【摘要】：自從加入WTO后,我國的經(jīng)濟發(fā)展一直保持著較高的水平,加之擁有穩(wěn)定的政治經(jīng)濟環(huán)境,我國逐漸成為資本活動最活躍的市場之一。隨著我國經(jīng)濟進入調(diào)整階段,充分發(fā)揮民間資本與外來資本的作用已經(jīng)成為經(jīng)濟體制改革的一個重要方向。 外資持有我國上市公司的股權(quán)在目前已經(jīng)成為外資在華參與經(jīng)濟活動的一種重要方式。目前外資持股主要表現(xiàn)出以下行為特征：持有行業(yè)龍頭企業(yè)的股權(quán)、外資流向的地區(qū)與行業(yè)呈現(xiàn)不均衡,同時外資持股的案例不斷增加、外資持股規(guī)模不斷擴大。雖然我國2012年成為吸收外資最多的國家,但通過持有上市公司股權(quán)方式入華的資本比例依然較低。因此,將會有越來越多的外資以持股的方式進入中國,對中國經(jīng)濟的影響也將越來越深。在此背景下,本文將重點考察引入外資股權(quán)對上市公司經(jīng)營績效的影響,以及影響的途徑。 本文通過對我國2008年至2012年間存在外資股權(quán)的156家上市公司為樣本,將公司的經(jīng)營績效指標總資產(chǎn)回報率ROA作為研究對象,利用單變量分析法、多變量分析法以及面板回歸分析法研究上市公司外資持股比例這個因素對經(jīng)營績效的影響及途徑。實證結(jié)果表明：(1)外資持股對上市公司經(jīng)營績效有顯著的正面作用；(2)外資控股有助于提高公司經(jīng)營績效；(3)提高公司資產(chǎn)運營效率是外資股權(quán)溢出效應(yīng)的重要方式；(4)股權(quán)集中有助于提升公司經(jīng)營績效。另外,實證結(jié)果還表明,公司的資產(chǎn)結(jié)構(gòu)、董事會特征、地區(qū)因素、企業(yè)性質(zhì)也對公司績效有一定的影響。
[Abstract]:Since China's entry into WTO, China's economic development has been maintained at a high level, and with a stable political and economic environment, China has gradually become one of the most active markets in capital activities. With China's economy entering the stage of adjustment, giving full play to the role of private capital and foreign capital has become an important direction of economic system reform. Foreign ownership of listed companies in China has become an important way for foreign investment to participate in economic activities in China. At present, the foreign ownership mainly shows the following behavior characteristics: holding the stock right of the leading enterprise in the industry, the region and the profession of the foreign capital flow are not balanced, meanwhile the cases of the foreign capital holding are increasing, and the scale of the foreign capital holding is expanding. Although China became the country that absorbed the most foreign capital in 2012, the proportion of capital entering China by holding the equity of listed companies is still low. As a result, more and more foreign investment will enter China by holding shares, which will have a deeper and deeper impact on China's economy. In this context, this paper will focus on the introduction of foreign equity on the operating performance of listed companies, as well as the impact of the way. Through the sample of 156 listed companies with foreign equity from 2008 to 2012, this paper takes the total return on assets (ROA) as the research object, and makes use of univariate analysis method. Multivariate analysis and panel regression analysis are used to study the influence of the proportion of foreign ownership on the performance of listed companies. The empirical results show that: (1) Foreign ownership has a significant positive effect on the operating performance of listed companies; (2) Foreign holding helps to improve the operating performance of listed companies. (3) improving the efficiency of assets operation is an important way of spillover effect of foreign equity; (4) concentration of equity is helpful to improve the company's performance. In addition, the empirical results also show that the structure of assets, the characteristics of the board of directors, the regional factors, and the nature of the firm also have a certain impact on corporate performance.
【學位授予單位】：廈門大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F276.6;F275;F272.5

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