本文選題：戰(zhàn)略性新興產(chǎn)業(yè) + 股權結構�。� 參考：《華東師范大學》2015年碩士論文

【摘要】：金融危機之后,世界經(jīng)濟整體處于低迷狀態(tài),為了盡快走出金融危機帶來的經(jīng)濟放緩局面、加速產(chǎn)業(yè)升級,各國都相繼出臺了新一輪的產(chǎn)業(yè)規(guī)劃政策。在此背景下,我國在2010年確定了發(fā)展七大新興行業(yè)作為推進我國產(chǎn)業(yè)升級,加快經(jīng)濟轉型的戰(zhàn)略性布局。經(jīng)過幾年的發(fā)展,我國的戰(zhàn)略性新興產(chǎn)業(yè)無論是在產(chǎn)業(yè)規(guī)模上還是在技術研發(fā)上都取得了豐碩的成果,但在產(chǎn)業(yè)發(fā)展過程中也暴露出來如過分依靠國外市場、低水平重復建設嚴重等問題。因此,本文研究了該產(chǎn)業(yè)股權結構與公司績效之間的關系。本文對國內(nèi)外相關文獻進行了梳理,明確目前已經(jīng)做出的研究成果以及尚待深入探討的不足。國內(nèi)外學者關于股權結構與公司績效已經(jīng)多有探討,或針對某個市場或針對某些行業(yè),但研究的結果和研究方法都尚無一致結論。本文在文獻梳理之后通過經(jīng)濟學理論對相關問題提出假設,并通過DEA模型來測算新興產(chǎn)業(yè)公司的經(jīng)營績效,該方法的優(yōu)點是多輸入多輸出的模型可以多維衡量績效,并利用固定效應下變截距的面板數(shù)據(jù)進行多元線性回歸對理論進行驗證,最后提出了本文的結論以及政策建議。通過研究發(fā)現(xiàn),我國戰(zhàn)略性新興產(chǎn)業(yè)公司的平均經(jīng)營績效在最近5年內(nèi)呈緩慢上升趨勢。在股權集中度上,戰(zhàn)略性新興產(chǎn)業(yè)中股權缺乏制衡,股權集中度較高。對于不同的股權集中度衡量指標反應的兩者之間關系差異較大,也說明了股權集中度對公司績效的復雜影響。股權性質對于公司績效的影響則表現(xiàn)為：機構持股對公司績效有正面影響,國有股(含國家股、國有企業(yè)持股)與公司績效無顯著相關性,管理層持股對公司績效有正面影響。本文認為在股權結構上,由于新興產(chǎn)業(yè)的高風險性,應該引入戰(zhàn)略投資者,豐富股權融資方式；應該加大管理層持股比例,減少由于利益不一致降低公司績效的情形；保持適度的股權集中,加強股東之間的監(jiān)督。在行業(yè)發(fā)展上,我國戰(zhàn)略性新興行業(yè)應該因地制宜,按比較優(yōu)勢發(fā)展各區(qū)域優(yōu)勢產(chǎn)業(yè)；設立研發(fā)專項基金,加強企業(yè)與高校之間的合作,實現(xiàn)技術創(chuàng)新產(chǎn)業(yè)化應用；充分發(fā)揮市場的主導作用,以政策為引導,建立充滿活力的新興產(chǎn)業(yè)市場。
[Abstract]:After the financial crisis, the world economy as a whole is in a depressed state. In order to get out of the economic slowdown brought by the financial crisis as soon as possible and accelerate the industrial upgrading, all countries have introduced a new round of industrial planning policies one after another. In this context, in 2010, China identified the development of seven major emerging industries as a strategic layout to promote China's industrial upgrading and accelerate economic transformation. After several years of development, China's strategic emerging industries have achieved fruitful results in both industrial scale and technological research and development. However, in the process of industrial development, it has also been exposed, such as excessive reliance on foreign markets. Low level repeated construction and other serious problems. Therefore, this paper studies the relationship between ownership structure and corporate performance. In this paper, the related literature at home and abroad is combed, and the research results and deficiencies that need to be further discussed are clear. Domestic and foreign scholars have discussed the ownership structure and corporate performance, or aimed at a market or some industries, but the research results and research methods have not yet reached a consistent conclusion. After combing the literature, this paper puts forward the hypothesis to the related problems through the economics theory, and measures the operating performance of the emerging industry company by DEA model. The advantage of this method is that the multi-input and multi-output model can measure the performance multi-dimensional. The theory is verified by multivariate linear regression using panel data with variable intercept under fixed effect. Finally, the conclusions and policy suggestions are put forward. It is found that the average operating performance of China's strategic emerging industry companies has been rising slowly in the past five years. In the ownership concentration, the strategic emerging industries lack of equity checks and balances, equity concentration is high. The relationship between the two indexes is different, which also shows the complex influence of ownership concentration on corporate performance. The influence of ownership nature on corporate performance is as follows: institutional shareholding has a positive impact on corporate performance, state-owned shares (including state-owned shares, state-owned enterprises holding shares) have no significant correlation with corporate performance, and management ownership has a positive impact on corporate performance. In the view of equity structure, because of the high risk of emerging industries, strategic investors should be introduced to enrich the equity financing mode, the proportion of management shares should be increased, and the situation of reducing corporate performance due to inconsistent interests should be reduced. Maintain moderate concentration of equity and strengthen supervision among shareholders. In terms of industry development, China's strategic emerging industries should adapt to local conditions, develop regional superior industries according to their comparative advantages, set up special funds for R & D, strengthen cooperation between enterprises and universities, and realize the industrialization application of technological innovation. Give full play to the leading role of the market, policy-oriented, establish a vibrant emerging industry market.
【學位授予單位】：華東師范大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F276.44;F275

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