我国新能源上市公司股权结构与公司绩效关系研究

发布时间：2018-05-01 21:34

本文选题：股权结构 + 公司绩效　；参考：《西北大学》2013年硕士论文

【摘要】：近年来,能源短缺和环境污染问题成为世界关注的焦点问题,转变传统高能耗、高污染的经济增长方式,大力推进节能减排,发展以低能耗、低排放为标志的低碳经济,实现可持续发展,正成为世界各国经济发展的共同选择。2007年党的十七大报告提出“建设生态文明,基本形成节约能源资源和保护生态环境的产业结构”的理念,为可持续发展指明了方向。因此本文选择新能源行业,对其股权结构与公司绩效关系进行研究,以期优化新能源行业上市公司的股权结构,完善公司治理结构,为新能源行业的健康发展有所参考。本文对新能源上市公司股权结构与公司绩效关系的理论和实证文献进行了一个较为系统的文献回顾和评述。然后针对新能源行业上市公司2009-2011年之间69家公司的数据,进行描述统计及实证分析,揭示了股权结构与公司绩效的关系,并得出一些启示。本文实证结论表明：国家持股比例与公司绩效呈弱正相关；管理层持股与公司绩效相关性不显著；第一大股东、前五大股东、前十大股东持股比例能够很好的度量股权集中度,并与公司绩效显著负相关,而股权制衡度与公司绩效相关性不显著。依据结论得出相关启示：合理对待国家持股；暂缓推行管理层持股制度；积极推进股权适度集中；实行投资主体多元化；建立健全公司的治理结构。
[Abstract]:In recent years, energy shortage and environmental pollution have become the focus of attention in the world. We should change the traditional high-energy consumption and high-pollution economic growth mode, vigorously promote energy saving and emission reduction, and develop a low-carbon economy marked by low energy consumption and low emissions. The realization of sustainable development is becoming a common choice for the economic development of all countries in the world. The report of the 17th National Congress of the Communist Party of China in 2007 put forward the idea of "building ecological civilization, basically forming the industrial structure of saving energy and resources and protecting the ecological environment". It shows the direction for sustainable development. Therefore, this paper chooses the new energy industry, studies the relationship between its equity structure and corporate performance in order to optimize the equity structure of listed companies in the new energy industry, perfect the corporate governance structure, and provide a reference for the healthy development of the new energy industry. This paper reviews and reviews the theoretical and empirical literature on the relationship between equity structure and corporate performance of new energy listed companies. Then, based on the data of 69 listed companies in the new energy industry from 2009-2011, the paper makes descriptive statistics and empirical analysis, reveals the relationship between equity structure and corporate performance, and draws some enlightenment. The empirical results show that: the proportion of national shareholding is weakly positive correlation with corporate performance; the relationship between managerial shareholding and corporate performance is not significant; the largest shareholder, the top five shareholders, the top ten shareholders can measure the ownership concentration. And negative correlation with corporate performance, but equity balance and corporate performance is not significant correlation. According to the conclusion, the author draws some enlightenment: reasonable treatment of state shareholding; suspension of the implementation of management shareholding system; positive promotion of moderate concentration of equity; diversification of investment subjects; establishment and improvement of corporate governance structure.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.2

【参考文献】