發(fā)布時間：2018-03-18 03:18

  本文選題：節(jié)能環(huán)保產(chǎn)業(yè)　切入點：股權(quán)集中度　出處：《河南大學》2015年碩士論文　論文類型：學位論文

【摘要】：從2005年股權(quán)分置改革開始,到現(xiàn)在已過去近十年,改革已經(jīng)完成,市場上流通股大量存在。流通性加大,加深了資本化程度,因此股權(quán)結(jié)構(gòu)也隨之發(fā)生了變化。作為公司治理基礎(chǔ)的股權(quán)結(jié)構(gòu),直接決定了公司的內(nèi)部治理機制以及運行機制。這樣對公司的經(jīng)營績效有直接的影響,進而影響到了公司的成長性。2010年戰(zhàn)略性新興產(chǎn)業(yè)興起,其相關(guān)公司的成長性更是引起了政府,社會以及相關(guān)投資者的大量關(guān)注。作為其中之一的節(jié)能環(huán)保產(chǎn)業(yè),國家近幾年更是大力支持。在“十三五”規(guī)劃中,把節(jié)能環(huán)保產(chǎn)業(yè)作為了重點發(fā)展的對象,國家大力治理環(huán)境,對相關(guān)領(lǐng)域投入巨量資金,提供了許多優(yōu)惠的政策措施。在這樣的社會大環(huán)境下,節(jié)能環(huán)保類公司的成長性也使大量的投資者予以關(guān)注。本文以此為切入點進行研究,有很強的現(xiàn)實意義。公司的成長性表現(xiàn)為可持續(xù)發(fā)展,公司規(guī)模的不斷擴大,研發(fā)投入的不斷增加,經(jīng)營效率不斷加強,是一個動態(tài)發(fā)展的過程。本文整理了國內(nèi)外關(guān)于企業(yè)成長性,股權(quán)結(jié)構(gòu)與成長性的關(guān)系的文獻,并追溯到企業(yè)的成長理論及股權(quán)結(jié)構(gòu)與績效相關(guān)的理論,以此找到本文可能創(chuàng)新點,展開研究。界定了節(jié)能環(huán)保產(chǎn)業(yè),公司成長性,股權(quán)結(jié)構(gòu)的相關(guān)概念,梳理了國內(nèi)外學者對企業(yè)成長理論的研究成果,委托代理理論兩方面的代理問題以及最近十幾年提出的終極產(chǎn)權(quán)理論,從理論方面推導出股權(quán)結(jié)構(gòu)與成長性的關(guān)系,以此提出相關(guān)假設(shè)。通過中金在線,同花順等網(wǎng)站,并結(jié)合國家對節(jié)能環(huán)保產(chǎn)業(yè)的限定,選定了2010年-2013年的300個樣本,以此來研究股權(quán)結(jié)構(gòu)與公司成長性之間的關(guān)系。為了全面的評價公司的成長性,本文選取了6個方面(營運能力,盈利能力,現(xiàn)金流能力,企業(yè)發(fā)展能力,風險控制能力以及企業(yè)科研能力)的19個財務(wù)指標,使用因子分析法得出8個主因子計算出成長性的綜合得分。分別于股權(quán)結(jié)構(gòu)的4個角度(股權(quán)集中度,股權(quán)制衡度,股權(quán)屬性,兩權(quán)分離度)分別回歸分析,以此來驗證本文的假設(shè)。通過實證分析,結(jié)論如下:股權(quán)集中度()與節(jié)能環(huán)保公司的成長性是顯著正相關(guān)的。股權(quán)制衡度與節(jié)能環(huán)保類公司的成長性關(guān)系不顯著,可能是因為我國節(jié)能環(huán)保產(chǎn)業(yè)剛剛興起,有部分公司為民營性質(zhì)的,在成長期,會選擇集中股權(quán),股權(quán)的制衡作用還不明顯。國有股持股比例與節(jié)能環(huán)保類公司的成長性關(guān)系不顯著,可能是因為股權(quán)分置改革的完成,國有股持股比例大幅度下降,股份大量流通,國有股的優(yōu)勢條件現(xiàn)在不再有明顯優(yōu)勢。法人股與節(jié)能環(huán)保類上市公司成長性成顯著正相關(guān)。流通股與節(jié)能環(huán)保類公司的成長性是顯著負相關(guān)。兩權(quán)分離度與公司的成長性是顯著的正相關(guān)關(guān)系。實際控制人為國家背景的公司對其成長性是有利的。根據(jù)本文的規(guī)范和實證研究的結(jié)論提出了一些建議:在節(jié)能環(huán)保產(chǎn)業(yè)中,維持一定的股權(quán)集中度,積極發(fā)揮股權(quán)集中的優(yōu)勢,同時也要關(guān)注股權(quán)制衡的作用;積極引入機構(gòu)投資者,發(fā)揮其積極作用,機構(gòu)投資者投資更加理性,會處于對公司長遠發(fā)展考慮,作出決策;理性看待兩權(quán)分離度的作用,防止產(chǎn)生控制層級過長,分離度過大的情況;建立有效、透明的資本市場,使股票價值可以真正體現(xiàn),從而使投資者更加理性投資;加大對環(huán)保產(chǎn)業(yè)法律政策的制定,為節(jié)能環(huán)保類公司創(chuàng)造一個良好的外部環(huán)境。
[Abstract]:From the non tradable share reform in 2005 began, now in the past ten years, the reform has been completed, there are a large number of shares in circulation on the market. The circulation increased, enhance the degree of capital, so the ownership structure is also changed. As a corporate governance based equity structure, directly determines the company's internal governance mechanism and operation this mechanism has a direct impact on the company's operating performance, thereby affecting the growth of the.2010 company in strategic emerging industries rise, growth of the company is caused by the government, a large number of social concern and related investors. As one of the energy-saving environmental protection industry in recent years, the state is vigorously support. In the "13th Five-Year" plan, energy-saving environmental protection industry as a key development target, a strong national governance environment, the related fields put a huge amount of funds, provides many benefits Policies and measures. In such a social environment, energy conservation and environmental protection in the growth of a company also makes a lot of investors attention. This article as a starting point for research, has a strong practical significance. The company's growth for sustainable development, the company continues to expand, increasing R & D investment, operating efficiency continue to strengthen, is a dynamic process of development. This article summarizes the domestic and foreign about the growth of enterprises, the relationship between ownership structure and growth of the literature, and back to the enterprise growth theory and the theory of ownership structure and performance related, in order to find the possible innovations and research. The definition of energy-saving environmental protection industry, the company the growth of related concepts of ownership structure, summarizes the domestic and foreign scholars on the enterprise growth theory, principal-agent theory from two aspects of the agency and puts forward the problems in recent years end A theory of property rights, derive the relationship between ownership structure and growth of the theory, to put forward relevant hypothesis. Through gold online, flush website, combined with the limited state of energy-saving environmental protection industry, selected 300 samples in 2010 -2013 years, in order to study the relationship between stock right structure and company growth between. In order to grow a comprehensive evaluation of the company, this paper chooses 6 aspects (operating capacity, profitability, cash flow ability, enterprise development ability, risk control ability and scientific research ability of the enterprise) 19 financial indexes, the method of 8 main factors to calculate the comprehensive score of growth by factor analysis. 4 angle respectively in the ownership structure (ownership concentration, equity balance degree, equity property, separation of two rights) respectively, regression analysis, in order to verify the hypothesis. Through empirical analysis, conclusions are as follows: ownership concentration () and The growth of the company's energy saving and environmental protection are significantly correlated. The growth of equity balance and energy saving and environmental protection companies is not significant, probably because of China's energy-saving environmental protection industry has just started, some companies for private property, in the growth period, will focus on equity, equity balance is not obvious. The growth of the relationship between the proportion of state-owned shares and energy saving and environmental protection companies is not significant, probably because of the completion of the share reform, the proportion of state-owned shares dropped sharply, a large number of shares in circulation, the advantages of state-owned shares are now no longer have significant advantages. Corporate shares listed companies and energy saving growth into a significant positive correlation. The growth of tradable shares and the energy conservation and environmental protection company is negatively related to the separation of the two powers. The growth degree and the company is a significant positive correlation. The actual control of state backed companies grow on it Is favorable. According to the specification and empirical research conclusions and puts forward some suggestions on energy saving and environmental protection industry, to maintain a certain degree of ownership concentration, ownership concentration play advantage, but also pay attention to the role of equity balance; institutional investors actively play its positive role, institutional investors are more rational. In consideration of the long-term development of the company to make decisions; rational view of effect of separation of two rights, to prevent the generation of control level is too long, too much separation situation; to establish an effective, transparent capital market, the stock value can be truly reflected, which makes investors more rational investment; increase the formulation of laws and policies of environmental protection industry. To create a good external environment for energy conservation and environmental protection.

【學位授予單位】：河南大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F275;X324

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