本文關(guān)鍵詞：我國A股上市公司股權(quán)結(jié)構(gòu)與公司業(yè)績關(guān)系研究　出處：《鄭州大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： A股上市公司 股權(quán)結(jié)構(gòu) 股權(quán)集中度 公司業(yè)績

【摘要】：股權(quán)結(jié)構(gòu)是公司治理的核心內(nèi)容,有效的股權(quán)結(jié)構(gòu)引發(fā)人們的關(guān)注,通過委托代理、激勵監(jiān)督等治理機(jī)制影響公司業(yè)績。尤其是股權(quán)分置改革以后,合適的股權(quán)結(jié)構(gòu)有利于加強(qiáng)企業(yè)管理水平,從而提高公司業(yè)績。上市公司股權(quán)結(jié)構(gòu)和經(jīng)營業(yè)績之間關(guān)系研究一直是國內(nèi)外學(xué)者關(guān)注的經(jīng)典問題,但由于樣本、指標(biāo)、變量以及方法的差異化,眾多研究結(jié)論并不一致。所以,就目前來說用實(shí)證分析方法對二者之間的關(guān)系進(jìn)行研究有重要的理論價(jià)值和現(xiàn)實(shí)指導(dǎo)意義。 文章以理論、假設(shè)、實(shí)證及結(jié)論這個邏輯主線展開,研究我國A股上市公司股權(quán)結(jié)構(gòu)與公司業(yè)績之間的關(guān)系。首先系統(tǒng)地回顧了中外學(xué)者對股權(quán)結(jié)構(gòu)和公司業(yè)績之間關(guān)系的主要觀點(diǎn),加深了股權(quán)結(jié)構(gòu)對公司業(yè)績的認(rèn)識。然后提出四個假設(shè),分別為：(1)國有股比例與公司業(yè)績存在U型關(guān)系；(2)法人股比例與公司業(yè)績存在顯著正相關(guān)關(guān)系；(3)流通股比例與公司業(yè)績呈現(xiàn)U型關(guān)系；(4)股權(quán)集中度與公司業(yè)績存在顯著正相關(guān)關(guān)系。接著以我國A股上市公司2007-2011年的財(cái)務(wù)數(shù)據(jù)為樣本,利用因子分析構(gòu)建綜合經(jīng)營指標(biāo),采用回歸分析法進(jìn)一步闡述股權(quán)性質(zhì)和股權(quán)集中度兩方面對公司業(yè)績產(chǎn)生的影響。實(shí)證研究結(jié)果驗(yàn)證假設(shè)成立。 本文的研究特色在于：1.研究了國內(nèi)外學(xué)者的研究成果,并對成果進(jìn)行了全面系統(tǒng)的梳理與分析,探討了開展股權(quán)結(jié)構(gòu)與公司業(yè)績之間關(guān)系研究的現(xiàn)實(shí)意義；2.本文對盈利能力、發(fā)展能力、營運(yùn)能力、償債能力四個方面的十五個指標(biāo)進(jìn)行因子分析,建立了能全面衡量公司業(yè)績的綜合評價(jià)指標(biāo),避免了單一指標(biāo)存在的片面性和會計(jì)操作等問題；3對我國A股上市的697家公司的財(cái)務(wù)數(shù)據(jù)進(jìn)行全面的統(tǒng)計(jì)分析,構(gòu)建了股權(quán)結(jié)構(gòu)與公司業(yè)績的回歸模型,并進(jìn)行回歸分析,深入探討了二者之間的關(guān)系。
[Abstract]:Equity structure is the core content of corporate governance, effective ownership structure has aroused people's attention, through the principal-agent, incentive and supervision mechanisms affect the performance of the company, especially after the reform of the split share structure. The research on the relationship between the ownership structure and the operating performance of listed companies has been a classic concern of domestic and foreign scholars, but due to samples. The differences of indicators, variables and methods are not consistent. Therefore, it is of great theoretical value and practical significance to study the relationship between them by using empirical analysis method at present. This paper starts with the logical thread of theory, hypothesis, demonstration and conclusion. This paper studies the relationship between ownership structure and corporate performance of A-share listed companies in China. Firstly, it systematically reviews the main views of Chinese and foreign scholars on the relationship between equity structure and corporate performance. Then four hypotheses are put forward, which are: 1) the proportion of state-owned shares has a U-shaped relationship with the performance of the company, and the relationship between the proportion of state-owned shares and the performance of the company is U-shaped. (2) there is a significant positive correlation between the proportion of corporate shares and the performance of the company; (3) the proportion of circulating shares is U-shaped with the company's performance; (4) there is a significant positive correlation between ownership concentration and corporate performance. Then taking the financial data of A-share listed companies from 2007 to 2011 as a sample, factor analysis is used to construct a comprehensive management index. The effect of ownership nature and ownership concentration on corporate performance is further analyzed by regression analysis, and the empirical results verify that the hypothesis is valid. The research features of this paper are: 1. The research results of scholars at home and abroad are studied, and the results are comprehensively and systematically combed and analyzed. This paper discusses the practical significance of the research on the relationship between ownership structure and corporate performance. 2. This paper carries on the factor analysis to the profit ability, the development ability, the operation ability, the repayment ability four aspects carries on the factor analysis, has established the comprehensive appraisal index which can comprehensively measure the company performance. The one-sidedness and accounting operation of single index are avoided. (3) A comprehensive statistical analysis of the financial data of 697 A-share listed companies in China is carried out, and a regression model of equity structure and corporate performance is constructed, and a regression analysis is carried out, and the relationship between them is discussed in depth.
【學(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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