创业板上市公司股权结构对公司绩效影响的实证研究

发布时间：2018-03-13 17:45

本文选题：股权结构　切入点：公司治理　出处：《南京理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：创业板自开板上市以来,经过7年的发展,恰好经历了中国经济高速增长到经济增长明显放缓的时期,经济面临着继续下行的压力。至2016年12月,已有572家上市公司,股本总数达2500多亿股,总市值达52000多亿元。创业板上市公司成为我国"创新型"企业的代名词。其股权结构高度集中的现状以及不同性质的投资者持股对创业板上市公司绩效有何影响一直是学者们研究的重点。本文选取2013年—2015年3年195家创业板上市公司的数据,共585个样本,运用委托代理理论,公司治理理论和公司绩效评价理论作为理论基础,采用主成份分析的方法提取因子,构建综合的财务绩效Y值,通过回归分析进行实证研究。第一部分介绍了研究的课题,意义,方法和创新点。第二部分采用文献综述和理论研究相结合的方式探求其与公司绩效之间的作用机制。第三部分重点介绍了我国创业板上市公司目前的现状。第四部分运用主成份分析和回归分析的方法进行实证研究,结果表明股权集中度与公司绩效呈现显著的正相关性,S指数与公司绩效呈现"U"形关系。董事会成员持股比例对公司绩效的影响为负相关,高管层与公司绩效呈现倒"U"形关系,机构持股比例和监事会持股比例与公司绩效之间呈现正相关性。最后文章结尾结合我国资本市场的现状与研究的结论提出一些合理化的建议。
[Abstract]:After seven years of development, the gem has experienced a period of rapid economic growth and a marked slowdown in economic growth, and the economy is facing continued downward pressure. In December 2016, there were 572 listed companies. The total amount of equity is more than 25 billion shares, The total market value amounts to more than 52 billion yuan. Gem listed companies become synonymous with "innovative" enterprises in our country. The current situation of high concentration of ownership structure and the influence of different types of investor shareholding on the performance of gem listed companies. This paper selects the data of 195 gem listed companies from 2013 to 2015. A total of 585 samples were collected, which were based on principal-agent theory, corporate governance theory and corporate performance evaluation theory. The principal component analysis (PCA) was used to extract the factors to construct the comprehensive financial performance Y value. The first part introduces the topic and significance of the research. Methods and innovations. The second part uses literature review and theoretical research to explore the mechanism of action between it and company performance. The third part introduces the current situation of gem listed companies in our country. 4th. Part of the empirical study is carried out by principal component analysis and regression analysis. The results show that there is a significant positive correlation between ownership concentration and corporate performance. There is a "U" relationship between ownership concentration and corporate performance, a negative correlation between board members' shareholding ratio and corporate performance, and a negative "U" relationship between executive level and corporate performance. There is a positive correlation between institutional shareholding ratio and supervisory board shareholding ratio and corporate performance. At the end of this paper, some reasonable suggestions are put forward based on the current situation of China's capital market and the conclusions of the research.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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