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(jī)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(guó)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(shì)。在經(jīng)濟(jì)新常態(tài)與供給側(cè)結(jié)構(gòu)性改革趨勢(shì)不斷深入的大背景下,改善企業(yè)經(jīng)營(yíng)績(jī)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(guó)的特殊國(guó)情下,在某一程度上,政府在資源分配的過(guò)程中處于較為重要的位置,同時(shí)政府能夠通過(guò)經(jīng)濟(jì)、行政等各種手段對(duì)經(jīng)濟(jì)加以調(diào)控。在這種情境下,文章嘗試分析國(guó)有股權(quán)對(duì)我國(guó)上市企業(yè)的影響,借此探究國(guó)有股權(quán)結(jié)構(gòu)與企業(yè)績(jī)效之間的關(guān)系,從而推動(dòng)市場(chǎng)資源的合理配置。本文以中國(guó)滬深A(yù)股市場(chǎng)2005-2016年的上市公司為分析樣本,對(duì)我國(guó)上市企業(yè)的股權(quán)結(jié)構(gòu)情況展開(kāi)研究,進(jìn)而構(gòu)建績(jī)效測(cè)量的成本與效益指標(biāo)框架,通過(guò)DEA分析方法對(duì)企業(yè)績(jī)效展開(kāi)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(guó)有股權(quán)結(jié)構(gòu)對(duì)企業(yè)績(jī)效的作用,通過(guò)檢驗(yàn)發(fā)現(xiàn),我國(guó)上市公司的企業(yè)績(jī)效一般比較差。通常情況下,股權(quán)結(jié)構(gòu)與企業(yè)績(jī)效之間并不存在簡(jiǎn)單的線性關(guān)系。在國(guó)有股處于絕對(duì)控股地位時(shí),國(guó)有股份比例與企業(yè)績(jī)效之間存在顯著的負(fù)相關(guān)關(guān)系;當(dāng)國(guó)有股處于相對(duì)控股地位時(shí),國(guó)有股份比例與企業(yè)績(jī)效之間存在顯著的正相關(guān)關(guān)系;在國(guó)有股份參股的企業(yè)中,績(jī)效隨國(guó)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(jī)效的重要原因。國(guó)有股份的持有比例,與企業(yè)績(jī)效之間存在倒“U”型關(guān)系。本文的研究豐富了國(guó)有股權(quán)結(jié)構(gòu)與企業(yè)績(jī)效理論,為國(guó)有股權(quán)合理改革提供新思路,對(duì)于深入研究中國(guó)特色股權(quán)結(jié)構(gòu),提升企業(yè)績(jī)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(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F275

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