创业板上市公司股权结构对其绩效的影响

发布时间：2018-11-07 11:51

【摘要】：创业板自2009年成立后发展迅速，截止到2011年5月31日，创业板上市公司数量已经由首批的28家增加到218家。创业板上市公司是我国企业的新生发展力量，其股权结构对公司绩效的影响吸引了社会各界的关注。本文以这218家创业板上市公司为研究样本，本文选择了样本公司偿债能力、盈利能力和营运能力的七个财务指标，并对其进行主成分分析，然后根据主成分分析得出的综合绩效，将其与股权结构相关变量进行多元回归分析，研究了股权结构对绩效的影响。研究发现：1.创业板上市公司第一大股东持股比例与其绩效显著负相关；2.第二至第五大持股比例和与公司绩效显著正相关；3.Z值与公司绩效负相关，但不显著；4.国有股比例与公司绩效呈显著U型关系；5.法人股比例与公司绩效显著负相关；6.流通股比例与公司绩效负相关。针对研究结论本文提出了优化创业板上市公司股权结构、提高经营业绩的几点对策，包括1.控制过高的第一大股东比例，，增加其他大股东持股比例；2.优化国有股比例；3.构建相互制衡的股权结构，形成多元股权结构；4.保护中小投资者的利益，“用脚投票”代替“用手投票”；5.加强创业板市场监管
[Abstract]:After the establishment of the gem in 2009, the number of listed companies on the gem has increased from 28 to 218 by May 31, 2011. Gem listed companies are the new developing force of Chinese enterprises, and the influence of their equity structure on corporate performance has attracted the attention of all walks of life. Taking 218 listed companies on the gem as the research sample, this paper selects seven financial indexes of the sample companies' solvency, profitability and operating ability, and makes principal component analysis on them. Then according to the comprehensive performance obtained by principal component analysis, the influence of equity structure on performance is studied by multivariate regression analysis. The results are as follows: 1. There is a significant negative correlation between the proportion of the largest shareholders and the performance of gem listed companies; 2. The second to fifth largest shareholding ratio and corporate performance significantly positive correlation; 3. Z value and corporate performance negative correlation, but not significant; 4. The proportion of state-owned shares and corporate performance showed a significant U-type relationship; 5. The proportion of corporate shares and corporate performance significantly negative correlation; 6. The proportion of tradable shares is negatively correlated with corporate performance. In view of the research conclusion, this paper puts forward several countermeasures to optimize the equity structure of listed companies in gem and to improve their business performance, including 1. Control the proportion of the first largest shareholder, increase the proportion of other major shareholders; 2. Optimize the proportion of state-owned shares; 3. Construction of mutual checks and balances of the equity structure to form a pluralistic equity structure; 4. Protect the interests of small and medium-sized investors, "vote with the foot" instead of "vote with the hand"; 5. Strengthening the supervision of the gem market
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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