本文關鍵詞：整體上市的作用機理及經(jīng)濟后果研究　出處：《北京交通大學》2016年博士論文　論文類型：學位論文

  更多相關文章： 整體上市 關聯(lián)交易 盈利能力 機構投資者

【摘要】：金字塔股權結構下,控制權與現(xiàn)金流權相分離的現(xiàn)象普遍存在,加劇了大股東和中小股東之間的代理問題。由于歷史原因,我國大部分國有上市公司都處于集團金字塔結構中的一環(huán),終極控股股東除了實質控制上市公司外,還控制大量非上市公司,有動機和能力借助復雜的關聯(lián)交易將上市公司資源轉移至其他關聯(lián)主體,攫取中小股東的合法利益。如何有效抑制金字塔股權結構帶來的公司治理問題,并在"專業(yè)化整合、資本化運作、產(chǎn)業(yè)化發(fā)展"思路指引下深化國有企業(yè)改革成為理論界和實務界需要深入思考的重要課題。以市場化、盈利化,股權再分布化為導向的整體上市為解決和轉化國有企業(yè)原有體制問題提供了可能,但關于整體上市的既有研究視角主要集中在整體上市的模式、交易環(huán)節(jié)存在的弊端以及交易后的市場效應等方面,尚未對整體上市的作用機理以及可能造成的經(jīng)濟后果進行深入研究。隨著整體上市模式逐漸被監(jiān)管層確立為深化國企改革的戰(zhàn)略工具,理性、客觀、全面地探究整體上市的作用機理及其經(jīng)濟后果具有重要的理論意義和實踐價值。本文以2006-2012年間我國發(fā)生整體上市行為的國有控股上市公司為研究對象,深入探究整體上市的作用機理及產(chǎn)生的經(jīng)濟后果,圍繞價值創(chuàng)造和價值增值的初衷,試圖解答以下三個相互關聯(lián)的問題:(1)整體上市是否能夠緩解企業(yè)的關聯(lián)交易行為,進而影響企業(yè)的經(jīng)營績效;(2)企業(yè)信息透明度以及經(jīng)營績效的變化是否進一步影響機構投資者持股比例,改善公司治理水平;(3)整體上市是否有助于緩解公司融資約束,提高公司融資能力。首先,本文理論分析并實證檢驗了整體上市對關聯(lián)交易的影響,并探究關聯(lián)交易行為的變化如何進一步影響公司經(jīng)營績效。研究結果表明:(1)整體上市后企業(yè)的關聯(lián)交易金額顯著下降,整體上市有助于提高公司信息透明度,緩解代理問題;(2)關聯(lián)交易金額(關聯(lián)交易金額變化/營業(yè)收入)每降低一個單位,經(jīng)行業(yè)調整的總資產(chǎn)收益率增加0.363個單位。說明整體上市能夠降低控股股東與上市公司之間的關聯(lián)交易行為,進而提升上市公司的盈利水平。這是由于控股股東與上市公司之間關聯(lián)交易的定價往往是非公允的,可能存在利益輸送的情形。整體上市重新構建了集團的股權關系,實現(xiàn)了控股股東與中小股東的利益協(xié)同,在很大程度上能夠減少控股股東利用關聯(lián)交易掏空上市公司資源的動機和渠道。其次,關于整體上市對公司治理水平的影響。本文理論分析表明,整體上市后,利益攫取動機的降低以及盈利能力的提升能得到機構投資者的認同,進而有助于提升機構投資者的持股比例。對整體上市、盈利能力與機構投資者三者之間關系的實證檢驗表明,整體上市導致的信息透明度以及盈利能力的提升確實會增加機構投資者持股比例,且該種效應在基金類機構投資者中表現(xiàn)的更為明顯。進一步研究表明,盈利能力對機構持股比例的作用效應并非是單一的線性關系,盈利能力對機構投資者持股比例的正向作用會隨著第一大股東持股比例的增加而有所降低。充分說明整體上市后關聯(lián)交易的減少有助于提升公司的盈利能力,進而有助于吸引以資本回報為最終目的的機構投資者,從而相應地提升公司治理水平。再次,關于整體上市對公司融資約束產(chǎn)生的影響。本文理論及實證研究表明,整體上市前,公司投資水平與內部現(xiàn)金流之間存在顯著正相關關系,即內部產(chǎn)生現(xiàn)金流越多,公司投資水平越高,這表明公司投資依賴于內部現(xiàn)金流。而整體上市后,兩者雖然為正向關系,但統(tǒng)計上并不顯著。一定程度說明整體上市后,公司融資約束得到顯著緩解。最后,為考察實務中整體上市的動機及經(jīng)濟后果,本文選取上汽集團整體上市案例,通過案例分析方法進一步剖析整體上市的經(jīng)濟后果。研究發(fā)現(xiàn):整體上市降低了上海汽車與控股股東的關聯(lián)交易規(guī)模。進一步的研究表明,關聯(lián)交易的降低很大程度上來源于關聯(lián)交易總額中非市場定價的部分,這表明整體上市有助于降低控股股東利用協(xié)議定價掏空上市公司的可能性,維護了上市公司及中小股東的合法權益;此外,整體上市還進一步提升了上海汽車的盈利能力、機構投資者持股數(shù)量及持股比例,且在一定程度上增強了企業(yè)的償債能力,提高了公司治理水平及融資能力。綜上,本文發(fā)現(xiàn)整體上市有助于減少上市公司與控股股東的關聯(lián)交易,緩解實際控制人利用關聯(lián)交易"掏空"上市公司的代理問題,有利于保護中小投資者利益;整體上市完成后,上市公司業(yè)績得到顯著提升,并且得到機構投資者的認可,有助于完善公司治理水平;進一步研究發(fā)現(xiàn),對于既定的金融發(fā)展水平,整體上市還可以緩解公司融資約束程度,提升公司融資能力。整體上市對公司盈利性、公司治理以及融資能力的積極作用為相關監(jiān)管機構大力推進整體上市深化國企改革提供了理論支撐和經(jīng)驗證據(jù)。
[Abstract]:The Pyramid ownership structure, common control rights and cash flow rights separation phenomenon, exacerbated by the agency problem between large shareholders and small shareholders. Due to historical reasons, most of China's state-owned listed companies are in a ring group in Pyramid structure, ultimate controlling shareholders of Listed Companies in addition to substantial control, also control a large number of non-listed company, the motivation and the ability to use complex transactions of listed companies will be transferred to other related subject resources, seize the legitimate interests of minority shareholders. How to suppress the corporate governance problems of Pyramid ownership structure effectively, and in the "professional integration, capital operation, industry development ideas under the guidance of deepening the reform of state-owned enterprises has become an important issue in theory and practice need to think deeply. In the market, profit, equity distribution of the overall transformation to solve the country listed and oriented The enterprise original system possible, but on the overall market is mainly concentrated in the perspective of the overall market, trading process defects and transaction market effect, yet mechanism of the overall market and may cause the economic consequences of the in-depth study. With the overall market mode is gradually regulators for the establishment of strategic tools to deepen the reform of the state-owned enterprises rational, objective, and comprehensive research on the overall market mechanism and economic consequence has important theoretical significance and practical value. This paper takes 2006-2012 years China's overall listing behavior of state-owned listed companies as the research object, in-depth study of the mechanism of the overall market and economic consequences the focus on Value Creation and value increment of the mind, trying to answer the following three related issues: (1) the overall market is It can alleviate the transaction behavior of enterprises, thereby affecting the performance of the enterprise; (2) enterprise information transparency and the changes in operating performance whether further affect the proportion of institutional investors, improve the level of corporate governance; (3) the overall listing will help alleviate the financing constraints, improve the company's financing capacity. Firstly, the theoretical analysis and examines the overall market impact on the transactions, and to explore the changes of related transactions to further affect the company's performance. The results show that: (1) the amount of related party transactions of listed companies after the overall decline significantly, the overall market helps to improve information transparency, ease the agency problem; (2) the amount of related party transactions (related transaction amount change / revenue) by one unit, the total assets industry adjustment rate increased 0.363 units. It can reduce the overall market Related transactions between low controlling shareholders and the listed company, and thus enhance the profitability of listed companies. This is because the transactions between the controlling shareholders and the listed company's pricing is often unfair, there may be a transfer of benefits. The overall market to construct the group's equity relationship, the controlling shareholders and minority shareholders the interests of the cooperative, can reduce the controlling shareholders use related transactions to tunnel listed companies the motivation and channel resources to a great extent. Secondly, on the overall market impact on the level of corporate governance. The theoretical analysis shows that the overall market, reduce expropriation motivation and enhance the profitability of institutional investors can get approval, ownership it is helpful to improve the institutional investors. The overall market, the relationship between profitability and institutional investors of the three empirical test shows that, The overall market leads to the transparency of information and profitability will indeed increase the proportion of institutional investors, and the effect of institutional investors in the fund is more obvious. Further research shows that the effect is not the profitability of the proportion of institutional ownership is linear relation, the positive effect of the profitability of the shareholding of institutional investors will increase with the proportion of the first shareholder decreased. Full description helps to enhance the profitability of the company to reduce the overall listing of the transactions, which helps to attract capital for the ultimate goal of institutional investors, and thus enhance the level of corporate governance. Thirdly, about the influence of overall listing of the company financing constraints. The theory and the empirical results show that the overall market, between the level of investment and internal cash flow in Significant positive correlation between the internal cash flow more, the higher the level of corporate investment, which indicates that the company investment depends on the internal cash flow. And the overall market, though for a positive relationship, but not statistically significant. Explain to some extent after the overall listing, corporate financing constraints was significantly reduced. Finally, for the overall market the motivation and economic consequences in practice, this paper selects the case of SAIC Group listed as a whole, through the case analysis method to further analyze the overall listing of the economic consequences. The study found that: the overall market is reduced and the controlling shareholder of Shanghai Automobile Association transaction scale. Further studies show that the related transactions decreased largely from transactions total non market pricing, which indicates that the overall market will help reduce the controlling shareholders use agreement pricing of listed companies emptied the possibility of maintenance The company and the legitimate rights and interests of shareholders; in addition, the overall market also further enhance the Shanghai automobile profitability, institutional investors shareholding and shareholding ratio, and to a certain extent, enhance the solvency of enterprises, improve the level of corporate governance and financing ability. To sum up, this paper found that the overall listing helps to reduce the related transactions the listed company and the controlling shareholder, actual controller to alleviate the agency problem through related transactions of listed companies "tunneling", is conducive to the protection of the interests of small investors; after the completion of the overall market, performance of listed companies has been significantly improved, and has been recognized by investors, will help improve the level of corporate governance; further study found that, for the level of financial the development of the established, the overall market can also alleviate the financing constraints, enhance the company's financing capacity. The overall listing on corporate profitability, the company The positive role of governance and financing capacity provides theoretical support and empirical evidence for the relevant regulatory agencies to push forward the overall listing and deepen the reform of state-owned enterprises.

【學位授予單位】：北京交通大學
【學位級別】：博士
【學位授予年份】：2016
【分類號】：F832.51

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