【摘要】：作為熱點問題,企業(yè)績效和股權(quán)結(jié)構(gòu)關(guān)系的研究一直被國內(nèi)外學者所關(guān)注。他們基于各自的國情對該問題展開深入的研究,且關(guān)于該問題的實證結(jié)果沒有取得一致性的結(jié)論。不同于歐美發(fā)達國家資本市場股權(quán)全流通和,我國上市企業(yè)股權(quán)被分割成非流通股和流通股兩部分。在我國股權(quán)分置改革之后,公司的股權(quán)結(jié)構(gòu)隨著法人股和國有股的全部流通發(fā)生了重大變化,該改革使得上市企業(yè)獲得一次提升企業(yè)治理水平和績效的機會。截至2006年底,滬深兩市已有1124家上市企業(yè)完成股改,標志著我國資本市場逐步邁入全流通時代。股權(quán)分置改革的影響隨著時間的推移逐漸顯現(xiàn),且足夠的時間跨度更有利于我們對相關(guān)問題進行分析,因而,關(guān)于股權(quán)分置改革經(jīng)濟后果的研究變得必要且可行。本文基于股權(quán)結(jié)構(gòu)的視角,對股權(quán)分置改革后股權(quán)集中度對企業(yè)績效的影響、股權(quán)層級對企業(yè)績效的影響以及股權(quán)層級、股權(quán)集中度共同對企業(yè)績效的影響進行了研究。以深化我們對股權(quán)分置改革經(jīng)濟后果的認知�；谏鲜瞿康�,首先,本文在國內(nèi)、國外兩個維度上回顧了股權(quán)集中度與企業(yè)績效、股權(quán)層級與企業(yè)績效的相關(guān)文獻,并進行了述評,梳理了股權(quán)集中度與企業(yè)績效關(guān)系、股權(quán)層級與企業(yè)績效的關(guān)系。其次,本文介紹了不完全契約理論、兩權(quán)分離理論、委托代理理論等公司治理的主要理論,以及介紹了股權(quán)結(jié)構(gòu)的主要理論,并且對企業(yè)績效進行了指標化的描述。最后,本文通過對股權(quán)結(jié)構(gòu)和公司績效的理論進行分析后,提出以下假設(shè):股權(quán)分置改革與股權(quán)集中度負相關(guān)、股權(quán)分置改革與股權(quán)層級負相關(guān)、股權(quán)分置改革后企業(yè)績效隨著股權(quán)層級的降低而升高、股權(quán)分置改革后企業(yè)績效隨著股權(quán)集中度的降低而升高、以及股權(quán)層級、股權(quán)集中度與企業(yè)績效負相關(guān)。本文通過對2877個上市公司的數(shù)據(jù)樣本進行實證分析,回歸得出以下結(jié)論:第一,股權(quán)分置改革與股權(quán)層級成正相關(guān)關(guān)系。第二,股權(quán)分置改革與股權(quán)集中度成負相關(guān)關(guān)系。第三,企業(yè)績效隨著股權(quán)分置改革后股權(quán)層級的升高而升高。第四,企業(yè)績效隨著股權(quán)分置改革后股權(quán)集中度的降低而升高。第五,股權(quán)分置改革后,企業(yè)績效與股權(quán)層級、股權(quán)集中度成正相關(guān)關(guān)系,表明在股權(quán)層級、股權(quán)集中度共同作用于公司績效的情況下,股權(quán)層級對企業(yè)績效的影響程度高于股權(quán)集中度對企業(yè)績效的影響。最后,本文提出的政策建議是國有企業(yè)構(gòu)建合理的股權(quán)層級,非國有企業(yè)構(gòu)建合理的股權(quán)集中度并且我國需要加強證券市場的制度建設(shè)。
[Abstract]:As a hot issue, the relationship between corporate performance and equity structure has been concerned by domestic and foreign scholars. Based on their respective national conditions, they have carried out in-depth research on this issue, and the empirical results on this issue have not reached a consistent conclusion. Different from the full circulation of equity in the capital markets of developed countries in Europe and the United States, the equity of listed enterprises in China is divided into two parts: non-tradable shares and tradable shares. After the split share structure reform in our country, the ownership structure of the company has changed greatly with the whole circulation of the legal person shares and the state-owned shares, which makes the listed enterprises get a chance to improve the level of corporate governance and the performance of the listed enterprises. By the end of 2006, 1124 listed enterprises in Shanghai and Shenzhen stock market had completed share reform, marking the capital market of our country has gradually entered the era of full circulation. The impact of the split share structure reform gradually appears with the passage of time, and a sufficient time span is more conducive to our analysis of related issues. Therefore, the study on the economic consequences of the equity split structure reform becomes necessary and feasible. Based on the perspective of equity structure, this paper studies the influence of ownership concentration degree on enterprise performance, the influence of equity level on enterprise performance, and the influence of equity hierarchy and equity concentration degree on corporate performance after the split share structure reform. In order to deepen our understanding of the economic consequences of the split share structure reform. For the above purpose, firstly, this paper reviews the relevant literature on ownership concentration and enterprise performance, equity hierarchy and enterprise performance in domestic and abroad, and reviews the relationship between ownership concentration and enterprise performance. The relationship between equity level and enterprise performance. Secondly, this paper introduces the main theories of corporate governance, such as incomplete contract theory, separation theory of two rights, principal-agent theory, and introduces the main theory of equity structure, and describes the performance of the enterprise. Finally, after analyzing the theory of equity structure and corporate performance, this paper puts forward the following hypotheses: the reform of split share structure is negatively correlated with the degree of equity concentration, and the reform of split structure of shares is negatively correlated with equity hierarchy. After the split share structure reform, the enterprise performance increases with the decrease of the ownership level, the corporate performance increases with the decrease of the ownership concentration degree after the equity split structure reform, and the ownership level, the equity concentration degree and the enterprise performance are negatively correlated. Based on the empirical analysis of 2877 listed companies' data samples, this paper draws the following conclusions: first, there is a positive correlation between the split share structure reform and equity hierarchy. Second, there is a negative correlation between the reform of split share structure and the degree of equity concentration. Third, corporate performance increases with the increase of equity hierarchy after the reform of split share structure. Fourth, corporate performance increases with the decrease of ownership concentration after the reform of split share structure. Fifthly, after the reform of split share structure, corporate performance is positively related to equity level and equity concentration degree, which indicates that ownership concentration degree acts on corporate performance when equity ownership level and equity concentration degree act on corporate performance. The influence of ownership level on enterprise performance is higher than that of ownership concentration. Finally, the policy recommendations of this paper are that state-owned enterprises should build reasonable ownership level, non-state-owned enterprises should build reasonable ownership concentration and our country should strengthen the system construction of securities market.
【學位授予單位】：內(nèi)蒙古財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

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