME board listed companies, To improve the performance of enterprises, the corresponding policy recommendations are put forward: to maintain the existence of equity checks and balances and to build a moderately concentrated equity structure; Keeping the proportion of legal person holding shares and reducing the proportion of state shares; strengthening the external supervision and legal system construction of the securities market.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F272.92;F832.51;F224

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