希迈气象股份公司股权结构优化研究

发布时间：2018-01-10 12:18

本文关键词：希迈气象股份公司股权结构优化研究　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：股权结构是指股份公司股本中,性质不同的股份所占的比例及其相互关系。股权结构是公司治理的重要内容,股权结构对公司经营激励、降低代理成本、监督内部治理机制均有较大影响。从各股东持股比例区分,将股东分类为第一大股东、机构投资者、管理层持股和社会公众股。持股比例多少影响股东的根本利益。对于诸如合并、分立、解散、清算等事项,持股比例越高,越会取得对自身有利的结果。公司的股权结构决定了公司的生产经营决策,影响公司经营的效率和效果。对于大部分公司而言,股权结构的优化是很有必要的。随着我国加入WTO、经济全球化等因素影响,我国资本市场也高速发展起来,尤其是2013年1月16日揭牌的“新三板市场”,标志着我国多层次资本市场体系就此初步建立。新三板市场作为中国多层次资本市场的重要一层,从挂牌门槛、分层制度、中小企业私募债发行制度、优先股制度等方面,都为挂牌企业提供一个很好的平台。然而资本市场的高速发展和上市公司、挂牌公司的增多,也暴露了很多问题。尤其值得一提的是“宝万之争”。“宝万之争”的原因,究其根源是由于股权结构失衡所引发的敌意收购。因此,股权结构的优化设计成为公众公司应该关注的重要问题。股权结构是公司治理的重要内容,股权结构合理,公司治理才能完善,才能保护投资者,才能保证公司取得良好的经营绩效。在此背景下,本文试图根据股权结构优化的理论研究成果,结合仪器仪表行业和长春希迈气象科技股份有限公司的特殊性,依托股权结构理论、委托代理理论、股权激励理论和马斯洛需求层次等理论,借鉴国外双重股权结构的设置及我国在此领域的前瞻性研究,并根据国内外相关文献对于股权结构在股权集中程度、机构投资者持股比例和股权激励相关结论,对长春希迈气象科技股份有限公司提出股权优化策略。通过对希迈气象公司股权结构分析,发现希迈气象当前股权结构设计不合理、国有股东持股比例不合理,同时机构投资者持股比例和管理层持股比例均不合理。作者对希迈气象问题成因进行分析发现,公司股权结构分布设计比较随意,政府对公司股权改革的控制比较多,机构投资者对公司治理作用认识不清,以及国企改制遗留的全员持股造成。针对希迈气象公司存在的股权结构问题,作者提出优化策略。首先,公司应科学合理的调整股权结构,提高第一大股东的持股比例。其次,公司应实现股东属性的“去国有化”,促进国有股适度安全退出,从而改变行政干预、低效率等现状。再次,公司可从产业上下游、同业公司寻找机构投资者,并强调机构投资者在公司治理方面的战略作用。最后,在我国当前的法律条件下,公司应逐次推行万科的事业合伙人激励模式,并期待双重股权结构尽快在我国实行。
[Abstract]:Equity structure refers to the proportion and relationship of shares with different natures in stock capital. Equity structure is an important part of corporate governance. Equity structure encourages the operation of the company and reduces the agency cost. Supervision of the internal governance mechanism has a greater impact. From the proportion of shareholders to distinguish, the shareholders are classified as the largest shareholder, institutional investors. Management shares and public shares. The proportion of shares affects the fundamental interests of shareholders. For such matters as merger, separation, dissolution, liquidation and other matters, the higher the shareholding ratio. The more beneficial results will be. The ownership structure of the company determines the company's production and management decisions, affects the efficiency and effectiveness of the company's operation. For most companies. It is necessary to optimize the ownership structure. With China's entry into WTO, economic globalization and other factors, China's capital market has also developed at a high speed. In particular, the "new third board market", which was unveiled in January 16th 2013, marks the initial establishment of China's multi-level capital market system, which is an important layer of China's multi-level capital market. From listing threshold, stratification system, private debt issuance system of small and medium-sized enterprises, preferred stock system and so on, it provides a good platform for listed enterprises. However, the rapid development of capital market and listed companies. The increase in the number of listed companies also exposed a lot of problems. In particular, it is worth mentioning that the "Baowan dispute". The reason for the "Baowan controversy" is the hostile takeover caused by the imbalance of the equity structure. The optimization of ownership structure has become an important issue that public companies should pay attention to. Equity structure is an important content of corporate governance, equity structure is reasonable, corporate governance can be improved, only in order to protect investors. In this context, this paper attempts to optimize the ownership structure of the theoretical research results, combined with the instrumentation industry and Changchun Himai Meteorological Technology Co., Ltd. of the particularity. Based on the theory of equity structure, principal-agent theory, equity incentive theory and Maslow's hierarchy of demand theory, this paper draws lessons from the setting of foreign dual equity structure and the prospective research in this field of our country. And according to the relevant literature at home and abroad on the ownership structure in the degree of ownership concentration, institutional investors holding ratio and equity incentive related conclusions. Through the analysis of the ownership structure of Himai Meteorological Co., Ltd., it is found that the current ownership structure design is unreasonable and the proportion of state-owned shareholders is unreasonable. At the same time, the proportion of institutional investors holding shares and the proportion of managerial ownership are unreasonable. The author analyzes the causes of Himai weather problems and finds that the company equity structure distribution design is random. The government has more control over the corporate equity reform, institutional investors do not understand the role of corporate governance, and the state-owned enterprise reform of the legacy of full shareholding. First of all, the company should adjust the ownership structure scientifically and reasonably, and increase the proportion of the largest shareholder. Secondly, the company should realize the "denationalization" of shareholders' attributes. Promote the appropriate safe withdrawal of state-owned shares, thereby changing the administrative intervention, inefficient and other status quo. Thirdly, companies can look for institutional investors from the upstream and downstream of the industry. Finally, under the current legal conditions of our country, the company should carry out the business partner incentive mode of Vanke one after another. And look forward to dual ownership structure as soon as possible in China.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.4;F271

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