【摘要】：參股是公司利用股權(quán)投資持有對(duì)方一定數(shù)量的股份，但達(dá)不到控制程度的投資行為。按參股動(dòng)機(jī)不同可以分為財(cái)務(wù)性參股和戰(zhàn)略性參股。財(cái)務(wù)性參股是指以獲得短期投資收益為目的，不對(duì)被參股公司的經(jīng)營(yíng)和管理產(chǎn)生重大影響的或不改變其控股權(quán)的參股行為。戰(zhàn)略性參股是指以取得長(zhǎng)期投資收益為目的的，通過(guò)其所持股權(quán)影響被參股公司或通過(guò)內(nèi)部契約作用來(lái)改善其自身的整體業(yè)績(jī)的參股行為。公司通過(guò)參股行為可以影響其經(jīng)營(yíng)業(yè)績(jī)，因此法人間的參股目前已經(jīng)成為公司資本運(yùn)作的一種常見(jiàn)手法，而且成為公司不斷發(fā)展壯大的一種常見(jiàn)手段。 合理進(jìn)行參股對(duì)公司的經(jīng)營(yíng)績(jī)效應(yīng)具有正面的推動(dòng)作用。然而，在我國(guó)的特殊環(huán)境下，參股行為的現(xiàn)狀存在著部分不合理性，參股行為與上市公司經(jīng)營(yíng)業(yè)績(jī)是否具有顯著關(guān)系仍有待檢驗(yàn)。因此，本文考察了我國(guó)上市公司參股行為對(duì)經(jīng)營(yíng)業(yè)績(jī)的影響。文章共分為五個(gè)部分，前兩部分是全文的基礎(chǔ)，介紹了參股行為與經(jīng)營(yíng)業(yè)績(jī)的相關(guān)知識(shí)和參股行為的現(xiàn)狀；第三部分對(duì)參股行為對(duì)經(jīng)營(yíng)業(yè)績(jī)影響進(jìn)行理論分析，是下文實(shí)證分析的理論基礎(chǔ)；第四部分是全文的核心部分，選取了公開(kāi)披露的2007~2011年間我國(guó)滬深A(yù)股具有直接參股行為的上市公司，以能夠較為全面的反應(yīng)企業(yè)的整體經(jīng)營(yíng)業(yè)績(jī)總資產(chǎn)收益率ROA為因變量，持股比例作為衡量參股行為的自變量，對(duì)上市公司參股行為與公司經(jīng)營(yíng)業(yè)績(jī)之間的關(guān)系進(jìn)行實(shí)證分析，檢驗(yàn)了相關(guān)假設(shè)；第五部分為全文的最后一部分，，通過(guò)對(duì)上一部分的實(shí)證結(jié)果進(jìn)行分析，得出了研究結(jié)論并闡述了本文研究的局限性。
[Abstract]:Equity participation is an investment behavior in which the company uses equity to hold a certain number of shares, but it can not reach the level of control. According to the different motivation of equity participation can be divided into financial equity participation and strategic equity participation. Financial equity participation is a kind of equity participation that does not have a significant impact on the management and management of the participating company or does not change its controlling rights for the purpose of obtaining short-term investment returns. Strategic equity participation is a kind of equity participation that aims at obtaining long-term investment returns and influences the equity participation of the participating company or improving its overall performance through the internal contract. Companies can affect their business performance through the behavior of equity participation, so the law of human equity participation has become a common means of the operation of the company's capital, and a common means of the company's continuous development and growth. Reasonable equity participation should play a positive role in promoting the company's business performance. However, under the special circumstances of our country, there is some irrationality in the present situation of the behavior of equity participation, and whether there is a significant relationship between the behavior of equity participation and the operating performance of listed companies remains to be tested. Therefore, this paper examines the impact of listed companies' equity participation on business performance. The article is divided into five parts, the first two parts are the basis of the full text, introduced the relevant knowledge and the current situation of the stock participation behavior and the management achievement; the third part carries on the theoretical analysis to the stock participation behavior to the management performance influence, The fourth part is the core part of the full text, which selects the listed companies with direct participation in Shanghai and Shenzhen A shares from 2007 to 2011. Taking ROA as the dependent variable and the proportion of stock holding as the independent variable to measure the stock participation behavior, this paper makes an empirical analysis on the relationship between the equity participation behavior and the operating performance of the listed company. The fifth part is the last part of the paper, through the analysis of the empirical results in the previous part, the conclusion is drawn and the limitations of this study are expounded.
【學(xué)位授予單位】：沈陽(yáng)理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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