金融业上市公司股权结构与公司绩效相关性研究

发布时间：2018-02-06 03:31

本文关键词： 金融业股权结构公司绩效　出处：《青岛大学》2017年硕士论文　论文类型：学位论文

【摘要】：股权结构是公司治理的基础要素,它通过作用于公司治理机制来影响公司绩效水平。金融业是我国经济的核心所在,合理的股权结构对金融业公司的治理和绩效都有着重要意义。通过对我国金融业股权结构和公司绩效进行深入研究,定量评价我国金融业的公司绩效和内部机制,有利于提高金融业治理水平和绩效水平,促进我国金融业长远稳定发展。本文以沪深两市2006-2015年的金融业上市公司为研究对象,研究我国金融业上市公司股权结构与公司绩效的相关关系。首先对股权结构与公司绩效的关系进行理论分析和文献综述,了解学者对股权结构和公司绩效所做出的研究成果;其次通过主成分分析法建立我国金融业上市公司公司绩效评价体系,研究金融业上市公司股权结构和公司绩效的现状;最后建立动态面板数据模型(GMM),运用相关性分析和回归性分析对股权结构和公司绩效两者之间的关系进行研究。通过相关研究,得出我国金融业上市公司股权结构与公司绩效的结论:一是国有股比例与公司绩效显著负相关;二是流通股比例与公司绩效显著正相关;三是前五大股东持股比例与公司绩效之间存在正相关关系;四是法人股和第一大股东持股比例与公司绩效之间无显著相关关系;五是股权制衡度Z指数与公司绩效负相关。根据以上研究结论,本文对我国金融业上市公司从股权性质和股权集中度两方面提出了相应的建议。
[Abstract]:Equity structure is the basic element of corporate governance, it affects the level of corporate performance through the role of corporate governance mechanism. The financial industry is the core of our economy. Reasonable ownership structure is of great significance to the governance and performance of financial companies. Through the in-depth study of the equity structure and corporate performance of financial industry in China. Quantitative evaluation of corporate performance and internal mechanism of financial industry in China is conducive to improving the level of governance and performance of the financial industry. To promote the long-term and stable development of the financial industry in China. This paper takes the listed companies in Shanghai and Shenzhen stock markets from 2006 to 2015 as the research object. The relationship between equity structure and corporate performance of listed companies in financial industry in China is studied. Firstly, the relationship between equity structure and corporate performance is analyzed theoretically and literature review. To understand the research results of equity structure and corporate performance; Secondly, it establishes the performance evaluation system of listed companies in financial industry through principal component analysis, and studies the present situation of equity structure and corporate performance of listed companies in financial industry. Finally, a dynamic panel data model is established to study the relationship between ownership structure and corporate performance by using correlation analysis and regression analysis. The conclusions are as follows: first, the proportion of state-owned shares is negatively correlated with corporate performance; Second, the proportion of tradable shares is significantly positively correlated with corporate performance; Third, there is a positive correlation between the shareholding ratio of the top five shareholders and corporate performance; Fourth, there is no significant correlation between corporate shares and the proportion of the largest shareholders and corporate performance; Fifth, the equity balance degree Z index is negatively correlated with corporate performance. Based on the above conclusions, this paper puts forward corresponding suggestions on the equity nature and equity concentration of listed companies in China's financial industry.
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.33;F830.42

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