我国中小板企业大股东特征对公司绩效的影响

发布时间：2018-01-07 19:38

本文关键词：我国中小板企业大股东特征对公司绩效的影响　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：在我国30多年的改革开放过程中,私营企业以前所未有的速度发展,给我国的经济建设做出了卓越的贡献。目前,我国的私营企业已经成为了我国经济体制中极其重要且不可或缺的重要组成部分。为了更好的满足这些中小企业的发展,我国的资本市场也开始向这些私营企业敞开大门：2004年6月25日和2009年10月23日,深证交易所的中小企业板块和创业板块分别创立。这使得我国私营企业的融资渠道得以大大拓宽。至2012年5月,已经有600多家企业在深圳交易所的中小板块上市。在这600多家企业中,一些企业借助这个平台得到了飞快的发展,然而也有一些企业的不良行为和表现给中小板块上市公司这个群体造成了负面影响。这就说明,中小企业在这样的发展机遇下,需要理论领域的指导,才能健康的发展。大股东特征是属于股权结构研究中的一部分。所谓大股东特征,实际是指大股东的持股比例、所有制、所持股的性质和流通性,以及大股东与其他大股东的关系、与管理者的关系、与其他利益相关者的关系。大股东特征的揭示对于解决由股权结构所带来的问题有着重大的意义。全文共分以下六个部分：第一部分,绪论。在这一部分本文对相关的研究内容进行介绍,并叙述了与选题有关的一些概念以及研究的意义和背景。此外,这一部分还强调了本文的研究内容、研究方法和创新点。第二部分,文献综述。介绍国内外的学者对大股东特征和公司绩效关系的研究现状,并对其进行评述。而且本文也对已有的研究成果进行总结和归纳,还的这个领域相关研究的不足进行了阐述。第三部分,有关大股东特征与公司绩效的理论。在这一部分,本文说明了理论基础：介绍了激励效应和堑壕效应、委托代理理论的激励机制和监督机制对大股东特征和公司绩效关系的影响以及公司绩效评估指标。第四部分,实证研究设计。为研究中小板块企业大股东特征与企公司绩效的关系,进行实证前的研究设计。包括样本的选择、变量定义及描述、提出研究假设、建立研究模型等。第五部分,实证检验及分析。把相关数据代入模型进行检验,得出实证结果。并在实证结果的基础上,对我国中小板企业的大股东特征和公司绩效的关系进行分析和探讨。第六部分,结论及建议。对实证结果进行总结,得出结论,并提出相关建议、而且对文中的不足之处进行了阐述。最后还对这个领域的学术研究进行了展望。本文的创新之处主要在于：深圳交易所中小板块已经推出3年有余,而学术界对于中国中小板块上市公司的研究相对较少。而本文的研究正是专注于中小板上市公司。另外,本文还把主板企业作为中小企业板的对比对象来增加研究的深度。此外,本文还把两个板块的国资企业和非国资企业分开来进行对比,通过对比,说明不同企业性质下的大股东特征和公司绩效关系的区别。
[Abstract]:In the process of reform and opening up for more than 30 years , private enterprises have made great contributions to the economic construction of our country . At present , our country ' s private enterprise has become an important and indispensable part of our country ' s economic system . In order to meet the development of these small and medium - sized enterprises , the capital market of our country has also begun to open the door to these private enterprises . The characteristics of the big shareholder are part of the research of the equity structure . The so - called big shareholder characteristic refers to the ownership proportion , the ownership , the nature and the liquidity of the big shareholder , the relation between the big shareholder and other big shareholders , the relationship with the manager and the relationship with other stakeholders . The full text consists of the following six parts : Part one , Introduction . In this part , this paper introduces the relevant research contents , and describes some concepts related to the topic and the significance and background of the research . In addition , this part also emphasizes the research contents , research methods and innovation points in this paper . In the second part , the article reviews the current situation of the research on the relationship between the characteristics of the big shareholders and the company ' s performance , and makes a comment on it . The third part deals with the theory of the characteristics of big shareholders and the performance of the company . In this part , the paper illustrates the theoretical foundation : the incentive effect and the trench effect are introduced , the incentive mechanism and the supervision mechanism of the principal agent theory are introduced to influence the characteristics of the big shareholder and the performance of the company and the performance evaluation index of the company . The fourth part is the empirical research design . In order to study the relationship between the characteristics of small and medium - sized plate enterprises and the performance of enterprise , the research design is carried out , including selection of samples , definition and description of variables , research assumptions , establishment of research models , etc . The fifth part , the empirical test and the analysis , put the relevant data into the model to carry on the test , get the positive result . On the basis of the positive result , analyze and discuss the relation between the big shareholder characteristic and the company ' s performance of the small and medium - sized enterprises in China . The sixth part , conclusion and suggestion are summarized , the conclusion is drawn , and some suggestions are put forward , and the shortcomings of the paper are expounded . Finally , the academic research in this field is looked forward . The innovation of this paper is that small and medium - sized plates in Shenzhen stock exchange have been launched for three years , and the academic circles are relatively few in the research of small and medium - sized plate listed companies in China . In addition , this paper focuses on small and medium - sized plate listed companies . In addition , the paper compares the main board enterprises as the comparative objects of the small and medium - sized enterprises . In addition , the paper compares the state - owned enterprises of the two plates with non - state - owned enterprises , and explains the differences between the characteristics of the big shareholders and the company ' s performance under the characteristics of different enterprises .

【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】：F275;F832.51;F224

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