创业板上市企业股权结构与绩效关系研究

发布时间：2018-03-10 21:56

本文选题：创业板上市公司　切入点：公司治理　出处：《天津大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国的创业板上市公司自上市以来，逐渐的在上市企业中占据了相当重要的地位。但在创业板快速发展的同时，质疑声也纷纷产生：家族控股普遍化，监管存在漏洞，实际控制人利用职权占有上市公司优良资源，破坏中小股东利益等等。各种治理问题接连出现，严重威胁着创业板及中国资本市场的健康发展。因此需要有针对性的对创业板上市公司股权结构与公司绩效的关系进行研究。本文从以160家创业板上市企业2011年截面数据为研究样本，对创业板上市企业股权结构与绩效之间的关系进行了研究。本文首先分析了创业板上市企业公司的治理特征和股权结构的特点，探寻创业板上市企业公司存在的隐患，然后以内生性的角度研究公司股权结构与公司绩效之间的关系，为促进我国创业板上市企业健康成长提供理论及实证支持。本文主要通过对创业板上市企业公司治理指标的特征分析以及公司的股权结构与绩效的回归分析来进行实证研究，通过研究发现创业板上市企业普遍存在股权集中度较高、国家股比率与流通股比率较少等特点进行回归分析。回归分析的主要结论：（1）企业绩效与股权集中度之间存在正相关关系但不显著。（2）企业绩效与国家股比例无显著相关关系。（3）企业绩效与法人股比例显著正相关。（4）企业绩效与流通股比例无显著相关关系。(5)企业绩效与公司高管层持股比例呈正相关但并不显著。以实证研究的结果为依据，为优化创业板上市公司治理结构，提高绩效，本文提出以下几点建议（1）合理利用指标对公司绩效排名进行分析（2）增强持股股东与管理层长久持股理念，，避免以短期资本获利为目的的一上市即减持现象。（3）大力发展股权激励机制，增强公司管理层与持股股东的监管与约束。（4）合理促进法人股比例提升，借鉴国外治理模式探索新的出路。
[Abstract]:Since the listing of gem companies in our country, they have gradually occupied a very important position in the listed enterprises. However, with the rapid development of gem, the voices of doubt have emerged one after another: the universality of family holding and the existence of loopholes in supervision. The actual controller uses his power to occupy the fine resources of the listed company, to destroy the interests of the minority shareholders, and so on. It is a serious threat to the healthy development of gem and Chinese capital market, so it is necessary to study the relationship between equity structure and corporate performance of gem listed companies. Based on the section data of 160 gem listed enterprises in 2011, This paper studies the relationship between equity structure and performance of gem listed enterprises. Firstly, this paper analyzes the governance characteristics and equity structure characteristics of gem listed enterprises, and explores the hidden dangers of gem listed enterprises. Then the relationship between equity structure and corporate performance is studied from an endogenous perspective to provide theoretical and empirical support for promoting the healthy growth of listed enterprises on the gem. This paper mainly through the growth enterprise board listed enterprise corporate governance index characteristic analysis and the company stock right structure and the performance regression analysis to carry on the empirical research, through the research discovered that the gem listed enterprise generally has the stock right concentration degree to be high. The main conclusion of the regression analysis is that there is a positive correlation between enterprise performance and equity concentration, but no significant correlation between enterprise performance and the proportion of state shares. There is no significant correlation between corporate performance and the proportion of outstanding shares. (5) there is a positive correlation between corporate performance and the proportion of corporate senior stock, but no significant correlation. Based on the results of empirical research, in order to optimize the governance structure of gem listed companies, improve the performance, The following suggestions are put forward in this paper: 1) A reasonable use of indicators to analyze the ranking of company performance 2) strengthening the concept of long-term ownership of shareholders and management. To avoid the phenomenon of stock reduction in order to gain profits from short-term capital.) to develop the stock incentive mechanism and strengthen the supervision and restriction of the management and shareholders of the company. (4) to promote the proportion of legal person shares to increase reasonably. Learn from the foreign governance model to explore a new way out.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F276.6;F832.51

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