本文關(guān)鍵詞： 持股比例 公司績效 醫(yī)藥行業(yè)　出處：《廣東外語外貿(mào)大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

【摘要】：股權(quán)結(jié)構(gòu)問題是上市公司考慮的一個(gè)中心問題。近年來,大家對大股東持股比例與公司績效關(guān)系開始進(jìn)行了更深入的研究。合理的股權(quán)結(jié)構(gòu)對公司績效有著巨大的正向推動作用,本文從委托—代理人理論,控制權(quán)理論以及管理層與公司績效理論出發(fā),并以滬深證券交易所34家醫(yī)藥行業(yè)上市公司的數(shù)據(jù)為研究對象,以上市公司凈利潤,EPS和ROE作為公司績效指標(biāo)以及該公司的最大股東和前十大股東持股比例作為獨(dú)立變量,選擇公司的總資產(chǎn),流通股比例,兩個(gè)虛擬變量(上市公司是否實(shí)行過股權(quán)激勵和是否是國有控股公司)作為控制變量。本文為了得出中國醫(yī)藥行業(yè)上市公司大股東持股比例與公司績效之間的關(guān)系,分別使用了單因素模型和線性回歸模型進(jìn)行實(shí)證研究。研究發(fā)現(xiàn),以凈利潤作為公司績效指標(biāo)時(shí):最大股東持股比例和前十大股東持股比例均與公司績效之間呈正相關(guān)關(guān)系,總資產(chǎn)規(guī)模大小與公司績效之間存在顯著正相關(guān),流通股比例大小與公司績效之間也存在顯著正相關(guān),當(dāng)控制變量分別加上兩個(gè)虛擬變量后,兩個(gè)虛擬變量對被解釋變量的解釋力度均有一定程度的提高,而且這時(shí)整個(gè)模型變得更為顯著,其中股權(quán)激勵和國有控股與否分別與公司績效呈正、負(fù)相關(guān)關(guān)系。以EPS作為公司績效指標(biāo)時(shí):所有模型整體上是不顯著的,也就是說以EPS作為衡量公司績效的指標(biāo),大股東持股比例與公司績效之間不存在任何顯著相關(guān)關(guān)系。以ROE作為公司績效指標(biāo)時(shí):所有模型整體上是顯著的,無論是最大和前十大股東持股比例還是上市公司總資產(chǎn)規(guī)模大小都與公司績效呈正相關(guān),但流通股比例大小卻正好和其相反,與公司績效呈負(fù)相關(guān)。最后,結(jié)合現(xiàn)實(shí)情況分析論文結(jié)果,并提出相應(yīng)的實(shí)施建議。
[Abstract]:Ownership structure is a central issue for listed companies. In recent years, The relationship between the shareholding ratio of major shareholders and corporate performance has been studied more deeply. Reasonable ownership structure has a great positive effect on corporate performance. This paper starts with the principal-agent theory. Based on the theory of control, the theory of management and corporate performance, and taking the data of 34 listed companies in the pharmaceutical industry of Shanghai and Shenzhen Stock Exchange as the research object, Taking the net profit of the listed company as the performance index and the proportion of the largest shareholder and the top ten shareholders as independent variables, the total assets and circulating stock ratio of the company are selected. Two fictitious variables (whether the listed company has implemented equity incentive and whether it is a state-owned holding company) are taken as control variables. In order to obtain the relationship between the proportion of major shareholders of listed companies in Chinese pharmaceutical industry and the performance of the company, Using single factor model and linear regression model for empirical research, it is found that when net profit is used as performance indicator, the proportion of maximum shareholder holding and the proportion of top ten shareholders are positively correlated with corporate performance. There is a significant positive correlation between the size of total assets and corporate performance, as well as a significant positive correlation between the ratio of tradable shares and corporate performance. The two fictitious variables improve the interpretation of the explained variables to a certain extent, and the whole model becomes more significant at this time, in which the equity incentive and the state-owned holding are positive to the performance of the company. When EPS is taken as a corporate performance indicator: all models are not significant as a whole, that is to say, EPS is used as a measure of corporate performance. There is no significant correlation between the shareholding ratio of large shareholders and corporate performance. When ROE is used as a corporate performance indicator, all the models are significant as a whole. Both the largest and the top ten shareholdings and the size of the total assets of listed companies are positively correlated with corporate performance, but the proportion of circulating shares is exactly the opposite, which is negatively correlated with corporate performance. Analyze the results of the paper according to the reality, and put forward the corresponding implementation suggestions.
【學(xué)位授予單位】：廣東外語外貿(mào)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F426.72;F406.7

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本文編號：1543952