我国医药行业股权结构与公司绩效的实证研究

发布时间：2018-06-18 13:28

本文选题：医药行业 + 股权结构　；参考：《天津大学》2013年硕士论文

【摘要】：股权结构安排作为公司治理机制的一个重要组成部分，近年来一直是学术界关注的热点，合理的股权结构，可以强化公司内外部治理，对公司绩效的提高有重要作用。股权结构的不同，造成了公司控制权归属的差异，对公司内部监督、激励、约束、权利制衡等也会产生较大影响。国内外众多学者对股权结构如何影响公司绩效进行了持久的争论，但从实证结果来看，学术界还未达成统一的共识。我国大部分上市公司经历了股权分置改革，具有浓厚的“中国特色”，再加上某些行业的特殊性，因此，对于股权结构和公司绩效之间关系的研究依旧具有实际意义。本文以医药行业79家上市公司为样本，利用2009到2011年三年的面板数据进行实证分析。分别从股权性质、股权集中度、股权制衡度和股权构成四个方面反映医药上市公司股权结构状况，以托宾Q值、净资产收益率（ROE）、总资产收益率（ROA）作为被解释变量，构建回归模型，借用SPSS软件、STATA软件进行数据处理，探讨了股权结构的四个方面如何影响公司绩效。采用多指标的分析方法，，使得到的结果稳健性更强。经过对医药行业股权结构进行实证分析，我们可以得到如下结论：1.股权性质与公司绩效正相关，非国有控股企业绩效相对较高；2.股权集中度与公司绩效存在倒U型曲线关系，股权集中度过高或者过低均不利于绩效的提升。3.股权制衡度与公司绩效呈倒U型曲线关系，存在一个最佳的制衡比例。4.国有股份比例与公司绩效负相关，法人股比例与公司绩效正相关，公众股持股比例与公司绩效相关性不明显。最后，本文以前文的实证研究结论为依据，结合医药行业的特殊性，提出了相应的建议，对完善医药企业公司治理结构有一定的参考价值。
[Abstract]:As an important part of the corporate governance mechanism, the equity structure arrangement has been a hot topic in the academic circles in recent years. The reasonable ownership structure can strengthen the internal and external governance of the company, which has an important role in the improvement of the company's performance. The difference of the ownership structure has caused the difference of the ownership of the control rights of the company, and the internal supervision of the company, and the incentive to the company. Many scholars at home and abroad have been arguing about how the ownership structure affects the performance of the company. However, from the empirical results, the academic circle has not reached a unified consensus. Most of the listed companies in our country have undergone a split share reform, which has a strong "Chinese characteristics", and some more. Therefore, the research on the relationship between ownership structure and corporate performance is still of practical significance.
Taking 79 listed companies in pharmaceutical industry as samples, this paper makes an empirical analysis using panel data from 2009 to 2011 for three years. It reflects the stock ownership structure of listed companies from four aspects of ownership nature, equity concentration, equity balance and equity composition, with Tobin Q value, net asset yield (ROE), and total asset return (ROA) as an example. By interpreting variables, constructing regression models, using SPSS software and STATA software for data processing, it discusses how the four aspects of ownership structure affect the company performance. The results of multiple indicators are used to make the results more robust.
After the empirical analysis of the ownership structure of the pharmaceutical industry, we can get the following conclusions: 1. the nature of the stock ownership is positively related to the performance of the company, the performance of the non state holding enterprises is relatively high; the 2. ownership concentration and the company performance have an inverted U curve, the high degree of ownership concentration or the low level is not conducive to the performance improvement of the.3. equity balance. There is an inverted U curve relationship with the performance of the company. There is an optimal proportion of the balance between the state-owned shares and the company performance. The proportion of the corporate shares is positively related to the performance of the company, and the correlation between the share of the public shares and the performance of the company is not obvious. Finally, this paper is based on the conclusions of the previous empirical research and the particularity of the pharmaceutical industry. The corresponding suggestions are put forward to improve the corporate governance structure of pharmaceutical enterprises.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.72;F271;F275

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