风险投资、股权集中度与创业板公司绩效关系的实证研究

发布时间：2018-05-22 12:18

本文选题：风险投资 + 股权集中度　；参考：《广东商学院》2012年硕士论文

【摘要】：股权集中度与上市公司绩效的关系问题一直以来都是学者们研究的重点。国内外学者对于这个问题的研究由于考虑的因素不同而产生了很多不同的见解。本文在借鉴前人研究方法和思路的基础上以创业板市场为研究对象，研究了风险投资参与对股权集中度与公司绩效之间关系的影响问题。 2009年推出的创业板市场为我国中小企业提供了专门的融资渠道和发展空间。然而在股权结构方面，由于创业板的中小企业大部分都是家族企业改制而来，所以存在很严重的一股独大现象，导致大股东侵占小股东利益的情形经常发生，公司的发展前景和业绩让人担忧。我们在对创业板上市公司股东结构进行研究和分析之后发现，风险投资机构的参与使不同上市公司的股权集中度出现了差异。因此本文在研究股权集中度对上市公司公司绩效影响关系的过程中，引入了风险投资机构参与这一外生变量，以进一步探讨风险投资机构参与是否通过改变上市公司股权集中度来影响公司绩效，期待能够为完善创业板上市公司的股权结构提出合理性的建议。本文首先对研究背景及国内外的研究文献进行了回顾和梳理，继而阐述了风险投资、股权集中度与创业板上市公司绩效关系的理论研究，，接着以风险投资是否参与上市为参考将225家创业板上市公司分为两类，以其2010年的数据为样本进行实证研究，采用因子分析法对所选取的绩效指标进行处理得出综合绩效水平作为因变量，以股权集中度指标作为自变量，选取了资产规模和资产负债率作为控制变量并运用SPSS和eviews软件进行相关性分析和回归分析并得出六点结论:(1)创业板上市公司股权相对集中于第一大股东，高度集中于前五大股东；(2)创业板上市公司资产规模与绩效呈正相关，资产负债率与绩效呈负相关关系，Z指数与综合绩效水平呈负相关关系；（3）有风险投资参与的创业板上市公司第一大股东持股比例（CR1）与绩效不存在显著线性关系；（4）无风险投资参与的创业板上市公司第一大股东持股比例（CR1）与与绩效呈显著的倒U关系；（5）创业板上市公司前五大股东持股比例（CR5）与公司绩效呈倒U型曲线关系；（6）风险投资参与的创业板上市公司风险投资持股比例（VC）与公司绩效之间呈倒U型关系。在实证结论的基础上，为完善我国创业板市场股权结构改革、提高公司绩效等提出了对策建议：形成适合的股权集中度；完善法律制度和竞争机制；完善信息披露制度等。最后针对本篇论文的不足之处做出了展望。
[Abstract]:The relationship between equity concentration and the performance of listed companies has always been the focus of scholars. Scholars at home and abroad on this issue due to different factors to consider a lot of different views. Based on the previous research methods and ideas, this paper studies the influence of venture capital participation on the relationship between equity concentration and corporate performance, taking the gem market as the research object. The gem market launched in 2009 provides special financing channels and development space for small and medium-sized enterprises in China. However, in terms of equity structure, because most of the small and medium-sized enterprises in the gem are from the restructuring of family enterprises, there is a very serious phenomenon of dominance, which often results in large shareholders encroaching on the interests of minority shareholders. The company's prospects and performance are worrying. After studying and analyzing the shareholder structure of listed companies in gem, we find that the participation of venture capital institutions leads to different ownership concentration of different listed companies. Therefore, in the process of studying the relationship between ownership concentration and performance of listed companies, this paper introduces the exogenous variable that venture capital institutions participate in. In order to further explore whether the participation of venture capital institutions can affect the performance of listed companies by changing the degree of equity concentration, it is expected to put forward reasonable suggestions for perfecting the equity structure of listed companies on the gem. This paper reviews the research background and literature at home and abroad, and then expounds the theoretical research on the relationship between venture capital, equity concentration and performance of gem listed companies. Then 225 companies listed on the gem are divided into two categories with reference to whether venture capital participate in the market or not, and empirical research is carried out with its data of 2010 as a sample. The factor analysis method is used to deal with the selected performance indicators. The comprehensive performance level is regarded as the dependent variable, and the equity concentration index is taken as the independent variable. This paper selects asset size and asset-liability ratio as control variables and uses SPSS and eviews software to carry out correlation analysis and regression analysis, and draws a six-point conclusion: 1) the equity of gem listed companies is relatively concentrated on the largest shareholder. There is a positive correlation between the asset size and the performance of the listed companies on the gem. There is a negative correlation between asset liability ratio and performance. Z index is negatively correlated with comprehensive performance level. (3) CR1) there is no significant linear relationship between CR1) and performance. CR1) the proportion of the first largest shareholders in the listed companies with venture capital investment and the inverse U relationship with the performance (CR5) and the relationship between CR5) and the performance of the first five largest shareholders of the listed companies in the gem are inversely U-shaped. There is an inverted U-type relationship between venture capital holding ratio and corporate performance of the listed companies in the gem. On the basis of the empirical conclusions, this paper puts forward some countermeasures and suggestions for perfecting the reform of equity structure and improving the performance of companies in the gem market of our country: to form a suitable degree of ownership concentration; to perfect the legal system and the competition mechanism; to perfect the information disclosure system, and so on. Finally, the paper makes a prospect for the shortcomings of this paper.
【学位授予单位】：广东商学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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