我国汽车制造业上市公司股权集中度与企业绩效相关性研究

发布时间：2018-01-12 14:15

本文关键词：我国汽车制造业上市公司股权集中度与企业绩效相关性研究　出处：《中央民族大学》2012年硕士论文　论文类型：学位论文

【摘要】：上市公司的股权结构是公司治理的重要内容,股权集中度作为股权结构中很重要的一部分内容,一直是学术界研究的对象,研究的核心集中于股权集中度与企业绩效的相关性及股权集中度对企业绩效所产生的影响。因为,股权集中度决定着权利在公司各利益主体间的分配,对公司治理具有重要影响,而企业绩效决定着企业在市场上的竞争能力,是企业发展的核心内容。国内外的研究表明,不同行业中股权集中度与企业绩效间的相关性具有不同的表现,甚至,在某些行业中股权集中度与企业绩效不具有显著的相关性。因此,为了探讨我国汽车制造业上市公司中股权集中度与企业绩效之间的相关性,以便从股权集中度的视角,提出对公司治理的建议。本文在阐述相关理论研究并构建研究框架的基础上,选取我国汽车制造业上市公司中65家公司近5年的公开数据为研究样本,对其进行实证分析,以分析股权集中度与企业绩效相关性在我国汽车制造业上市公司中的具体表现,发现其治理问题,并提出相应建议。按照研究的一般流程,本文阐述了研究的行业背景、目的、意义以及本文的研究方法和分析框架。在此基础上,具体的阐述了与股权集中度和企业绩效密切相关的公司治理、股权结构的概念和有关理论,并在阐述股权集中度和企业绩效的概念、作用及衡量指标的基础上,运用描述、比较、综合等方法对国内外关于股权集中度与企业绩效的理论研究进行了论述,以作为本文分析的理论基础。我们看到,国内外关于股权集中度与企业绩效相关性的研究结论基本如下：二者存在正相关、负相关、曲线相关及二者不存在相关性,股权集中度与企业绩效之间的关系,在不同条件下具有不同表现,不存在一个绝对合理的股权集中度水平,也不存在一个具有广泛适应性的关系模型,由此说明本文所做研究的必要性。在实证分析部分,以之前的理论论述为基础,针对我国汽车制造业上市公司的具体情况,提出具体研究假设,并选取股权集中度指标中的第一大股东持股比例(CR1)、前五大股东持股比例总和(CR5)、前十大股东持股比例总和(CR10)、第一大股东与第二大股东持股比例的比值(Z指数)以及前五大股东持股比例的平方和(H5指数)作为解释变量,选取企业绩效指标中的每股收益(EPS)、净资产收益率(ROE)以及总资产收益率(ROA)三个指标作为被解释变量,选取总资产及资产负债率作为控制变量,对样本数据进行描述性分析、Pearson相关分析、偏相关分析以及回归分析,得到我国汽车制造业上市公司中股权集中度与企业绩效相关性的具体结论。并据此,本文最后提出：国有股减持、降低第一大股东持股比例；构造适度集中、形成制衡机制的股权结构的治理建议。
[Abstract]:The ownership structure of listed companies is an important part of corporate governance. As an important part of equity structure, equity concentration is always the object of academic research. The core of the study focuses on the correlation between ownership concentration and corporate performance and the impact of ownership concentration on corporate performance. Because equity concentration determines the distribution of rights among the stakeholders of the company. It has an important impact on corporate governance, and enterprise performance determines the competitiveness of enterprises in the market, and is the core content of enterprise development. Studies at home and abroad show that the correlation between ownership concentration and corporate performance in different industries has different performance, even in some industries there is no significant correlation between ownership concentration and enterprise performance. In order to explore the correlation between the ownership concentration and the performance of the listed companies in the automotive manufacturing industry in China, in order to focus on the perspective of ownership concentration. On the basis of expatiating the relevant theoretical research and constructing the research framework, this paper selects the public data of 65 listed companies in the automobile manufacturing industry of our country as the research sample in the past five years. The empirical analysis is carried out to analyze the specific performance of the correlation between ownership concentration and enterprise performance in China's automobile manufacturing listed companies, to find out its governance problems, and to put forward corresponding suggestions. According to the general process of the study, this paper describes the industry background, purpose, significance, research methods and analysis framework. On this basis. The concept and theory of corporate governance, ownership structure and corporate performance, which are closely related to the degree of ownership concentration and enterprise performance, are elaborated in detail, and on the basis of explaining the concept, function and measurement index of ownership concentration and enterprise performance. By using the methods of description, comparison and synthesis, this paper discusses the theoretical research on ownership concentration and enterprise performance at home and abroad, which is the theoretical basis of this paper. The conclusions of domestic and foreign research on the correlation between ownership concentration and enterprise performance are as follows: there is positive correlation, negative correlation, curve correlation and no correlation between them, and the relationship between ownership concentration and enterprise performance. Under different conditions, there is not an absolutely reasonable level of equity concentration, and there is no extensive adaptive relational model, which shows the necessity of the research in this paper. In the part of empirical analysis, based on the previous theoretical discussion, according to the specific situation of listed companies in the automotive manufacturing industry in China, the specific research assumptions are put forward. And select the largest shareholder holding ratio of the index of ownership concentration, CR1, CR5, CR10). The ratio of the ratio of the first largest shareholder to the second largest shareholder is Z index) and the square sum of the first five major shareholders is taken as the explanatory variable. EPS EPS, ROE (ROE) and ROAA (total return on assets) are selected as the explained variables. Taking total assets and asset-liability ratio as control variables, the sample data were analyzed by Pearson correlation analysis, partial correlation analysis and regression analysis. Finally, this paper puts forward the following conclusions: reduce the state-owned stock holding, reduce the proportion of the largest shareholder; Structure of moderate concentration, the formation of checks and balances of the equity structure of governance proposals.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.471;F832.51;F224

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