本文關(guān)鍵詞：高管持股、資本結(jié)構(gòu)與上市公司成長(zhǎng)性相關(guān)性研究　出處：《重慶理工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 高管持股 資本結(jié)構(gòu) 成長(zhǎng)性 股權(quán)集中度

【摘要】：企業(yè)的成長(zhǎng)性反映企業(yè)在未來(lái)一段時(shí)間內(nèi)由小變大、由弱變強(qiáng)的潛力，是檢驗(yàn)企業(yè)生存能力、發(fā)展能力的良好標(biāo)準(zhǔn)。高成長(zhǎng)性的企業(yè)對(duì)于企業(yè)所有者、投資人乃至整個(gè)社會(huì)都大有裨益，上市公司由于其在資本市場(chǎng)以及國(guó)民經(jīng)濟(jì)中的重要地位則尤為如此。然而，在信息經(jīng)濟(jì)、網(wǎng)絡(luò)經(jīng)濟(jì)和知識(shí)經(jīng)濟(jì)快速膨脹的不斷變動(dòng)的環(huán)境下，企業(yè)所處的外部環(huán)境正從過(guò)去相對(duì)穩(wěn)定的靜態(tài)環(huán)境轉(zhuǎn)變?yōu)槌錆M不確定的復(fù)雜多變的動(dòng)態(tài)環(huán)境，企業(yè)經(jīng)營(yíng)環(huán)境的這種轉(zhuǎn)變挑戰(zhàn)和威脅著的企業(yè)的生存和發(fā)展,對(duì)于企業(yè)成長(zhǎng)性的研判變得越發(fā)復(fù)雜和困難。因此，本文以企業(yè)成長(zhǎng)性為研究對(duì)象，從企業(yè)經(jīng)營(yíng)的內(nèi)外部環(huán)境中選取兩個(gè)影響因素—高管持股與資本結(jié)構(gòu)，分析二者與企業(yè)成長(zhǎng)性的相關(guān)關(guān)系，以期對(duì)企業(yè)成長(zhǎng)性分析乃至提高企業(yè)成長(zhǎng)性的政策制定提供一種思路和參考。 創(chuàng)業(yè)板市場(chǎng)以其高成長(zhǎng)性、高收益區(qū)別于主板市場(chǎng)，因此，本文以創(chuàng)業(yè)板市場(chǎng)上市公司為具體研究對(duì)象，收集了我國(guó)創(chuàng)業(yè)板上市公司自2010年至2012年三年的財(cái)務(wù)數(shù)據(jù)，用以實(shí)證研究。文章首先梳理了企業(yè)成長(zhǎng)性的相關(guān)概念和理論，回顧了國(guó)內(nèi)外有關(guān)企業(yè)成長(zhǎng)性的現(xiàn)有研究文獻(xiàn)。之后，在現(xiàn)有研究的基礎(chǔ)上，，靈活運(yùn)用相關(guān)理論，結(jié)合我國(guó)創(chuàng)業(yè)板市場(chǎng)實(shí)際情況，提出了三點(diǎn)假設(shè)：高管持股與企業(yè)成長(zhǎng)性正相關(guān)；資本結(jié)構(gòu)與企業(yè)成長(zhǎng)性正相關(guān)；股權(quán)集中度的不同會(huì)影響高管持股比例與企業(yè)成長(zhǎng)性的相關(guān)性，在股權(quán)相對(duì)集中的情況下高管持股比例與企業(yè)成長(zhǎng)性正相關(guān)。在之后的實(shí)證研究中，以上假設(shè)均得到了驗(yàn)證。最后本文根據(jù)理論演繹與實(shí)證研究的結(jié)果，提出相應(yīng)的政策與建議，主要包括建立健全對(duì)公司高管的激勵(lì)機(jī)制，發(fā)展和完善債券市場(chǎng)以解決上市公司債務(wù)融資困難的問(wèn)題，激勵(lì)機(jī)制與監(jiān)督機(jī)制相互制約、協(xié)調(diào)作用以完善公司的治理結(jié)構(gòu)等措施。
[Abstract]:The growth of the enterprise reflects the potential of the enterprise from small to large and from weak to strong in a period of time in the future. It is a good standard to test the survival and development ability of the enterprise. Investors and even the whole society are of great benefit, especially listed companies because of their important position in the capital market and national economy. However, in the information economy. With the rapid expansion of network economy and knowledge economy, the external environment of enterprises is changing from a relatively stable static environment to a dynamic environment full of uncertainty and complexity. This change of business environment challenges and threatens the survival and development of enterprises, the study of enterprise growth becomes more and more complex and difficult. Therefore, this paper takes enterprise growth as the research object. From the internal and external environment of enterprise management, this paper selects two influencing factors-executive ownership and capital structure, and analyzes the correlation between them and enterprise growth. In order to provide a kind of thinking and reference for enterprise growth analysis and even improve the enterprise growth policy. The gem market is different from the main board market by its high growth and high income. Therefore, this paper takes the gem listed companies as the specific research object. This paper collects the financial data of Chinese gem listed companies from 2010 to 2012 for empirical research. Firstly, this paper combs the related concepts and theories of enterprise growth. After reviewing the existing research literature on the growth of enterprises at home and abroad, on the basis of the existing research, flexible use of relevant theories, combined with the actual situation of the gem market in China. Three hypotheses are put forward: (1) there is a positive correlation between executive ownership and enterprise growth; The capital structure is positively related to the growth of enterprises; The different degree of ownership concentration will affect the relationship between the proportion of executive ownership and the growth of enterprises. In the case of relatively concentrated equity ownership, the proportion of ownership of senior executives is positively related to the growth of enterprises. In the subsequent empirical research. Finally, according to the theoretical deduction and empirical research results, this paper puts forward the corresponding policies and recommendations, including the establishment of a sound incentive mechanism for corporate executives. To develop and improve the bond market to solve the problem of debt financing difficulties of listed companies, incentive mechanism and supervision mechanism restrict each other, coordinate the role to improve the corporate governance structure and other measures.
【學(xué)位授予單位】：重慶理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F272.92;F275

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