中小企业股权结构与公司价值的实证研究

发布时间：2018-01-03 13:31

本文关键词：中小企业股权结构与公司价值的实证研究　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：股权结构是公司治理组织结构的产权基础,作为契约结合体的公司,大股东行为会直接影响公司治理机制的形成、运作及其绩效最后影响公司价值。2004年,深圳中小企业板设置,截止2010年底上市公司数量已达到537家,但是我国的证券市场各种机制与体制都不尽完善,特别是对中小股东缺乏有效的保护机制,非常不利于中小企业的长远发展,所以股权结构的大股东控制(股权集中与股权制衡)与公司价值的关系问题就成为了现代公司治理领域中最值得研究的核心问题。本文阅读现有国内外文献,对股权结构与公司价值的基本理论做出充分分析,探讨在股权结构中占有优势地位的大股东们对公司治理机制的影响以及对公司价值的激励和壁垒效应,在分析对比我国A股全部上市公司和中小板上市公司股权结构的基础上,寻找中小企业股权结构的特殊性,并就其对公司价值的影响进行了实证研究。本文从理论分析及实证检验两个角度分别对股权结构与公司价值的关系进行研究,从定性和定量的角度对我国中小上市公司股权结构与公司价值的关系进行研究。本文紧紧围绕“中小企业的股权结构——大股东控制(大股东行为)——公司价值”这个分析框架,首先是从理论上探讨了股权结构与公司价值之间的关系,理清了大股东控制通过对公司治理因素的影响(经营激励、监督管理、投资行为、代理权竞争)进而对公司价值产生影响的逻辑顺序；然后利用我国中小上市公司的数据,实证分析了其股权结构与公司价值的关系,主要从股权集中度、股权制衡度两个角度对大股东控制——公司价值的关系进行了关注与探讨。
[Abstract]:The ownership structure of property rights is the basis of corporate governance structure, as the combination of contract of the company, the behavior of large shareholders will directly affect the formation of corporate governance mechanism, the operation and the performance finally affect the value of the company.2004 years, the Shenzhen SME board set up by the end of 2010, the number of listed companies has reached 537, but the stock market mechanism and system our country is not perfect, especially the lack of effective protection mechanisms for small and medium-sized shareholders, is not conducive to the long-term development of small and medium-sized enterprises, so the control of large shareholder equity structure (ownership concentration and equity balance) relationship with the value of the company has become the most worthy of the core issues in the field of modern corporate governance.
In this paper, reading existing literature at home and abroad, make a full analysis of the basic theory of ownership structure and corporate value, to explore the influence of dominance in the ownership structure of large shareholders on corporate governance and the value of the company incentive and entrenchment effect, in the comparative analysis of China A shares of all listed companies and small and medium-sized board based on ownership structure listed companies, looking for the special ownership structure of small and medium-sized enterprises, and make an empirical study on the influence on the value of the company.
This paper makes a research on the theoretical analysis and empirical test from two aspects on the relationship between ownership structure and corporate value, the study on the relationship between ownership structure and corporate value of Listed SMEs in China from the perspective of qualitative and quantitative. This paper focus on the ownership structure of small and medium-sized enterprises -- the control of large shareholders (large shareholders behaviors) - company "the value analysis framework, the first is to discuss the relationship between ownership structure and firm value in theory, clarifies the controlling shareholder through the influence of corporate governance factors (management incentive, supervision and management, investment behavior, agency competition) logical order and influence corporate value; then I use small and medium sized listed companies in the empirical data, analyzes the relation between ownership structure and firm value, mainly from ownership concentration, equity balance degree two aspects of controlling shareholders- The relationship between the value of the company has been paid attention to and discussed.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.3;F224;F832.51

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