發(fā)布時(shí)間：2018-03-04 10:06

  本文選題：股權(quán)結(jié)構(gòu)　切入點(diǎn)：企業(yè)績效　出處：《哈爾濱工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：目前,中國經(jīng)濟(jì)結(jié)構(gòu)轉(zhuǎn)型日益完善,提升質(zhì)量、改善效益成為新的發(fā)展態(tài)勢。在經(jīng)濟(jì)新常態(tài)與供給側(cè)結(jié)構(gòu)性改革趨勢不斷深入的大背景下,改善企業(yè)經(jīng)營績效成為推進(jìn)企業(yè)發(fā)展的重要支撐,而股權(quán)結(jié)構(gòu)約束著企業(yè)的產(chǎn)生與發(fā)展。在我國的特殊國情下,在某一程度上,政府在資源分配的過程中處于較為重要的位置,同時(shí)政府能夠通過經(jīng)濟(jì)、行政等各種手段對經(jīng)濟(jì)加以調(diào)控。在這種情境下,文章嘗試分析國有股權(quán)對我國上市企業(yè)的影響,借此探究國有股權(quán)結(jié)構(gòu)與企業(yè)績效之間的關(guān)系,從而推動市場資源的合理配置。本文以中國滬深A(yù)股市場2005-2016年的上市公司為分析樣本,對我國上市企業(yè)的股權(quán)結(jié)構(gòu)情況展開研究,進(jìn)而構(gòu)建績效測量的成本與效益指標(biāo)框架,通過DEA分析方法對企業(yè)績效展開考量,使用Tobit回歸方法、斷點(diǎn)回歸的方法多個(gè)維度分析國有股權(quán)結(jié)構(gòu)對企業(yè)績效的作用,通過檢驗(yàn)發(fā)現(xiàn),我國上市公司的企業(yè)績效一般比較差。通常情況下,股權(quán)結(jié)構(gòu)與企業(yè)績效之間并不存在簡單的線性關(guān)系。在國有股處于絕對控股地位時(shí),國有股份比例與企業(yè)績效之間存在顯著的負(fù)相關(guān)關(guān)系;當(dāng)國有股處于相對控股地位時(shí),國有股份比例與企業(yè)績效之間存在顯著的正相關(guān)關(guān)系;在國有股份參股的企業(yè)中,績效隨國有股持股比例的增加而提升。股權(quán)性質(zhì)和集中度的差異,是影響企業(yè)績效的重要原因。國有股份的持有比例,與企業(yè)績效之間存在倒“U”型關(guān)系。本文的研究豐富了國有股權(quán)結(jié)構(gòu)與企業(yè)績效理論,為國有股權(quán)合理改革提供新思路,對于深入研究中國特色股權(quán)結(jié)構(gòu),提升企業(yè)績效具有重大意義。
[Abstract]:At present, the structural transformation of China's economy is becoming more and more perfect, and improving quality and efficiency is becoming a new development trend. Under the background of the new normal state of economy and the deepening trend of supply-side structural reform, Improving the performance of enterprises becomes an important support to promote the development of enterprises, and the ownership structure restricts the emergence and development of enterprises. In the special situation of our country, to a certain extent, the government is in a more important position in the process of resource allocation. At the same time, the government can adjust and control the economy through various means, such as economy, administration and so on. In this context, the article tries to analyze the influence of state-owned equity on the listed enterprises in China, so as to explore the relationship between the structure of state-owned equity and the performance of enterprises. In order to promote the rational allocation of market resources, this paper takes the listed companies in China's Shanghai and Shenzhen A-share markets from 2005-2016 as an analysis sample to study the stock ownership structure of listed enterprises in China, and then constructs a cost and benefit index framework for performance measurement. Through the DEA analysis method to carry on the consideration to the enterprise performance, uses the Tobit regression method, the breakpoint regression method multi-dimension analysis state-owned equity structure to the enterprise performance function, through the test discovery, Generally speaking, there is not a simple linear relationship between ownership structure and enterprise performance. There is a significant negative correlation between the proportion of state-owned shares and enterprise performance; when state-owned shares are in a relative holding position, there is a significant positive correlation between the proportion of state-owned shares and enterprise performance. Performance increases with the increase of the proportion of state-owned shares. The difference of ownership and concentration is an important factor that affects the performance of enterprises. The research in this paper enriches the theory of state-owned equity structure and enterprise performance, and provides a new idea for the rational reform of state-owned equity. It is of great significance to improve enterprise performance.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F275

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本文編號：1565188