创业板上市公司股权结构与公司绩效关系的实证研究

发布时间：2018-04-17 14:03

本文选题：创业板 + 股权结构　；参考：《东北财经大学》2013年硕士论文

【摘要】：我国的创业板市场于2009年10月开板,截至2013年1月4日,共有355家公司先后在创业板上市交易,成为了继主板与中小板市场之后中国资本市场的另一支生力军。随着创业板快速发展,创业板逐渐吸引了媒体与股民的关注目光。公司在创业板上市之后,随着时间的推移,使得公司的股权集中度逐渐降低,进而公司所有权与经营权也逐渐分离,这就导致了委托代理问题的产生。因此,如何解决委托代理问题以及如何合理地评价公司绩效就成为了目前亟待解决的问题。同时,不断有学者开始关注影响创业板上市公司绩效的因素有哪些,根据以往学者的研究经验,股权结构对公司绩效的影响是学者们研究的-个热点问题。关于股权结构与公司绩效的关系的研究,国内学者对这一课题的研究大多集中于沪深主板与中小板上市公司,而针对创业板上市公司的研究相对较少。相对于主板市场的上市公司,创业板上市公司在股权结构上最大的特点就是公司管理层的持股比例很高,第一大股东都是自然人股东或者最终由自然人控股的法人股东,且这些自然人股东大多在公司管理层任职,公司的大股东与公司的管理层利益是一致的。本文选取深圳证券交易所创业板2011年底前上市的281家公司作为研究样本。整篇文章分为两大部分：文章的前半部分,首先从上市门槛、监管制度、信息披露、交易者条件、投资风险等方面介绍了创业板市场与沪深主板和中小板市场的异同点,并通过创业板与主板以及中小板上市公司之间的股权结构对比,分析出创业板上市公司的股权结构特点。接下来通过国内外文献综述,从股权属性、股权集中度与股权制衡度以及内部人持股比例三个角度分别回顾总结了过往文献。之后,阐述了公司治理理论的理论基础——两权分离理论、委托代理理论与利益相关者理论,以及股权结构与公司绩效关系的理论基础,从理论上阐释股权结构如何影响公司治理结构进而对公司经营绩效产生影响。文章的后半部分采用实证分析的方法,根据总结出的创业板上市公司的股权结构特点选取股权结构的替代指标作为解释变量,选取公司绩效的替代变量作为被解释变量,收集281家上市公司的数据,通过构建多元线性模型进行描述性分析、相关性分析和回归分析,分析出创业板上市公司的股权结构与公司绩效存在着怎样的相关关系,并在文章最后根据前文分析的结果总结结论,同时,针对结论提出相关建议并指出文章存在的不足之处与今后的研究方向。本文围绕创业板上市公司的股权结构与公司绩效进行研究,主要内容包含以下几个章节：第一部分,绪论。本章主要分析了研究的背景及意义,首先分析我国创业板市场与主板以及中小板市场在上市门槛、监管制度、信息披露、交易者条件、投资风险等方面上的不同,其次通过创业板与主板以及中小板上市公司之间的股权结构对比,分析出创业板上市公司的股权结构特点。目的是了解创业板的基本特征,为后面结论分析以及对策建议部分提供依据。接下来介绍了本文的研究方法、论文结构以及本文的创新点。第二部分,文献综述。本章在对国内外文献进行综述的基础上,对研究成果进行了比较系统的总结与论述,为实证研究部分提供研究基础和理论依据。第三部分,理论基础与研究假设。本章首先对股权结构的相关理论进行总结分析,在此基础上与前文创业板上市公司股权结构特点分析相结合提出了本文的主要研究假设。第四部分,研究设计。本章确定了变量并进行了样本选择。第五部分,创业板上市公司股权结构与公司绩效的实证研究。本章主要对创业板上市公司股权结构与公司绩效进行了实证检验。首先通过对样本的描述性统计结果分析,找出创业板上市公司股权结构和公司绩效的基本特点,然后分别从股权属性、股权集中度与制衡度和内部人持股比例等三个方面进行相关性分析,最后用实证分析的方法着重考察了股权结构的各个要素对我国上市公司绩效的影响,从而对假设进行检验。第六部分,研究结论与政策建议。本章首先依据前文回归结果得出结论并对其进行分析,然后在前文理论分析、现状分析和回归分析的基础上提出优化股权结构、提高公司绩效的建议,最后指出了本文的研究不足与今后研究的方向。本文以股权结构三个方面的指标分别与托宾Q值进行回归,检验本文在股权结构与公司绩效方面的假设,得出了以下结论：(1)国有股比例对公司绩效有着正面影响,但这种影响并不显著。(2)法人股比例与公司绩效存在正相关关系。(3)流通股比例与公司绩效存在负相关关系。(4)机构持股比例与公司绩效高度正相关。(5)股权集中度、股权制衡度与公司绩效正相关。(6)内部人持股比例对公司绩效有着正面影响,但是这种影响并不显著。(7)资产负债率、公司规模与公司绩效负相关；公司成长性与公司绩效正相关。
[Abstract]:China's GEM board in October 2009, as of January 4, 2013, a total of 355 companies listed on the gem has become after the transaction, the motherboard and small plates Market Chinese capital market of another force. With the rapid development of the gem, gem has gradually attracted media attention and investors in companies. After the listing, with the passage of time, the company's ownership concentration decreased gradually, and the ownership and management right is separated, which leads to the principal-agent problems. Therefore, how to solve the principal-agent problem and how to reasonably evaluate the company's performance has become an urgent problem to be solved. At the same time. There have been scholars began to concern about the factors affecting the performance of GEM listed companies which, according to the scholars of the past experience, the influence of ownership structure on corporate performance is A hot issue that the people study.
The research on the relationship between ownership structure and corporate performance, the research on this topic of domestic scholars mostly focus on the Shanghai and Shenzhen main board and small board listed company on GEM listed companies is relatively small. Compared with the main board listed companies, the shareholding ratio of the largest GEM listed companies in the equity structure is characterized by the company the management is very high, the first major shareholder is a natural person shareholder or by the natural person holding corporate shareholders, and most of these individual shareholders in the company's management office, large shareholders and the company's management benefit is consistent.
This paper selects 281 companies in the Shenzhen stock exchange gem listing by the end of 2011 as the research sample. The whole article is divided into two parts: in the first part, first from the listing threshold, supervision system, information disclosure, traders conditions, investment risk and introduces the GEM market and the Shanghai and Shenzhen Main board and small board market differences comparison between ownership structure, and through the gem and the main board and small board listed companies, analysis of the characteristics of GEM listed company's ownership structure. Then through literature review at home and abroad, from the ownership property, ownership concentration and equity balance degree and the three aspects of insider ownership were reviewed and summarized the past literature. And expounds the theoretical basis of the theory of corporate governance, the separation of the two rights theory, principal-agent theory and stakeholder theory, and ownership structure and corporate performance The relationship between the theoretical basis, the paper illustrates how ownership structure influences the corporate governance structure influence the corporate performance. The second part is the empirical analysis method, according to the characteristics of alternative indicators as explanatory variables of gem summed up the ownership structure of listed companies from the ownership structure, selection of corporate performance as the proxy is the explanatory variables, collected the data of 281 listed companies, were analyzed by constructing multivariate linear model, correlation analysis and regression analysis, analysis of ownership structure and corporate performance of GEM listed companies is related to, and at the same time at the end of this paper, based on the above mentioned analysis conclusion, according to the conclusion and put forward some suggestions and pointed out the inadequacies of this paper and the future research direction.
This paper focuses on the stock ownership structure and corporate performance of the GEM listed companies. The main contents include the following chapters:
The first part is introduction. This chapter mainly analyzes the background and significance of the study, the first analysis of China's GEM market and the main board and the small board listed on the threshold, supervision system, information disclosure, traders conditions, investment risk and so on the different ownership structure, followed by the contrast between the gem and the main board and small board listed the analysis of characteristics of GEM listed companies ownership structure. The aim is to understand the basic characteristics of the gem, provides the basis for the conclusion analysis and some countermeasures and suggestions. Then introduce the research methods of this paper, the structure and innovation of this paper.
The second part is literature review. Based on the review of domestic and foreign literature, this chapter makes a systematic summary and discussion of the research results, and provides the research basis and theoretical basis for the empirical part.
The third part, the theoretical basis and the research hypothesis. Firstly, the related theories of ownership structure are summarized and analyzed. Based on the above analysis, the main research hypotheses of this paper are put forward.
The fourth part, research design. In this chapter, the variables are determined and sample selection is carried out.
The fifth part, the empirical research on ownership structure and corporate performance of GEM listed companies. This chapter focuses on the gem equity structure and corporate performance of listed companies empirically. First, through descriptive statistical analysis results of samples, and find out the basic characteristics of the structure and the performance of the company shares of companies listed on gem, and then separately from the equity property, three aspects of ownership concentration and balance degree and insider shareholding proportion correlation analysis, finally using empirical analysis focused on the effects of various elements of the ownership structure on the performance of Chinese listed companies, and to test the hypothesis.
The sixth part, the research conclusions and policy recommendations. Firstly, on the basis of the above regression results concluded and analyzed, and then the previous theoretical analysis, the basic situation analysis and regression analysis on the optimization of ownership structure, improve the performance of the company, finally points out the deficiencies and future research direction.
In this paper, three aspects of ownership structure index and Tobin's Q value regression, test the hypothesis on ownership structure and corporate performance, draws the following conclusions: (1) the proportion of state-owned shares has a positive impact on corporate performance, but this effect is not significant. (2) there is a positive correlation between the proportion of corporate shares and the performance of the company. (3) there is a negative correlation between the proportion of tradable shares and corporate performance. (4) the proportion of institutional ownership and corporate performance are highly relevant. (5) the ownership concentration, equity balance degree is positively correlated with corporate performance. (6) the internal shareholder has a positive impact on corporate performance, but this the impact is not significant. (7) the asset liability ratio, the company size is negatively correlated with corporate performance; the company growth is positively correlated with corporate performance.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】