本文關(guān)鍵詞：上市公司股權(quán)結(jié)構(gòu)對內(nèi)部資本市場效率的影響研究　出處：《東北農(nóng)業(yè)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：我國經(jīng)濟在近幾十年發(fā)生了飛速的發(fā)展,各類企業(yè)是其中的中堅力量,企業(yè)依靠資本投入來壯大,使資本市場已經(jīng)成為企業(yè)開拓所需資金的重要來源渠道,其中外部的資本市場是其核心組成部分。然而,我國的經(jīng)濟市場發(fā)展正處在轉(zhuǎn)型時期,用于規(guī)范和促進外部資本市場的法律法規(guī)還很不健全,企業(yè)被外部融資機制限制,從外部資本市場融得的資金還遠(yuǎn)遠(yuǎn)達不到需求,這就迫使內(nèi)部資本市場從對外部資本市場的替補的地位轉(zhuǎn)變到更為重要的地位,內(nèi)部資本市場在近年來開始受到了廣泛的關(guān)注,如何進行內(nèi)部資本市場的高效運用也成為了需要迫切研究的課題。內(nèi)部資本市場以公司治理結(jié)構(gòu)為運作環(huán)境,其中,最關(guān)鍵的內(nèi)容就是公司如何完善股權(quán)結(jié)構(gòu)。遺憾的是,目前我國的公司大多股權(quán)結(jié)構(gòu)不健全,公司管理能力低下,很多公司缺乏對內(nèi)部資本市場的有效運作,在最后通常都會對企業(yè)的業(yè)績造成非常不利的影響。因此,要增加公司的整體價值,高效運作內(nèi)部資本市場,就要從源頭上解決問題,完善公司的股權(quán)結(jié)構(gòu)。本文將內(nèi)部資本市場效率作為研究對象,研究股權(quán)結(jié)構(gòu)對企業(yè)內(nèi)部資本市場效率的影響,使得企業(yè)內(nèi)部資本市場的利用更為高效,從而發(fā)揮其最佳助力。 本文先是回顧了前人的研究成果,從國內(nèi)和國外兩方面對前人的文獻成果進行了歸納和總結(jié),進而闡述了股權(quán)結(jié)構(gòu)、內(nèi)部資本市場和內(nèi)部資本市場效率等相關(guān)概念,并引入了相關(guān)的理論。其次,本文描述了股權(quán)結(jié)構(gòu)和內(nèi)部資本市場效率的現(xiàn)狀,并分析了股權(quán)結(jié)構(gòu)和內(nèi)部資本市場效率的關(guān)系,并根據(jù)上述理論基礎(chǔ)結(jié)合股權(quán)結(jié)構(gòu)和內(nèi)部資本市場效率的現(xiàn)狀進行了實證分析。具體來說,本文選取了在滬深兩市A股上市的988家公司2010-2012年期間的數(shù)據(jù),以第一大股東持股比例、股權(quán)制衡度、兩權(quán)分離度、流通股比例、管理層持股比例五個指標(biāo)來衡量股權(quán)結(jié)構(gòu),采用間接法用企業(yè)獲得的超額價值來衡量內(nèi)部資本市場效率,展開了描述性統(tǒng)計分析、相關(guān)性檢驗和回歸分析,并得出以下結(jié)論：(1)控股股東持股比例與內(nèi)部資本市場效率呈“U”型關(guān)系；(2)股權(quán)制衡度與內(nèi)部資本市場效率呈正相關(guān)；(3)控制權(quán)與現(xiàn)金流權(quán)分離度與內(nèi)部資本市場效率呈負(fù)相關(guān)；(4)流通股比例與內(nèi)部資本市場效率呈正相關(guān)；(5)管理層持股比例與內(nèi)部資本市場效率呈正相關(guān)；(6)作為控制變量的資產(chǎn)負(fù)債率和公司規(guī)模與內(nèi)部資本市場效率呈負(fù)相關(guān)。最后,根據(jù)實證得出的結(jié)果,本文進行了總結(jié),提出了以下五點建議：優(yōu)化公司股權(quán)結(jié)構(gòu)并加強對控股股東行為的制約、加強對中小股東權(quán)益的保護、完善公司內(nèi)部治理結(jié)構(gòu)、建立管理層的激勵約束機制、健全相關(guān)法律法規(guī)以加強對投資者利益的保護。
[Abstract]:The economy of our country has developed rapidly in recent decades, among which all kinds of enterprises are the backbone. The enterprises rely on the capital investment to grow, so the capital market has become an important source of funds for enterprises to open up. The external capital market is the core part of it. However, the development of our country's economic market is in the transition period, and the laws and regulations used to regulate and promote the external capital market are not perfect. Enterprises are restricted by the external financing mechanism, and the funds raised from the external capital market are still far from the demand, which forces the internal capital market to change from the replacement status of the external capital market to a more important position. In recent years, the internal capital market has been paid more and more attention. How to make efficient use of the internal capital market has become an urgent research topic. The internal capital market takes the corporate governance structure as the operating environment. Among them, the most critical content is how to improve the ownership structure. Unfortunately, at present, most of the companies in our country are not sound ownership structure, corporate management ability is low. Many companies lack the effective operation of the internal capital market, and usually have a very negative impact on the performance of the enterprise in the end. Therefore, to increase the overall value of the company, efficient operation of the internal capital market. This paper takes the efficiency of internal capital market as the research object to study the influence of ownership structure on the efficiency of internal capital market. To make the use of the internal capital market more efficient, thus giving play to its best help. This paper first reviews the previous research results, from the domestic and foreign two aspects of the previous literature achievements are summarized and summarized, and then elaborated the ownership structure. Internal capital market and internal capital market efficiency and other related concepts, and the introduction of relevant theory. Secondly, this paper describes the ownership structure and internal capital market efficiency. And analyzes the relationship between equity structure and internal capital market efficiency, and according to the above theoretical basis combined with equity structure and internal capital market efficiency of the current situation of empirical analysis. Specifically speaking. This paper selects the data of 988 companies listed in Shanghai and Shenzhen stock market from 2010 to 2012, taking the largest shareholder holding ratio, equity balance degree, separation degree of two rights and circulating share ratio. The paper uses the indirect method to measure the efficiency of the internal capital market by using the indirect method to measure the efficiency of the internal capital market, and carries out descriptive statistical analysis, correlation test and regression analysis. And draw the following conclusion: (1) the proportion of controlling shareholder holding shares and the efficiency of internal capital market are "U" type; (2) the degree of equity balance is positively related to the efficiency of internal capital market; 3) the degree of separation of control right and cash flow right is negatively related to the efficiency of internal capital market; (4) the proportion of circulating shares is positively related to the efficiency of internal capital market; (5) the proportion of managerial shareholding is positively related to the efficiency of internal capital market; 6) Asset-liability ratio and company size as control variables are negatively correlated with the efficiency of internal capital market. Finally, according to the empirical results, this paper summarizes. Put forward the following five suggestions: optimize the company's equity structure and strengthen the behavior of controlling shareholders, strengthen the protection of the rights and interests of minority shareholders, improve the internal governance structure of the company, and establish the incentive and constraint mechanism of management. Improve the relevant laws and regulations to strengthen the protection of the interests of investors.
【學(xué)位授予單位】：東北農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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