新三板企业股权特征与企业绩效关系研究

发布时间：2018-06-08 16:25

本文选题：新三板 + 股权集中度　；参考：《广西大学》2017年硕士论文

【摘要】：在经济新常态下,在大众创业、万众创新的火热氛围中,中小企业正发挥着越来越重要的作用,但其融资过程中所遇到的问题依然没能找到有效的方式得以解决。银行的严审查、IPO的高门槛都让中小企业望而却步,而新三板良好的“包容性”以及相对较低的门槛为高科技技术企业尤其是其中的中小微企业带来了希望。此外,清科数据显示,挂牌新三板已经成为VC/PE以及天使投资退出的主要方式,种种现象均表明,新三板在资本市场中正发挥着越来越重要的作用。虽然关于股权特征的研究十分热门,但是针对新三板所做的这方面研究十分少。本文从新三板挂牌企业的特征出发,从理论和实证两个角度分析了股权集中度、股权制衡度以及VC/PE背景对企业绩效的影响。通过对大量文献的研究,最终提出本文的三个假设并选取了适当的指标构建了模型进行实证分析,最终结果表明,股权集中度与股权制衡度均与企业经营绩效之间存在着显著的正相关关系,而VC/PE背景与企业绩效之间存在着并不显著的正相关关系。之后对模型进行修正时发现,股权集中度在达到一定高度时会反过来限制企业绩效的改善,而VC/PE背景会加强股权集中度与企业绩效之间的正相关关系,也会削弱股权制衡度与企业绩效之间的正相关关系。针对本文的研究结论,本文在结尾部分也针对股权结构特征、VC/PE背景、在新三板挂牌的利弊以及适合在新三板挂牌的情况等方面提出了相关的启示与建议。
[Abstract]:In the new normal economy, in the hot atmosphere of mass entrepreneurship and innovation, small and medium-sized enterprises are playing an increasingly important role, but the problems encountered in the process of financing still can not find an effective way to solve. The high barriers to banks' scrutiny of IPOs have deterred small and medium-sized enterprises, while the "inclusiveness" and relatively low barriers of the new third board offer hope for high-tech companies, especially small and medium-sized ones. In addition, the data of Qingke show that listing the new third board has become the main way for VC / PE and angel investment to withdraw. All kinds of phenomena show that the new third board is playing an increasingly important role in the capital market. Although the research on equity characteristics is very popular, but the new three-board to do this aspect of research is very little. Based on the characteristics of the new three-board listed enterprises, this paper analyzes the influence of ownership concentration, equity balance and VC / PE background on corporate performance from both theoretical and empirical perspectives. Through the study of a large number of literatures, three hypotheses of this paper are put forward and the appropriate indicators are selected to construct the model for empirical analysis. The final results show that, There is a significant positive correlation between ownership concentration degree and equity balance degree and business performance, while there is no significant positive correlation between VC / PE background and firm performance. When the model is modified, it is found that equity concentration will limit the improvement of firm performance when it reaches a certain height, while VC / PE background will strengthen the positive correlation between ownership concentration and firm performance. It also weakens the positive correlation between equity balance and firm performance. Aiming at the conclusion of this paper, this paper also puts forward some enlightenment and suggestions on the advantages and disadvantages of the new third board listing and the situation suitable for the new third board listing, aiming at the background of the ownership structure and the background of VC / PE at the end of this paper.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

【相似文献】