新三板企业终极控制权衡量的股权结构与经营绩效的统计分析

发布时间：2018-05-10 21:34

本文选题：“新三板” + 经营绩效　；参考：《暨南大学》2013年硕士论文

【摘要】：“新三板”市场作为我国的场外交易市场，是专门为高成长的科技型、创新型的中小企业进行股份转让和定向融资的交易平台，是我国多层次资本市场体系的重要组成部分，对于解决科技型中小企业融资难的问题具有重要意义。随着“新三板”市场各项制度的逐渐完善，其融资功能日益显现，投资交易活动也日益活跃。因此，对“新三板”挂牌企业的在融资后的经营绩效的评估也越发重要。本文通过对20家挂牌“新三板”的企业的2007年至2011年17个财务指标的计算，编制出财务指标体系，选出15个财务指标绘制20家挂牌企业的脸谱图。通过脸谱图，对“新三板”企业经营绩效有初步的了解；然后采用因子分析方法计算出2007-2011年的综合得分，并对结果进行统计检验和综合得分排序，对排名靠前和靠后的企业做深入分析；在得到“新三板”企业的经营绩效数据后，采用终极控制权比例衡量股权结构，研究企业经营绩效与股权结构的关系。通过面板数据建模进行动态研究，通过对动态面板模型的协方差分析检验选择模型。检验的结果是，混合效应模型更适合本文的研究。经过实证分析得出如下三点结论：通过脸谱图和因子分析，，得到这二十家企业中经营效益表现较好的是中科软和京鹏科技，表现较差的是指南针、华环电子等。用因子分析的得分，终极控制权比例及其平方项为股权结构的代表变量，研究“新三板”挂牌企业股权结构与经营绩效的相互影响。模型的参数检验及模型检验都比较显著，说明“新三板”挂牌企业终极控制权比例对经营绩效的影响还是比较显著的。得到股权结构与经营绩效呈U型关系，当实际控制权比例约为33%时，存在一个转折点，在转折点的两边，股权结构对经营绩效存在“隧道效应”和“利益趋同效应”。根据脸谱分析、因子分析和混合效应模型的实证分析结论，本文最后从三个层面提出政策建议。
[Abstract]:As the over-the-counter market of our country, the "New third Board" market is a trading platform for high-tech, innovative and small and medium-sized enterprises to transfer shares and raise funds. It is an important part of the multi-level capital market system in China. It is of great significance to solve the problem of financing difficulty of S & T SMEs. With the gradual improvement of the new three-board market system, its financing function is becoming more and more obvious, and the investment and trading activities are becoming more and more active. Therefore, it is more and more important to evaluate the operating performance of the new third board after financing. Based on the calculation of 17 financial indexes from 2007 to 2011 of 20 enterprises listed on "New third Board", the financial index system is worked out, and 15 financial indexes are selected to draw up the Facebook map of 20 listed enterprises. Through Facebook, we have a preliminary understanding of the business performance of the "new third board" enterprises, and then use factor analysis method to calculate the comprehensive score of 2007-2011, and carry on statistical test and comprehensive score ranking to the results. After getting the management performance data of the "new three board" enterprises, the paper measures the ownership structure by the proportion of the ultimate control right, and studies the relationship between the business performance and the ownership structure. The dynamic research is carried out through panel data modeling, and the model is selected by covariance analysis of dynamic panel model. The result of the test is that the mixed effect model is more suitable for the study of this paper. Through the empirical analysis, the following three conclusions are drawn: through Facebook and factor analysis, it is concluded that the better performance of the 20 enterprises is Zhongke soft and Jingpeng science and technology, the poor performance is the compass, Hua ring electron and so on. Using the score of factor analysis, the proportion of ultimate control power and its square as the representative variables of the ownership structure, the paper studies the interaction between the ownership structure and the operating performance of the "new third board" listed enterprises. The parameter test and model test of the model are significant, which shows that the proportion of ultimate control right of the listed enterprises on the new third board has a significant impact on the performance of the enterprise. When the actual control ratio is about 33, there is a turning point. On both sides of the turning point, there is a "tunnel effect" and "interest convergence effect" between the ownership structure and the operating performance. According to the empirical analysis conclusions of Facebook analysis, factor analysis and mixed effect model, this paper finally puts forward policy recommendations from three aspects.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F224;F832.51

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