基于生命周期的中小板股权结构对公司绩效的影响研究

发布时间：2018-03-29 14:12

本文选题：中小板　切入点：股权结构　出处：《南京航空航天大学》2013年硕士论文

【摘要】：股权结构是公司内部权力配置的外在表现，是股东之间的契约安排，与公司治理结构、公司战略、公司的成长，，尤其是与公司绩效之间存在着深刻的内在关联。关于股权结构问题的研究是中国资本市场近几年来的热点问题之一，特别是对中国上市公司股权结构的理论及实证研究，更是这个领域的焦点问题之一。作为新生事物，中小企业板上市公司大部分为民营及家族公司，在规模、盈利水平、成长性等各方面与主板上市公司有着显著差异，其经营绩效和发展趋势越来越多地受到人们的关注。在这一背景下研究中小企业板上市公司股权结构的特点及其与公司绩效之间的关系，对于改善中小企业治理结构更具针对性，研究结论也更有参考价值。本文在梳理国内外相关文献的基础上引入生命周期理论，分阶段研究股权结构对公司绩效的影响。选取2007年12月31日前在我国中小板上市的公司，根据其2009~2011年3年的平均现金流量特征来确定其生命周期，结果表明其中70%以上的公司处于成长期及成熟期，因此本文仅就处于成长期及成熟期的中小板上市公司进行研究。然后根据中小板具有盈利能力较高，主业较为突出的特征选取了绩效的衡量指标：每股收益、净资产收益率、总资产收益率以及主营业务收益率，并采用主成分分析方法对其进行赋权，得出一个绩效的综合值。最后提出本文的假设，运用描述性统计、相关性分析、线性回归等方法进行实证分析，并得出了如下结论：（1）对成长期公司而言，第一大股东持股比例与公司绩效呈正相关关系，股权制衡度与成长期公司的绩效呈显著地负相关关系，而对于成熟期的上市公司，第一大股东持股比例与公司绩效负相关，但是赫芬达尔指数以及Z值都与公司绩效呈正相关关系；（2）流通股比例对成长期和成熟期中小企业板上市公司均无显著性影响；（3）管理层持股比例对成长期中小企业板上市公司的绩效有显著的正面影响，但对于成熟期上市公司虽有正面影响，但不如成长期显著。在文章的最后，针对研究结论提出了几点对策建议并指出了本文的局限性，为以后的研究提供了改进的方向。
[Abstract]:The equity structure is the external manifestation of the internal power allocation of the company, the contractual arrangement between the shareholders, the corporate governance structure, the corporate strategy, the growth of the company, In particular, there is a deep internal relationship between equity structure and corporate performance. The research on equity structure is one of the hot issues in China's capital market in recent years, especially the theoretical and empirical research on the equity structure of listed companies in China. As a new thing, most of the listed companies on the SME board are private and family companies, which have significant differences from the main board listed companies in the aspects of scale, profit level, growth and so on. More and more attention has been paid to its management performance and development trend. Under this background, the characteristics of equity structure and the relationship between the ownership structure and corporate performance of the SME board listed companies are studied. For improving the governance structure of small and medium-sized enterprises more targeted, the conclusions of the study is more valuable. This paper introduces the life cycle theory on the basis of combing the relevant literature at home and abroad, and studies the influence of ownership structure on corporate performance in stages. According to the average cash flow characteristics of the three years from 2009 to 2011, the life cycle is determined. The results show that more than 70% of the companies are in the period of growth and maturity. Therefore, this paper only studies the small and medium-sized board listed companies in the growing and mature period. Then according to the characteristics of the small and medium-sized boards with high profitability and prominent main industry, the paper selects the performance measures: earnings per share, net asset return, The total return rate of assets and the return rate of main business are weighted by principal component analysis method, and a comprehensive value of performance is obtained. Finally, the hypothesis of this paper is put forward, and descriptive statistics and correlation analysis are used. The empirical analysis by linear regression and the following conclusions are as follows: for the growing company, the proportion of the largest shareholder holding shares is positively correlated with the corporate performance, and the equity balance degree has a significant negative correlation with the performance of the growing company. For mature listed companies, the proportion of the largest shareholders is negatively correlated with corporate performance. However, both Hefendal index and Z value are positively correlated with corporate performance. (2) the proportion of circulating shares has no significant effect on the growth and maturity of SMEs. There is no significant effect on the ratio of managerial shareholding to the growth stage of SMEs. The performance of the board listed companies has a significant positive impact, At the end of this paper, some countermeasures and suggestions are put forward in view of the conclusion of the research, and the limitations of this paper are pointed out, which provides the direction of improvement for the future research.
【学位授予单位】：南京航空航天大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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