本文關(guān)鍵詞：有色金屬上市公司股權(quán)結(jié)構(gòu)與經(jīng)營績效相關(guān)性的實證研究　出處：《中國地質(zhì)大學(xué)(北京)》2015年碩士論文　論文類型：學(xué)位論文

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【摘要】：股權(quán)結(jié)構(gòu)是公司治理結(jié)構(gòu)的根基,它的合理與否,首先作用于公司治理結(jié)構(gòu)繼而對經(jīng)營績效產(chǎn)生作用。因此,學(xué)術(shù)界一直致力于探究股權(quán)結(jié)構(gòu)與企業(yè)經(jīng)營績效之間的關(guān)系。而有色金屬行業(yè)作為我國國民經(jīng)濟的支柱產(chǎn)業(yè),一直為國防的建設(shè)、經(jīng)濟的發(fā)展、科技的進步等方面提供有力的支持。近幾年,有色金屬行業(yè)發(fā)展迅速,規(guī)模不斷擴大,產(chǎn)量不斷上升。因此如何通過優(yōu)化有色金屬行業(yè)的股權(quán)結(jié)構(gòu)來提升經(jīng)營績效對我國經(jīng)濟的健康發(fā)展至關(guān)重要。本文選取有色金屬上市公司作為研究對象,在對股權(quán)結(jié)構(gòu)和經(jīng)營績效相關(guān)著作進行梳理之后,介紹了股權(quán)結(jié)構(gòu)和經(jīng)營績效的定義、所有權(quán)理論和委托代理理論的發(fā)展,分析了股權(quán)結(jié)構(gòu)和經(jīng)營績效的度量指標(biāo),在此基礎(chǔ)上闡述了我國有色金屬上市公司的現(xiàn)狀,結(jié)合財務(wù)指標(biāo)分析了其股權(quán)結(jié)構(gòu)和經(jīng)營績效現(xiàn)狀。在實證研究中,本文選取了42家有色金屬上市公司作為本文的研究樣本,以2009至2013年5年的財務(wù)數(shù)據(jù)進行分析,以探究股權(quán)結(jié)構(gòu)與經(jīng)營績效的相關(guān)性。研究從股權(quán)屬性、股權(quán)集中度和股權(quán)制衡度三個方面選取自變量,托賓Q值作為因變量,以進行線性回歸。在線性回歸時,引入了資產(chǎn)規(guī)模、資產(chǎn)負債率作為控制變量,最終得出了有效的回歸模型。實證結(jié)果表明,我國有色金屬上市公司經(jīng)營績效與國有股和第一大股東的持股比例呈顯著負相關(guān)關(guān)系,和流通股比例呈正相關(guān)關(guān)系,和法人股比例和股權(quán)制衡度無明顯相關(guān)關(guān)系�；谝陨涎芯�,為了優(yōu)化我國有色金屬上市公司的股權(quán)結(jié)構(gòu),本文從我國有色金屬上市公司角度提出如下建議:(1)控制國有股比例;(2)優(yōu)化股權(quán)集中度和完善股權(quán)制衡機制;(3)完善有色金屬上市公司治理機制。
[Abstract]:The ownership structure is the foundation of the corporate governance structure. Whether it is reasonable or not, it acts on the corporate governance structure and then on the business performance. Academia has been devoted to explore the relationship between ownership structure and business performance. As a pillar industry of our national economy, non-ferrous metal industry has been for the construction of national defense and economic development. In recent years, the nonferrous metal industry has developed rapidly and the scale of non-ferrous metal industry has been expanding. Therefore, how to optimize the ownership structure of non-ferrous metal industry to improve the performance of China's economy is very important. This paper selects non-ferrous metal listed companies as the research object. After combing the related works on ownership structure and business performance, the paper introduces the definition of ownership structure and management performance, the development of ownership theory and principal-agent theory. On the basis of analyzing the measurement index of equity structure and operating performance, this paper expounds the current situation of non-ferrous metal listed companies in China, and analyzes the present situation of equity structure and operating performance in combination with financial indicators. This paper selects 42 non-ferrous metal listed companies as the research sample and analyzes the financial data from 2009 to 2013. In order to explore the relationship between ownership structure and business performance, the study selects independent variables from three aspects: ownership property, equity concentration and equity balance, and Tobin Q as dependent variable. In the linear regression, the paper introduces the asset size and the ratio of assets to liabilities as the control variable, and finally obtains an effective regression model. The empirical results show that. The operating performance of non-ferrous metal listed companies has a significant negative correlation with the proportion of state-owned shares and the largest shareholders, and has a positive correlation with the proportion of circulating shares. Based on the above research, in order to optimize the ownership structure of non-ferrous metal listed companies in China. This paper puts forward the following suggestions from the point of view of China's non-ferrous metal listed companies: control the proportion of state-owned shares; (2) optimizing the concentration of equity and perfecting the mechanism of equity balance; Improve the governance mechanism of nonferrous metals listed companies.
【學(xué)位授予單位】：中國地質(zhì)大學(xué)(北京)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F426.32;F406.7

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