我国制造业上市公司股权结构对公司绩效影响实证研究

发布时间：2018-05-20 17:06

本文选题：股权结构 + 公司绩效　；参考：《东北财经大学》2013年硕士论文

【摘要】：现代股份制公司的出现满足了企业规模化、规范化及专业化的要求,但同时由于所有权与经营权的分离,引发了委托代理、内部人控制、大股东侵占中小股东利益等一系列问题。股权结构是公司治理的产权基础,决定了股东治理的范围、权限、积极性等,合理的股权结构对改善公司治理提高公司治理效率并最终提升公司业绩具有重要的作用。改革开放以来,我国股份制公司的改造已取得很大的进展,但随着改革不断进行,上市公司股权结构暴露出了股权过于集中、大股东监管不利、中小股东“搭便车”等诸多问题。由于这些问题的存在,使得公司治理结构难以改善公司价值难以提升。在这种情况下,结合我国国情对股权结构与公司绩效的关系进行研究对改善股权结构、提高公司治理效率,并最终提升公司价值具有重要的理论和现实意义。本文运用理论分析与实证检验相结合的方法,以上证和深证制造业上市公司为研究对象,分别从股权性质、股权集中度和股权制衡度三个方面诠释股权结构与公司绩效的关系,以期为优化上市公司股权结构提出良好的政策建议。全文可分为以下六个方面： (一)绪论。阐述本文的研究背景、研究意义、研究方法思路及论文框架。 (二)文献综述。回归与整理国内外学者关于股权结构与公司绩效关系的研究成果,以期从现有的研究成果中获得启发与思考。 (三)股权结构与公司绩效的基本理论。界定本文相关的概念,阐述股权结构与公司绩效的理论基础,包括两权分离理论、产权理论以及委托代理理论,在此基础上分析二者之间的相关关系,为实证研究部分做好铺垫。 (四)研究设计。在理论分析的基础上进行实证检验以进一步探析股权结构与公司绩效的关系。本部分为实证检验之前的准备工作,即提出研究假设、选取研究对象、确定研究变量、并构建相应的研究模型。 (五)实证检验。运用实证分析方法,借助SPSS19.0统计分析软件分析我国制造业上市公司股权结构对公司绩效的影响。 (六)结论与政策建议。根据理论分析与实证检验结果得出本文的研究结论,并提出相关政策建议。本文选择的样本是2009-2011年上证和深证A股制造业上市公司。通过研究发现：在股权属性方面,国家股比例和公司绩效呈负相关关系,法人股比例和公司绩效也呈负相关关系。在股权集中度方面,分别采用第一大股东持股比例、前五大股东持股比例之和以及前十大股东的持股比例之和来衡量,其与公司绩效皆存在假设中的负相关关系。在股权制衡度方面,无论采用第二大到第五大股东持股份额之和与第一大股东持股份额的比值还是第二大到第十大股东持股份额之和与第一大股东持股比例的比值来衡量,其与公司绩效都存在假设中的正相关关系。针对上述结论,本文提出如下建议：(1)适当进行国有股减持。(2)降低法人股的持股比例。(3)适当降低股权集中度。(4)完善内部制衡与监管机制。(5)建立健全有效的外部监管机制。
[Abstract]:The emergence of modern joint-stock companies meets the requirements of scale, standardization and specialization of enterprises, but at the same time, the separation of ownership and management rights leads to a series of problems such as principal-agent, internal control, and large shareholders invade the interests of small and medium shareholders. The ownership structure is the property right basis of corporate governance, and determines the scope of shareholders' governance. Reasonable ownership structure plays an important role in improving corporate governance, improving corporate governance efficiency and ultimately enhancing company performance.
Since the reform and opening up, the reform of the shareholding companies in China has made great progress, but with the continuous reform, the stock ownership structure of the listed companies has exposed a lot of problems such as the overconcentration of equity, the adverse supervision of the large shareholders and the "hitchhiking" of the small and medium shareholders. Because of the existence of these problems, the corporate governance structure is difficult to improve the company's value. In this case, it is of great theoretical and practical significance to study the relationship between the ownership structure and the company performance in order to improve the ownership structure, improve the corporate governance efficiency and ultimately enhance the company's value.
This paper, using the method of combining theoretical analysis and empirical test, takes Shanghai and Shenzhen's listed companies as the research object, and interprets the relationship between stock ownership structure and corporate performance from three aspects of equity ownership, ownership concentration and equity balance, in order to make a good policy suggestion for optimizing the equity structure of the listed company. It is divided into the following six aspects:
(1) introduction, describing the background, significance, methodology and framework of the research.
(two) literature review. Returns and collation of domestic and foreign scholars on the relationship between stock ownership structure and corporate performance, in order to get inspiration and thinking from the existing research results.
(three) the basic theory of equity structure and company performance. It defines the concepts related to this article, expounds the theoretical basis of the ownership structure and corporate performance, including the two rights separation theory, the property right theory and the principal-agent theory. On this basis, it analyzes the relationship between the two and pave the way for the empirical research.
(four) research and design. On the basis of theoretical analysis, empirical test is carried out to further explore the relationship between ownership structure and company performance. This part is the preparation work before the empirical test, that is to put forward the research hypothesis, select the research object, determine the research variables, and build the corresponding research model.
(five) empirical test. Using empirical analysis method and SPSS19.0 statistical analysis software, we analyze the impact of ownership structure on corporate performance of China's manufacturing listed companies.
(six) conclusions and policy recommendations. Based on theoretical analysis and empirical results, the conclusions of this study are obtained and relevant policy recommendations are put forward.
The sample is 2009-2011 years' Shanghai and Shenzhen A share listed companies.
In terms of ownership attributes, the proportion of state shares and corporate performance are negatively correlated, and the proportion of corporate shares and corporate performance are also negatively correlated.
In terms of ownership concentration, the proportion of the first large shareholders, the sum of the top five shareholders and the sum of the top ten shareholders are measured, and the negative correlation exists between the first ten shareholders and the company performance.
In terms of equity balance, no matter the ratio of the sum of second to fifth large shareholders and the share of the first large shareholders or the ratio of the sum of the second to the tenth large shareholders and the proportion of the first large shareholders, there is a positive correlation between the company performance and the company performance.
In view of the above conclusions, the following suggestions are made as follows: (1) properly carrying out the reduction of state-owned shares. (2) reducing the shareholding ratio of the legal person shares. (3) to reduce the ownership concentration properly. (4) to improve the internal balance and supervision mechanism. (5) to establish a sound and effective external regulatory mechanism.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F425

【参考文献】