中国制造业上市公司股权结构与公司绩效关系研究

发布时间：2018-01-06 21:24

本文关键词：中国制造业上市公司股权结构与公司绩效关系研究　出处：《山东财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：股权结构研究是公司治理结构研究中的核心问题。一直以来，关于股权结构与公司绩效之间关系的研究从来没有停止过，如何寻求最优的股权结构也是理论界和实务界的热点课题。从理论上讲，通过激励和监督机制，股权结构对公司绩效形成两种对立的效应，从不同的角度对公司绩效产生影响。从已有的实证结果来看，国内外对股权结构和公司绩效关系的研究也没有形成统一定论。本文在已有的研究基础上，选取制造业上市公司作为研究样本，，以股权结构作为解释变量，以上市公司的公司绩效作为被解释变量，同时，选择公司规模、高管持股比例作为控制变量，建立多元线性回归模型，对我国制造业上市公司股权结构与公司绩效的关系进行实证分析，以寻求可实现公司绩效最大化的最优股权结构。研究结果表明：（1）上市公司股权集中度与公司绩效之间存在显著的正相关关系。（2）上市公司股权制衡机制与公司绩效之间存在显著的正相关关系。（3）流通股比例与公司绩效不存在显著的正相关关系基于以上研究结论，本文提出了优化我国制造业上市公司股权结构的建议。我国的制造业上市公司需要尽量避免一股独大，但是应该保持一定的股权集中度，通过增加大股东的数量来对公司治理起到制衡作用，以实现对公司经营的有效监督和控制，从而提高公司的经营绩效。最后强调股权结构优化应建立在充分竞争市场环境的基础上，并且必须和投资者利益保护机制的完善紧密结合。
[Abstract]:Study on ownership structure is the core problem of the governance structure of the company. All the time, studies on the relationship between ownership structure and corporate performance has never stopped, a hot topic how to find the optimal ownership structure is the theory and practice. In theory, through the incentive and supervision mechanism, the effect of ownership structure two opposite to the company performance, the impact on the company performance from different angles. The empirical results from the existing point of view, there is no research at home and abroad on the relationship between ownership structure and corporate performance to form a unified conclusion.
In this paper, on the basis of the study, select listed manufacturing companies as the research sample, on the equity structure as explanatory variables to the corporate performance of listed companies as explanatory variables, at the same time, choose the size of the company, executives shareholding ratio as control variables to establish multiple linear regression model, the empirical analysis of the relationship between ownership structure and listed companies the corporate performance of China's manufacturing industry, in order to seek the optimal ownership structure can realize the maximization of corporate performance. The results show that: (1) listed companies ownership concentration has positive correlation significantly between the degree and the company performance. (2) there was a positive correlation between equity restriction mechanism and corporate performance. (3) the proportion of tradable shares and corporate performance have no significant positive correlation
Based on the above conclusions, this paper puts forward the optimization of the ownership structure of Chinese Listed Companies in the manufacturing industry. The manufacturing industry of our country listed companies need to avoid the dominance, but should maintain a certain degree of ownership concentration, by increasing the number of large shareholders to checks and balances on corporate governance, to achieve the company the effective supervision and control, so as to improve the performance of the company. Finally emphasizes the optimization of ownership structure should be established on the basis of a fully competitive market environment, and must be closely to improve and protect the interests of investors mechanism.

【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F406.72;F832.51;F224

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