ST公司股权结构与经营绩效关系的实证研究

发布时间：2018-09-05 08:39

【摘要】：理论研究与实践经验表明,上市公司的质量是一个国家证券市场健康发展的基石。经过几十年的改革、发展与创新,我国股票市场的规模快速扩张,在企业融资、改制、产业结构优化调整等方面贡献越来越突出,它已经成为我国经济持续健康发展不可或缺的组成部分。但是时至今日,上市公司良莠不齐,部分企业运营效率低下的现象一直为投资者所诟病。根据1998年实施的股票上市规则,沪深证券交易所在1998年4月22日开始对财务状况或其它状况出现异常的上市公司的股票交易实施ST特别处理。2009年被深交所特别处理的的公司60家中,有49家公司的平均ROE为-72.95%,36家公司的ROE处在0%至-500%之间,2011年上半年,两市受到特别处理的公司多达137家,占主板市场公司数量的8.8%。由于业绩差,且阵容庞大,ST公司已经成为我国资本市场中令人瞩目且让人忧虑的上市群体。遏制ST公司继续扩容和促使相关公司早日摘帽是我国未来证券市场发展中亟待解决的问题。本文以ST公司做为研究对象,用理论和实证相结合的方法,从股权结构的角度对ST公司经营绩效低下的原因进行深入分析,并提出治理对策。本文按照理论研究——实证分析——对策建议的研究思路展开分析。首先,本文对研究文献进行的认真梳理,并从所有权、委托代理等方面论述了相关的基础理论,详细阐述了股权结构对公司绩效的制约机理,为后面的实证分析打奠定了良好的理论基础。之后,文章对ST公司股权结构现状及存在的问题进行了客观分析,发现ST公司存在股权集中度较高,一股独大现象明显、高管持股比例极低、股权制衡机制缺失等突出问题。接着,文章以2011年首次被特别处理的上市公司为样本,用因子分析法对这些公司近八年来的经营绩效进行综合评定,并用面板数据模型对相关公司的股权结构与经营绩效的关系进行实证研究。结果发现,第一大股东持股比例、法人股比例、股权集中度三个指标与公司绩效正相关,第一大股东持股与法人股比例越多,股权集中度越高,公司经营业绩越好；但国有股比例与公司绩效明显负相关,国有股比例越高,公司绩效水平越差：上市公司股权制衡指标和流通股比例与ST公司绩效之间的相关关系没有通过显著性检验,但股权制衡指标系数估计值为正,流通股比例系数估计值为负,说明二者对公司绩效可能存在一定的影响。最后,本文为改善公司绩效,提出了优化ST公司股权结构的对策建议,具体包括优化股权集中度、培养法人投资主体、提高上市公司的流通股比例、解决国家股权的“人格化”虚设问题、建立健全股权激励机制、努力完善资本市场。
[Abstract]:Theoretical research and practical experience show that the quality of listed companies is the cornerstone of the healthy development of a country's securities market. After decades of reform, development and innovation, the scale of China's stock market has expanded rapidly, and its contribution to enterprise financing, restructuring, industrial structure optimization and adjustment has become increasingly prominent. But up to now, some listed companies have been criticized by investors for their inefficiency in operation. According to the stock listing rules implemented in 1998, the Shanghai and Shenzhen Stock Exchange began to share in listed companies with abnormal financial or other conditions on April 22, 1998. In 2009, 49 of the 60 companies specially handled by the Shenzhen Stock Exchange had an average ROE of - 72.95%, while 36 were between 0% and - 500%. In the first half of 2011, 137 companies were specially handled, accounting for 8.8% of the total number of Companies in the main board market. It has become a noticeable and worrying listed group in China's capital market. It is an urgent problem to curb the expansion of ST company and to make related companies take off their hats early in the future development of China's securities market. The reasons for the low performance of the company are analyzed and the countermeasures are put forward.
This paper analyzes the research ideas based on theoretical research, empirical analysis, countermeasures and suggestions.
First of all, this paper combs the research literature carefully, and discusses the relevant basic theory from the ownership, principal-agent and other aspects, and elaborates the restriction mechanism of ownership structure on corporate performance in detail, which lays a good theoretical foundation for the following empirical analysis.
After that, the paper objectively analyzes the present situation and existing problems of ST company's ownership structure, and finds that ST company has some outstanding problems, such as high ownership concentration, dominant share, extremely low proportion of senior managers'ownership, and lack of equity checks and balances mechanism.
Then, taking the listed companies which were specially treated for the first time in 2011 as samples, this paper makes a comprehensive evaluation of their operating performance in the past eight years by using factor analysis method, and makes an empirical study on the relationship between ownership structure and operating performance by using panel data model. For example, the three indicators of ownership concentration are positively correlated with company performance. The more the proportion of the first largest shareholder holding shares and legal person shares, the higher the degree of ownership concentration, the better the company's operating performance; but the proportion of state-owned shares is negatively correlated with the company's performance. The higher the proportion of state-owned shares, the worse the company's performance level. The correlation between the performance and ST company has not passed the significant test, but the estimated value of the index coefficient of equity checks and balances is positive, and the estimated value of the proportion coefficient of circulating shares is negative, which indicates that the two factors may have a certain impact on the performance of the company.
Finally, in order to improve the performance of the company, this paper puts forward some countermeasures and suggestions to optimize the ownership structure of ST company, including optimizing the ownership concentration, cultivating the investment subject of legal person, increasing the proportion of circulating shares of listed companies, solving the problem of "personification" of state ownership, establishing and perfecting the ownership incentive mechanism, and striving to improve the capital market.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F832.51;F276.6

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