中国零售上市公司股权结构与公司绩效的关系研究

发布时间：2018-03-29 21:26

本文选题：零售行业　切入点：上市公司　出处：《天津商业大学》2017年硕士论文

【摘要】：在党的十八大报告提出深化国有企业改革后,国企改革问题便更加受到各界关注。其中,有专家指出应该根据国有企业不同的功能进行分类,从而根据不同类型制定相应的改革策略。同时,考虑到我国零售行业开放最早、竞争激烈以及市场导向性强等特点,而且近些年由于电子商务的强烈冲击,导致行业整体状况发生了较大动荡。尽管当前已有很多关于股权结构与公司绩效的相关研究成果,但很多实证研究都是基于我国全部上市公司的数据展开的,关于零售行业的相关研究目前仍然较少。基于此,本文认为对我国零售上市公司的股权结构与公司绩效进行实证研究,从而找出最有利于公司绩效的股权结构,不仅对我国零售上市公司的国企改革工作具有现实意义,而且对与零售行业相类似,市场化程度比较高的商业类国有企业的改革,同样具有较强的借鉴意义。首先,本研究在绪论部分简单介绍了研究背景、目的、意义、思路、技术路线、方法以及创新,使读者能够从整体上对本研究的内容有所了解。其次,在相关概念界定与研究现状部分,介绍了本研究中所涉及的一系列重要概念,并对国内外当前研究现状进行了系统介绍,使读者能够对本研究的相关理论深入了解。再次,我国零售上市公司股权结构与公司绩效关系部分,通过对零售上市公司中不同性质与不同结构的股权对公司绩效作用的研究,进行具有较强针对性的阐述,并且利用公开数据对我国零售上市公司的股权结构现状进行了分析。最后,通过实证分析方法对本文提出的一系列假设进行了检验,并得出本研究的主要结论。本文通过使用文献研究法、比较研究的方法以及实证研究的方法,来完成本论题。本文实证研究所得出的检验结果包括:第一,国有股比例与公司绩效呈负相关关系。第二,法人股比例与公司绩效呈现正相关关系。第三,流通股比例与公司绩效呈现负相关关系。第四,第一大股东持股比例与公司绩效几乎没有关系。第五,前五大股东持股比例与公司绩效呈现正相关关系。第六,第二到第五大股东持股比例与公司绩效呈现正相关关系。第七,前五大股东持股比例平方和对公司绩效有正向影响。第八,第一大股东与第二大股东持股比例的比值对公司绩效有负向影响。通过实证分析的方法,本研究对我国零售上市公司,不同股权结构安排是否能够带来不同的公司绩效结果进行了检验,由此提出针对零售上市公司的股权结构安排,并为其他类似行业提供了参考样本。本研究的创新点主要集中于以下两个方面:第一,研究对象的创新。本文集中于对零售行业股权结构与企业绩效之间关系的研究。第二,研究内容的创新。本文将研究对象限定在具体的行业中,检验不同的股权结构对绩效的影响,其结果更有说服力,并且对国有企业改革更有实际意义。
[Abstract]:After the report of the 18th National Congress of the Party proposed to deepen the reform of state-owned enterprises, the issue of state-owned enterprises reform has attracted more attention from all walks of life. Among them, some experts pointed out that they should be classified according to the different functions of state-owned enterprises. At the same time, considering the characteristics of China's retail industry, such as the earliest opening, fierce competition and strong market orientation, and due to the strong impact of e-commerce in recent years, Although there have been a lot of research results on equity structure and corporate performance, many empirical studies are based on the data of all listed companies in China. There are still few researches on the retail industry. Based on this, this paper makes an empirical study on the equity structure and corporate performance of the retail listed companies in China, so as to find out the equity structure that is most conducive to the performance of the company. It is not only of practical significance to the reform of state-owned enterprises in China's retail and listed companies, but also of great significance to the reform of commercial state-owned enterprises with a high degree of marketization similar to that of the retail industry. First of all, The research background, purpose, significance, train of thought, technical route, method and innovation are briefly introduced in the introduction part, so that readers can understand the content of this research on the whole. In the part of definition and research status of related concepts, this paper introduces a series of important concepts involved in this study, and systematically introduces the current research situation at home and abroad, so that readers can deeply understand the relevant theories of this study. In the part of the relationship between the ownership structure and corporate performance of the retail listed companies in our country, through the study of the effects of the different nature and structure of the equity ownership on the performance of the retail listed companies, the author makes a strong exposition of the relationship between the ownership structure and the corporate performance. Finally, this paper tests a series of hypotheses put forward in this paper by using the empirical analysis method to analyze the present situation of the stock ownership structure of the retail listed companies in our country. The main conclusions of this study are as follows: first, this paper uses the methods of literature research, comparative research and empirical research to complete this thesis. The results of this empirical research are as follows: first, The proportion of state-owned shares is negatively related to corporate performance. Second, the proportion of corporate shares is positively correlated with corporate performance. Third, the proportion of circulating shares is negatively correlated with corporate performance. Fifth, the first five shareholders have a positive correlation with corporate performance. Sixth, the second to fifth largest shareholders have a positive correlation with corporate performance. The square sum of the first five major shareholders has a positive impact on corporate performance. Eighth, the ratio of the first largest shareholder to the second largest shareholder has a negative impact on corporate performance. This study examines whether different ownership structure arrangements can bring about different corporate performance results in China's retail listed companies, and puts forward the equity structure arrangements for retail listed companies. And provide reference samples for other similar industries. The innovation of this study mainly focuses on the following two aspects: first, the innovation of the research object. This paper focuses on the relationship between equity structure and corporate performance in the retail industry. This paper limits the research object to the specific industry, tests the influence of different ownership structure on the performance, the result is more persuasive, and has more practical significance to the state-owned enterprise reform.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.2;F715.5;F832.51

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