本文選題：成長性 + 股權(quán)結(jié)構(gòu)��； 參考：《湘潭大學(xué)》2017年碩士論文

【摘要】：創(chuàng)業(yè)板市場作為一個新興的資本市場,其上市公司股權(quán)結(jié)構(gòu)有著自身的獨特之處,主要包括股權(quán)集中度和股權(quán)性質(zhì)兩個方面,它們不會直接對公司績效造成影響,而是通過影響公司的經(jīng)營與管理來產(chǎn)生作用。在現(xiàn)實經(jīng)濟(jì)環(huán)境中,很多創(chuàng)業(yè)板公司的股權(quán)結(jié)構(gòu)都存在著一些問題,如股權(quán)過于集中、大股東對小股東的掠奪和侵吞現(xiàn)象普遍、監(jiān)督機(jī)制沒有起到該有的作用等。從理論的角度來看,公司需要有一個最優(yōu)的股權(quán)結(jié)構(gòu)才能使公司績效達(dá)到最佳。因此,準(zhǔn)確評價股權(quán)結(jié)構(gòu)與公司績效的關(guān)系對創(chuàng)業(yè)板公司的發(fā)展來說是至關(guān)重要的。論文以創(chuàng)業(yè)板上市公司為研究對象,使用文獻(xiàn)研究和實證分析相結(jié)合的方法,在兩權(quán)分離理論、委托代理理論、信息不對稱理論以及企業(yè)成長理論等理論的指導(dǎo)下,以成長性的高低對上市公司進(jìn)行分類,分別研究其股權(quán)結(jié)構(gòu)對公司績效的影響。首先,論文通過篩選原則確定299個樣本,運用因子分析法將299個樣本公司分成低成長性組公司和高成長性組公司。然后,論文選取第一大股東持股比例、股權(quán)制衡度、赫芬德爾指數(shù)、法人股比例、國有股比例和流通股比例作為解釋變量,凈資產(chǎn)收益率作為被解釋變量,公司規(guī)模、財務(wù)杠桿作為控制變量,對低成長性組公司和高成長性組公司進(jìn)行分組實證研究,實證結(jié)果表明:(1)在兩組樣本公司中,第一大股東持股比例與公司績效顯著正相關(guān),與公司的成長性無關(guān);(2)在低成長性組公司中,股權(quán)制衡度與公司顯著正相關(guān),但在高成長性組公司中沒有通過顯著性檢驗;(3)前十大股東持股比例平方和與公司績效正相關(guān),并且與成長性高的公司的正相關(guān)關(guān)系更強(qiáng);(4)國有股比例對公司績效的影響在兩組樣本公司中均沒有通過顯著性檢驗;(5)法人股比例雖然與公司績效的關(guān)系在兩組樣本公司中均顯示負(fù)相關(guān),但是這種關(guān)系不明顯;(6)流通股比例與公司績效的關(guān)系在兩組樣本公司中的實證結(jié)果都是顯著負(fù)相關(guān),并且與低成長性組公司的負(fù)相關(guān)關(guān)系更強(qiáng)。最后,論文對實證結(jié)果進(jìn)行具體的探討和分析,并提出以下幾點對策建議:第一,提高法人股的股份,發(fā)揮其主導(dǎo)優(yōu)勢;第二,鼓勵和培訓(xùn)中小股東,加強(qiáng)其參與市場的能力;第三,加強(qiáng)公司對內(nèi)部監(jiān)督與約束機(jī)制的設(shè)立;第四,加強(qiáng)外部對公司的監(jiān)管,維護(hù)市場秩序;第五,提高機(jī)構(gòu)投資者的持股比例,促進(jìn)公司穩(wěn)健運行。論文可為創(chuàng)業(yè)板公司優(yōu)化股權(quán)結(jié)構(gòu)以提高公司績效提供經(jīng)驗數(shù)據(jù),對促進(jìn)創(chuàng)業(yè)板公司的整體發(fā)展具有指導(dǎo)意義。
[Abstract]:As a new capital market, the gem market has its own unique ownership structure of listed companies, which mainly includes two aspects: ownership concentration and equity nature, which will not directly affect corporate performance. Instead, it affects the management and management of the company. In the real economic environment, there are some problems in the equity structure of many gem companies, such as the concentration of equity, the plundering and embezzlement of minority shareholders by large shareholders, and the failure of supervision mechanism to play this role. From a theoretical point of view, companies need an optimal equity structure to achieve optimal corporate performance. Therefore, it is very important to evaluate the relationship between equity structure and company performance. In this paper, the gem listed companies as the research object, using the method of literature research and empirical analysis, under the guidance of the separation of rights theory, principal-agent theory, information asymmetry theory and enterprise growth theory. The influence of ownership structure on corporate performance is studied by classifying the listed companies with their growth. First, 299 samples are determined by screening principle, and 299 sample companies are divided into low growth group and high growth group by factor analysis. Then, the paper selects the largest shareholder shareholding ratio, equity balance degree, Huffindell index, legal person share ratio, state-owned stock ratio and circulating stock ratio as explanatory variables, net asset return as explained variable, and company size. As a control variable, financial leverage is used to group the low growth group and the high growth group. The empirical results show that in the two groups of sample companies, the proportion of the largest shareholder holding shares is significantly positively correlated with the performance of the company. In the low growth group, the equity balance degree was positively correlated with the company, but in the high growth group, the square sum of the top ten shareholders was positively correlated with the company performance. And the positive correlation with the high growth companies is stronger than 4) the effect of the proportion of state-owned shares on the performance of the company in the two groups of sample companies has not passed the significance test / 5) although the relationship between the proportion of legal personnel shares and the performance of the company is in the two groups of samples Negative correlation was found in our company, However, the relationship between the ratio of circulating shares and corporate performance is significantly negative in both groups, and is more strongly related to the low growth group. Finally, the paper makes a concrete discussion and analysis of the empirical results, and puts forward the following countermeasures and suggestions: first, to improve the shares of corporate shares and give play to their leading advantages; second, to encourage and train small and medium-sized shareholders to strengthen their ability to participate in the market; Third, strengthen the establishment of internal supervision and restraint mechanism; fourth, strengthen the external supervision of the company, to maintain market order; fifthly, increase the proportion of institutional investors holding shares to promote the stable operation of the company. This paper can provide empirical data for gem companies to optimize their ownership structure to improve their corporate performance. It is of guiding significance to promote the overall development of gem companies.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51;F279.2

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