中国上市公司股权结构与企业价值关系的实证研究

发布时间：2018-01-05 02:08

本文关键词：中国上市公司股权结构与企业价值关系的实证研究　出处：《南京财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：股权结构、企业价值与公司治理三者关系一直是国内外经济学界、企业理论界和资本市场的一个热点话题。股权结构决定着公司所有权和控制权的分配，是公司治理结构的基础，合理的股权结构是公司提高企业价值的前提。而上市公司是我国企业中的佼佼者，股权分置改革后的上市公司的股权结构更加接近成熟资本市场的特征，以他们为样本对我国公司的股权结构与企业价值进行研究具有重要的现实指导意义。本文首先回顾了股权结构与企业价值关系的相关文献，然后界定了股权结构、企业价值的定义及衡量指标，并从理论上阐述了股权结构如何通过激励机制、监督与制衡机制、外部接管机制及代理权竞争机制对企业价值产生影响的机理。在此基础上，本文提出了7个假设，接着选择了2007年和2009年沪深A股上市公司的样本数据对股改后的我国上市公司的股权结构和企业价值关系的统计结果进行多元回归分析和分段回归分析，以检验以上假设是否成立。研究结果表明：股权分置改革后，我国上市公司的股权流动性得到了提升，流通股比例平均值已由2007年的55.10%上升到2009年的78.53%，企业价值也得到了提高，Q值由3.99增加到4.45；上市公司中依然存在“一股独大”的现象，并且对企业价值形成负面影响；机构持股比例显著上升，其平均值已由2007年的29.22%增加到2009年的43.57%，并对企业价值形成正面影响；相对集中的股权集中度适合于我国的资本市场和国情，有助于提升上市公司的企业价值，两年的实证数据表明前三大股东持股比例位于50%到76%时企业价值达到最大化。最后，，在实证研究结果的基础上归纳总结，试提出一些有益的建议。
[Abstract]:Ownership structure, corporate value and corporate governance of the relationship between the three at home and abroad has been a hot topic in economics, business theory and the capital market. The ownership structure decides the distribution of corporate ownership and control rights, corporate governance structure is the foundation of rational ownership structure is the premise to improve the enterprise value of the company and the listed company. Is a leader in China's enterprises, characteristics of non tradable shares reform of the ownership structure of the listed company after more mature capital market, with them has important practical significance to study the sample ownership structure and enterprise of our country the value of the company.
This paper first reviews the relevant literatures on the relationship between ownership structure and corporate value, and then defines the ownership structure, the definition of enterprise value and measure, and explains how ownership structure through the incentive mechanism in theory, mechanism of supervision and balance mechanism, competition mechanism of takeover mechanism and agency impact on the enterprise value basis. Last, this paper proposes 7 hypotheses, then select the statistical sample data of 2007 and 2009 in Shanghai and Shenzhen A shares of listed companies of Listed Companies in China after the reform of the ownership structure and corporate value relationship result in multiple regression analysis and piecewise regression analysis to test the above hypotheses. The results show that: share after the reform, the liquidity of shares of Listed Companies in China has improved, the average value of the proportion of tradable shares has increased from 55.10% in 2007 to 78.53% in 2009, the price of enterprises The value increased, Q value increased from 3.99 to 4.45; listed companies still exist "dominance" phenomenon, and a negative impact on the enterprise value increased significantly; the proportion of institutional ownership, the average has increased from 29.22% in 2007 to 43.57% in 2009, and the formation of a positive impact on the enterprise value concentration; suitable for China's capital market conditions and the relative concentration of ownership, help to improve the value of listed companies, two years empirical data show that the proportion of top three shareholders in 50% to 76% when the enterprise value maximization. Finally, this article summarizes the results of empirical research, put forward some good advice.

【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51;F224

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