基于股权集中度视角研究我国中小板上市公司的财务困境

发布时间：2018-01-02 12:07

本文关键词：基于股权集中度视角研究我国中小板上市公司的财务困境　出处：《上海师范大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国目前的经济发展正处于转型时期，随着民营经济的快速发展，以中小板企业为代表的民营上市公司己成为我国资本市场上的一支新生力量，对国民经济的发展有着不可忽视的影响。截至2012年9月30日中小板上市公司总数已达到698家，，发行规模主要集中在1000万至1亿股，平均发行规模约为3640万股，发行规模最小的东方锆业为1000万股，最大的宁波银行为4.5亿股。如今中小板上市公司的数量占到总体上市公司数量的四分之一，对我国股票市场的发展起到越发重要的作用。由于中小企业板在2004年开设，时间还比较短，目前的实证研究主要集中在中小企业板的经营绩效、股票期权等方面，对中小板上市公司的财务困境研究较少。我国的股票市场还没建立起完善的退市制度，特殊处理的警示作用有限，许多经营不善陷入财务困境的公司仍然活跃在中小板市场，这使得研究中小板企业的财务困境的意义较为突出。关于财务困境的研究，国内外的文献对财务困境的定义没有一个明确的标准，要研究中小板企业的财务困境，首当其冲的问题就是找到一个合适的财务困境指标。财务困境是企业从财务良好向财务破产发展的中间阶段，本文通过建立Logistic模型，找到影响破产最显著的指标是盈利能力，以此作为财务困境的定义。影响中小板企业财务困境的因素有很多，如股权结构、公司治理、市场信息因素等，但是对财务困境影响最为显著的是哪个变量呢？股权集中度由于决定了大股东的行为方式，在企业的决策过程中的地位尤其重要，本文以此为切入点，探讨股权集中度对中小板企业财务困境的影响。按照这样的研究思路，本文选用了第一大股东持股比例、赫菲达尔指数变量，建立Cox比例风险模型证实了股权集中度对中小板企业财务困境的影响作用。通过理论分析与实证论证结合的方法，得出了相应的结论：股权相对集中有利于中小板企业减小财务困境概率。
[Abstract]:China's current economic development is in the transition period, with the rapid development of private economy, the small and medium-sized enterprise board as the representative of the private listed companies has become a new force in China's capital market, has important influence on the development of the national economy. As of September 30, 2012 the total number of small plates listed companies has reached 698 home, the issue size is mainly concentrated in 10 million to 100 million shares, the average issue size of approximately 36 million 400 thousand shares, the minimum issue size of the East zirconium industry 10 million shares, the largest bank of Ningbo shares is 450 million. Now the number of small and medium sized listed companies accounted for 1/4 of the total number of listed companies, to a more and more important role in the development of our the stock market of our country. Because of the small and medium-sized enterprise board opened in 2004, the time is relatively short, the current empirical study mainly focused on the board of small and medium-sized enterprises operating performance, stock option etc., On a small board listed company's financial distress research is less. The stock market of our country has not established the perfect delisting system, warning the special treatment is limited, many poor management of financial distress companies are still active in the small and medium-sized board market, which makes the study of small and medium enterprises in the financial distress of the significance of the more prominent.
Research on financial distress, the domestic and foreign literature on the definition of financial distress is not a clear standard to financial distress of enterprises, the first question is to find a suitable indicator of financial distress. Financial distress is the intermediate stage of enterprises from the financial to the development of good financial bankruptcy, through the establishment of Logistic find the index model, the most significant impact of bankruptcy is profitability, as the definition of financial distress. There are many factors that affect the financial difficulties of small and medium enterprise board, such as ownership structure, corporate governance, market information and other factors, but the impact on financial distress is the most significant variable which? Ownership concentration due to the shareholder behavior in the decision-making process of the enterprise are particularly important, this article as a starting point, explore the ownership concentration on the financial difficulties of small and medium enterprise board. Ring. According to such research, this paper selected the proportion of the largest shareholder, Hofi Dahl index variables, Cox proportional hazard model confirmed the influence of the ownership concentration on the financial difficulties of small and medium enterprise board role. By the combined method of theoretical analysis and empirical analysis, the corresponding conclusions are obtained: the relative concentration of ownership is conducive to small and medium-sized board the enterprise reduce the probability of financial distress.

【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F224;F275;F832.51

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