我国金融行业上市公司股权结构与公司绩效关系的实证研究

发布时间：2018-12-11 12:44

【摘要】：金融系统因为其特殊性和发挥的作用相当于市场经济的心脏。市场经济本质上就是货币经济和信用经济的高级阶段，它的运作形式就是由价值运动导向实物运动，由货币运动导向物质运动。金融业对经济的运行无疑发挥着举足轻重的作用。公司的治理结构对公司绩效起着至关重要的作用，，而治理结构的基本要素是股权结构，所以公司绩效和股权结构之间有着密切的关系。在相当大的程度上，金融业的治理效率取决于股权结构的有效性。我国金融业现行的股权结构，在引进战略投资和股权改制之后是如何影响其经营绩效的，就是一个非常值得研究的课题。本文以33家金融上市公司作为样本，通过搜集2007年-2011年公司对外公布的年度报表数据，以及通过计算得出的相关财务数据，然后分别建立绩效评价模型和回归分析模型。在回归模型中，本文用实证数据模拟回归方程，来验证提出的7个假设，从而得出现在的金融上市公司的股权结构影响其经营绩效的主要因素。本文分为六个章节：第一章为绪论，主要介绍本文的选题背景，研究意义以及国内外的研究现状，同时说明了本文的研究思路与方法；第二章为相关理论的介绍，即股权结构和公司绩效的相关理论；第三章是对我国金融上市公司股权结构和公司绩效的现状的描述；第四章通过分析股权结构对金融上市公司经营绩效的影响从而提出本文的假设；第五章为实证研究部分，运用回归模型对样本公司的数据进行处理，最终得出实证分析的结论；第六章是研究结论分析及展望。
[Abstract]:The financial system is the heart of the market economy because of its particularity and role. In essence, market economy is the advanced stage of monetary economy and credit economy. Its operation form is from value movement to material movement, from money movement to material movement. The financial industry is undoubtedly playing a pivotal role in the operation of the economy. Corporate governance structure plays an important role in corporate performance, and the basic element of corporate governance structure is equity structure, so there is a close relationship between corporate performance and equity structure. To a large extent, the efficiency of financial governance depends on the effectiveness of equity structure. The current ownership structure of China's financial industry, how to influence its management performance after introducing strategic investment and equity restructuring, is a subject worth studying. This paper takes 33 listed financial companies as a sample, collects the annual report data of the companies published from 2007 to 2011, and then establishes the performance evaluation model and the regression analysis model by calculating the relevant financial data. In the regression model, this paper uses empirical data to simulate the regression equation to verify the seven hypotheses put forward, so as to obtain the main factors that affect the operating performance of the listed financial companies. This paper is divided into six chapters: the first chapter is the introduction, mainly introduces the background of this topic, the significance of the research and the current situation of research at home and abroad, and explains the research ideas and methods of this paper; The second chapter is the introduction of relevant theories, that is, the theory of equity structure and corporate performance, the third chapter is the description of the current situation of equity structure and corporate performance of China's financial listed companies. The fourth chapter analyzes the impact of ownership structure on the performance of financial listed companies and puts forward the hypothesis of this paper. The fifth chapter is empirical research part, using regression model to deal with the data of sample companies, and finally comes to the conclusion of empirical analysis. The sixth chapter is the research conclusion analysis and prospect.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.5;F275;F832.39

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