医药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：2018-03-15 05:19

本文选题：医药业上市公司　切入点：股权属性　出处：《中原工学院》2016年硕士论文　论文类型：学位论文

【摘要】：随着我国经济发展、人口增长、老龄化社会加剧以及环境的恶化,医药业在人们生活中的地位日益凸显,在国民经济中也占有相当重要的地位。现代产业的结合给了医药业实现现代化发展的契机,在提高人民健康水平,带动经济发展中起到至关重要的作用。医药行业里优秀的企业一般都集中在上市公司,上市公司治理的基础就是上市公司的股权结构。合理情况下,上市公司是通过股东大会对公司的董事会结构实行决定权,股权结构会制约公司的控制权分布状况,同时又通过董事会的协调实现对公司的管理层的控制和监督,从而影响公司绩效。本文选取上市公司2012-2014年相关数据,从三大方面选取了10个评价指标,探析医药业上市公司股权结构与其经营效果之间的关系。通过对这方面研究文献进行梳理,确立本文的研究基础和研究思路,并采用相关性分析等分析方法对其股权结构的样本及相关假设进行检验、分析。研究结果发现：国有股占比与公司的运营绩效呈反方向变动关系、法人股占比与公司的运营绩效呈正向变动关系；在股权集中度方面,其最大股东占比、前五个大股东占比之和以及前十股东占比之和均与上市公司的运营效果存在正相关的关系。在股权制衡方面,无论是采用S指数,还是采用Z指数来衡量,都与上市公司的经营效果都存在同方向的变动关系,而且是正向变动。针对上述结论,本文提出如下建议：(1)适当减持国有性质的股份所占比；(2)增加法人股的持股比例；(3)适当提高股权集中度；(4)完善内部制衡与监管机制。
[Abstract]:With the development of economy, population growth, the aggravation of aging society and the deterioration of environment, the status of medical industry in people's life is becoming more and more prominent. It also plays an important role in the national economy. The combination of modern industries has given the medical industry an opportunity to realize modernization and improve the people's health. The excellent enterprises in the pharmaceutical industry are generally concentrated in the listed companies, and the foundation of the governance of listed companies is the equity structure of the listed companies. The listed company decides the structure of the board of directors through the general meeting of shareholders. The ownership structure will restrict the distribution of the control rights of the company, and at the same time, it can control and supervise the management of the company through the coordination of the board of directors. This paper selects the relevant data of listed companies from 2012 to 2014, and selects 10 evaluation indicators from three aspects. This paper probes into the relationship between the ownership structure and the management effect of the listed companies in the medical industry. Through combing the research literature in this field, it establishes the research foundation and research ideas of this paper. The correlation analysis method is used to test the samples and related assumptions of the ownership structure. The results show that the proportion of state-owned shares varies in the opposite direction with the operating performance of the company. The proportion of corporate shares is positively related to the operating performance of the company. The sum of the first five major shareholders and the sum of the top ten shareholders have a positive correlation with the operational effectiveness of listed companies. In terms of equity balance, both S index and Z index are used to measure the equity balance. There is a change in the same direction with the operating effect of the listed company, and it is a positive change. This paper puts forward the following suggestions: 1) reducing the proportion of state-owned shares 2) increasing the shareholding ratio of legal persons and improving the degree of ownership concentration. 4) perfecting the internal checks and balances and supervision mechanism.
【学位授予单位】：中原工学院
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F406.7;F426.72

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