混合所有制企業(yè)股權結構影響公司治理效率研究
發(fā)布時間：2018-07-29 16:43
【摘要】：股權結構對公司治理的影響一直是公司治理問題的核心,公司治理的最終目標是提高公司治理效率。在當前混合所有制改革如火如荼進行的大背景下,以分類進行國企改革為起點,研究股權結構對公司治理效率的影響具有重要意義。通過詳細地介紹研究背景和闡述國內與國外眾多學者的研究狀況,以委托代理理論、公司治理理論、產權理論和利益相關者理論作為研究的理論基礎,提出可能對公司治理效率產生影響的股權結構因素,即股權構成、股權集中度和股權制衡度。通過理論研究和實證檢驗相結合的方法,分別構建三大影響因素與公司治理績效、公司治理機制有效性的多元回歸模型和Logistic回歸模型,以"交通運輸、倉儲、郵政業(yè)"、"電力、熱力、燃力業(yè)"和"采礦業(yè)" 124家國有上市公司為樣本基礎,對因變量為連續(xù)型變量的數據其進行描述統(tǒng)計和多元回歸分析,對因變量為虛擬變量的數據進行Logistic回歸分析。最后根據現狀分析和實證研究結果,有針對性地提出提高混合所有制企業(yè)公司治理效率的對策建議。研究發(fā)現國有絕對控股戰(zhàn)略類國有企業(yè)的公司治理效率要優(yōu)于國有相對控股企業(yè),股權集中度和公司治理效率正相關,符合我國研究者得出的普遍結論,但與我國正在進行的分類混改路線有一定出入。由于我國混改正處于進程中,仍有諸多弊病,股權結構的優(yōu)劣現在下定論還為時過早,但可以肯定的是混合所有制企業(yè)的公司治理效率仍有提升空間,應在合理范圍內進一步讓渡特定行業(yè)的控制地位,為國有股東和非國有股東的資產安全都提供一定程度的保障,使公司治理的效率達到新高度,也使公司治理機制更加呈現逐步趨向更加完善的程度。
[Abstract]:The influence of ownership structure on corporate governance is always the core of corporate governance, and the ultimate goal of corporate governance is to improve the efficiency of corporate governance. Under the background that the reform of mixed ownership is in full swing, it is of great significance to study the influence of ownership structure on the efficiency of corporate governance by taking the reform of state-owned enterprises as the starting point. By introducing the research background in detail and expounding the research situation of many scholars both at home and abroad, this paper takes the principal-agent theory, corporate governance theory, property right theory and stakeholder theory as the theoretical basis of the research. The factors of equity structure which may influence the efficiency of corporate governance are put forward, that is, equity structure, ownership concentration and equity balance. Through the combination of theoretical research and empirical test, this paper constructs the multivariate regression model and Logistic regression model of corporate governance performance, corporate governance mechanism effectiveness, and "transportation, warehousing, postal industry", "electricity," respectively. Based on the sample of 124 state-owned listed companies in heat, burning power industry and mining industry, descriptive statistics and multivariate regression analysis were carried out for dependent variables with continuous variables, and Logistic regression analysis for data with dependent variables as virtual variables. Finally, according to the analysis of the present situation and the results of empirical research, the countermeasures and suggestions to improve the corporate governance efficiency of mixed ownership enterprises are put forward. It is found that the corporate governance efficiency of the state-owned absolute holding strategic state-owned enterprises is better than that of the state-owned relative holding enterprises, and the degree of ownership concentration is positively correlated with the corporate governance efficiency, which is in line with the general conclusion reached by the researchers in our country. However, there is a certain discrepancy with the classification and mixing reform route that is being carried out in our country. Because the mixed correction in our country is still in the process, there are still many disadvantages, the advantages and disadvantages of the ownership structure are still too early to conclude, but it is certain that the corporate governance efficiency of the mixed ownership enterprises still has room for improvement. It is necessary to further transfer the control position of a specific industry within a reasonable scope, to provide a certain degree of protection for the asset safety of both state-owned and non-state-owned shareholders, and to make the efficiency of corporate governance reach a new height. Also make the corporate governance mechanism more showing a gradual trend to a more perfect degree.
【學位授予單位】：哈爾濱商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271
[Abstract]:The influence of ownership structure on corporate governance is always the core of corporate governance, and the ultimate goal of corporate governance is to improve the efficiency of corporate governance. Under the background that the reform of mixed ownership is in full swing, it is of great significance to study the influence of ownership structure on the efficiency of corporate governance by taking the reform of state-owned enterprises as the starting point. By introducing the research background in detail and expounding the research situation of many scholars both at home and abroad, this paper takes the principal-agent theory, corporate governance theory, property right theory and stakeholder theory as the theoretical basis of the research. The factors of equity structure which may influence the efficiency of corporate governance are put forward, that is, equity structure, ownership concentration and equity balance. Through the combination of theoretical research and empirical test, this paper constructs the multivariate regression model and Logistic regression model of corporate governance performance, corporate governance mechanism effectiveness, and "transportation, warehousing, postal industry", "electricity," respectively. Based on the sample of 124 state-owned listed companies in heat, burning power industry and mining industry, descriptive statistics and multivariate regression analysis were carried out for dependent variables with continuous variables, and Logistic regression analysis for data with dependent variables as virtual variables. Finally, according to the analysis of the present situation and the results of empirical research, the countermeasures and suggestions to improve the corporate governance efficiency of mixed ownership enterprises are put forward. It is found that the corporate governance efficiency of the state-owned absolute holding strategic state-owned enterprises is better than that of the state-owned relative holding enterprises, and the degree of ownership concentration is positively correlated with the corporate governance efficiency, which is in line with the general conclusion reached by the researchers in our country. However, there is a certain discrepancy with the classification and mixing reform route that is being carried out in our country. Because the mixed correction in our country is still in the process, there are still many disadvantages, the advantages and disadvantages of the ownership structure are still too early to conclude, but it is certain that the corporate governance efficiency of the mixed ownership enterprises still has room for improvement. It is necessary to further transfer the control position of a specific industry within a reasonable scope, to provide a certain degree of protection for the asset safety of both state-owned and non-state-owned shareholders, and to make the efficiency of corporate governance reach a new height. Also make the corporate governance mechanism more showing a gradual trend to a more perfect degree.
【學位授予單位】：哈爾濱商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271
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