中小板上市公司股权结构对公司成长性的影响研究

发布时间：2018-07-09 17:55

本文选题：中小板上市公司 + 股权结构　；参考：《湖南大学》2013年硕士论文

【摘要】：中小企业板自2004年在深圳证券交易所推出以来，成长速度惊人。中小上市公司的高成长性是衡量宏观经济良好运行、资本市场健康发展的一个重要指标。成长性受多因素影响，其中公司治理在公司成长过程中发挥着重要作用。股权结构是公司治理结构的产权基础，直接影响到公司治理的效率。本文通过研究股权结构对中小板上市公司成长性的影响，以期对优化中小板上市公司股权结构，促进中小板上市公司成长有所帮助。首先，本文系统回顾了国内外有关股权结构与公司成长性的文献，以委托代理理论、企业成长理论为理论基础，分析了中小板公司股权结构对成长性的影响；其次，本文选取公司盈利能力、营运能力、发展能力、偿债能力四个方面的11个指标，利用因子分析法构建了上市公司成长性综合评价体系。然后，本文选取2008年12月31日前上市的223家中小板上市公司为样本，实证检验了股权构成、股权集中度对公司成长性的影响。通过研究我们得出以下结论：国有股比例与公司成长性显著负相关，法人股比例与公司成长性显著正相关，，流通股比例与公司成长性正相关但是不显著，管理层持股比例与公司成长性呈N型关系；第一大股东持股比例与公司成长性呈U型关系，股权制衡度与公司成长性显著负相关。最后，结合理论分析与研究结论，我们提出了优化中小板上市公司股权结构，进一步完善公司治理的政策建议。
[Abstract]:Small and medium-sized enterprises board has been launched in Shenzhen Stock Exchange since 2004, the growth rate is amazing. The high growth of medium and small listed companies is an important index to measure the good operation of macro economy and the healthy development of capital market. Growth is affected by many factors, among which corporate governance plays an important role in the process of corporate growth. Ownership structure is the property right basis of corporate governance structure, which directly affects the efficiency of corporate governance. This paper studies the influence of ownership structure on the growth of small and medium-sized board listed companies in order to optimize the ownership structure of small and medium-sized board listed companies and promote the growth of small and medium-sized board listed companies. First of all, this paper systematically reviews the domestic and foreign literature on ownership structure and corporate growth. Based on principal-agent theory and enterprise growth theory, this paper analyzes the influence of ownership structure on growth of small and medium-sized board companies. This paper selects 11 indexes of profitability, operation ability, development ability and solvency of listed companies, and constructs a comprehensive evaluation system of the growth of listed companies by factor analysis. Then, this paper selects 223 small and medium-sized listed companies listed before December 31, 2008 as a sample, and empirically tests the influence of equity structure and ownership concentration on the growth of companies. Through the research, we draw the following conclusions: the proportion of state-owned shares is negatively correlated with the growth of companies, the proportion of corporate shares is positively correlated with the growth of companies, the proportion of circulating shares is positively correlated with the growth of companies, but it is not significant. The proportion of managerial shareholding is N type relationship with company growth, the first largest shareholder share holding proportion is U type relationship with company growth, and the equity balance degree is significantly negative correlation with company growth. Finally, based on the theoretical analysis and research conclusions, we put forward some policy suggestions to optimize the ownership structure of small and medium-sized listed companies and to further improve corporate governance.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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