A股市场股权稳定性和公司业绩的实证研究

发布时间：2018-03-21 12:41

本文选题：股权稳定性　切入点：公司业绩　出处：《上海交通大学》2012年硕士论文　论文类型：学位论文

【摘要】：在过去的十年间，股权结构发生了巨大的变革。流通股的比例大幅提升，国有股和国有法人股股份急剧下降。同时，机构投资者在A股市场上发挥着越来越重要的作用。研究者主要从两个角度研究股权结构：股权集中度和大股东性质。股权稳定性研究甚少，但作为股权分布的二阶矩，，它也帮助刻画了股权结构。这篇文献研究股权结构和公司业绩的关系。最小二乘法和两阶段最小二乘法都支持两者相关的关系。在考虑了股权稳定性的内生性问题以及用其他的股权稳定性表示方法后，结果是稳健的。我们发现流通股比例和股权稳定与公司业绩之间关系的强度有正相关性。机构投资者持有股份占流通股比例则没有这种关系。未来随着流通股比例持续攀升以及机构投资者发挥更加重要的作用，股权稳定性将对公司业绩产生更深远的影响。
[Abstract]:In the past decade, the stock structure has undergone tremendous changes. The proportion of tradable shares has increased dramatically, and the shares of state-owned shares and state-owned corporate shares have declined sharply. At the same time, Institutional investors play a more and more important role in A share market. It also helps to depict equity structures. This paper studies the relationship between equity structure and corporate performance. Both the least square method and the two-stage least square method support the relationship between the two. The result was steady. We find that there is a positive correlation between the ratio of outstanding shares and the strength of the relationship between equity stability and the performance of the company. There is no such relationship between the proportion of shares held by institutional investors and the proportion of outstanding shares. In the future, as the proportion of outstanding shares continues to rise, And institutional investors to play a more important role, Equity stability will have a more profound impact on corporate performance.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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