本文關(guān)鍵詞： 創(chuàng)業(yè)板 股權(quán)集中度 公司業(yè)績　出處：《廣東外語外貿(mào)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來,隨著我國企業(yè)股份制改革的快速推進(jìn),創(chuàng)業(yè)板得到了蓬勃發(fā)展。創(chuàng)業(yè)板對國民經(jīng)濟的發(fā)展推動也起到越來越大的作用,但因為我國創(chuàng)業(yè)板上市公司面世時間不長、數(shù)量不多,創(chuàng)業(yè)板上市板塊尚未成熟,所以實務(wù)界和學(xué)術(shù)界對我國創(chuàng)業(yè)板上市公司的股權(quán)結(jié)構(gòu)與公司業(yè)績的研究尚未引起足夠的關(guān)注。創(chuàng)業(yè)板上市公司作為國民經(jīng)濟發(fā)展的重要動力和科技創(chuàng)新的重要力量,本文通過分析其股權(quán)結(jié)構(gòu)與公司業(yè)績的相關(guān)性,希望能夠在理論和實務(wù)上為提高我國創(chuàng)業(yè)板企業(yè)的業(yè)績做出一些貢獻(xiàn)。本文選取了2010年至2015年創(chuàng)業(yè)板上市公司的面板數(shù)據(jù)作為樣本進(jìn)行實證研究,探討股權(quán)結(jié)構(gòu)是如何影響公司業(yè)績的。首先對國內(nèi)外研究現(xiàn)狀進(jìn)行總結(jié)分析,并結(jié)合我國創(chuàng)業(yè)板上市公司的現(xiàn)狀提出基本假設(shè),然后依據(jù)基本假設(shè)選取相關(guān)變量,選取第一大股東的占股比例、股份占有人的平衡性和流通股份的占股比例為衡量指標(biāo),采用多元回歸模型來探究創(chuàng)業(yè)板上市公司股權(quán)結(jié)構(gòu)對公司業(yè)績的影響。實證結(jié)果表明,在創(chuàng)業(yè)板上市公司中,第一大股東持股比例和股權(quán)制衡度與公司業(yè)績顯著正相關(guān);流通股比例與公司業(yè)績負(fù)相關(guān)。即第一大股東持股比例越大,股權(quán)制衡度越高,越能有效促進(jìn)公司業(yè)績;流通股比例成分高,散戶居多,更多追求個人短期利益,阻礙公司業(yè)績增長。文章最后開創(chuàng)性地提出,創(chuàng)業(yè)板企業(yè)應(yīng)建立合理的制衡機制,約束大股東權(quán)利;健全對管理層的激勵機制,完善股權(quán)約束機制;優(yōu)化公司股權(quán)結(jié)構(gòu),降低企業(yè)中國有股的成分,提高法人股比例;政府應(yīng)完善法律法規(guī)體系,加強公司信息披露。
[Abstract]:In recent years, with the rapid development of the shareholding system reform in our country, the gem has been booming. The gem also plays a more and more important role in promoting the development of the national economy, but because the listed companies of the gem have not been available for a long time, The number is not large, the gem listing plate is not yet mature, Therefore, the research on the equity structure and corporate performance of listed companies on the gem has not attracted enough attention in the practical and academic circles. As an important driving force of national economic development and an important force of scientific and technological innovation, gem listed companies have not attracted enough attention. Based on the analysis of the correlation between the ownership structure and the performance of the company, I hope to make some contributions in theory and practice to improve the performance of Chinese gem companies. This paper selects the panel data of gem listed companies from 2010 to 2015 as a sample for empirical research. This paper discusses how ownership structure affects corporate performance. Firstly, it summarizes and analyzes the current research situation at home and abroad, and puts forward basic assumptions combined with the current situation of listed companies on the gem, and then selects relevant variables according to the basic assumptions. This paper selects the proportion of the largest shareholder, the balance of the owner and the proportion of the circulating shares as the measure index, and uses the multiple regression model to explore the influence of the equity structure on the performance of the listed companies in the gem. In gem listed companies, the proportion of the largest shareholders and the degree of equity checks and balances are positively correlated with the performance of the company, while the proportion of circulating shares is negatively correlated with the performance of the company, that is, the greater the proportion of the largest shareholders, the higher the degree of equity checks and balances. The more effective it is to promote the company's performance, the higher the proportion of tradable shares is, the more retail investors are in the majority, and the more they pursue personal short-term interests, which hinder the growth of the company's performance. Finally, the article proposes that gem enterprises should establish a reasonable mechanism of checks and balances. Restricting the rights of large shareholders; perfecting the incentive mechanism to the management and perfecting the equity restraint mechanism; optimizing the ownership structure of the company, reducing the composition of state-owned shares in enterprises, and increasing the proportion of legal personnel shares; the government should perfect the system of laws and regulations, Strengthen the disclosure of company information.
【學(xué)位授予單位】：廣東外語外貿(mào)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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