我国制造业上市公司股权结构与公司绩效关系的研究
发布时间：2018-09-11 08:04
【摘要】：股权结构作为公司治理体系的产权基础,是企业利益相关者权利和义务的集中反映,它在很大程度上影响甚至决定上市公司如何配置公司的控制权,股权结构还会通过公司治理机制来影响公司治理效率,并最终改变公司的经营效果。如果公司的股权结构合理,那么由于公司所有权和控制权分离产生的委托代理成本会降低,委托人对代理人的监督和激励就会越有效,公司的治理效率越高,公司经营绩效也就越好；相反,倘若公司的股权结构不合理就可能会产生相反的效果,代理成本增加、监督和激励无效,最终导致公司绩效降低。 我国的资本市场成立于二十世纪九十年代,到目前为止已经二十几年的时间,国内学者关于股权结构与公司绩效关系的研究一直没有问断,但是由于研究的视角、研究的切入点以及研究变量等方面的差异,始终没能得到一个统一的研究结论。通过以往学者的研究发现,行业的差异对股权结构与公司绩效的关系也会产生影响,本文又考虑到制造业在我国国民经济中的重要作用,于是以制造业作为本文的研究对象进行深入细致的研究。 本文采用实证研究的范式,以我国2007-2011年沪深A股462家制造业上市公司为研究样本,提出五个研究假设并建立相应的回归模型。在解释变量的选择上,本文与前人的研究不同,选择主营业务净资产收益率和净资产收益率；被解释变量则分股权集中度和股权属性两方面共七个变量,对公司的股权集中度、股权属性与公司绩效的关系首先进行描述性统计分析、相关性分析,最后进行实证设计和分析。 围绕研究的内容,本文主要分为六大部分： 第一部分主要介绍绪论。介绍本文的研究意义、选取我国制造业上市公司为研究对象的原因、研究内容和方法以及研究的优势和不足。 第二部分对相关的文献综述进行回顾。本章对国内外学者的实证研究文献进行细致的回顾和分析,最后进行文献评述。 第三部分主要介绍了股权结构与公司绩效的相关理论。这一章主要阐述了委托代理理论,然后介绍了我国股权结构对公司绩效的影响。 第四部分是制造业股权结构与公司绩效的现状分析。从股权集中度和股权属性两方面介绍了目前制造业股权结构的状况,分析股权结构的特点,然后介绍公司经营绩效的现状。 第五部分进行实证研究分析。主要介绍了样本选取、相关变量的选择、研究假设,并对模型构建进行描述。然后重点进行了实证研究分析,对相关统计变量进行描述性统计分析,然后分别就股权属性变量、股权集中度变量与公司绩效变量进行回归分析,并对回归结果进行解释。 第六部分是研究结论和建议。首先对第五章的实证研究做总结性的结论,然后根据实证结果,再结合我国股权结构的现状,提出了一些建设性的建议。 本文实证结果表明：(1)制造业上市公司股权集中度与公司绩效正相关；(2)制造业上市公司股权制衡程度与公司绩效正相关；(3)公司国有股比例对公司绩效影响不显著；(4)制造业上市公司法人股比例的提高有利于公司绩效的提升；(5)制造业上市公司流通股比例对于公司绩效影响是负面的。
[Abstract]:Ownership structure, as the property right basis of corporate governance system, is the concentrated reflection of the rights and obligations of the stakeholders of an enterprise. To a great extent, it affects or even decides how the listed companies allocate the control rights of the company. Ownership structure also affects the efficiency of corporate governance through the corporate governance mechanism, and ultimately changes the operating effect of the company. If the ownership structure of the company is reasonable, then the principal-agent cost caused by the separation of ownership and control of the company will be reduced, the principal's supervision and incentive to the agent will be more effective, the higher the corporate governance efficiency, the better the company's operating performance; on the contrary, if the ownership structure of the company is unreasonable, it may produce the opposite. As a result, agency costs increase, supervision and incentives fail, resulting in lower corporate performance.
China's capital market was established in the 1990s, so far it has been more than 20 years, the domestic scholars on the relationship between ownership structure and corporate performance has not been interrupted, but because of the research perspective, research entry point and research variables and other differences, has never been able to get a unified study. Conclusion. According to the previous studies, the industry differences also have an impact on the relationship between ownership structure and corporate performance. Considering the important role of manufacturing industry in China's national economy, this paper takes manufacturing industry as the research object of this paper.
Based on the empirical research paradigm, this paper takes 462 listed manufacturing companies in Shanghai and Shenzhen A-share market from 2007 to 2011 as the research sample, puts forward five research hypotheses and establishes corresponding regression model. Then, there are seven variables in the two aspects of ownership concentration and ownership attributes. First, descriptive statistical analysis and correlation analysis are made on the relationship between ownership concentration, ownership attributes and corporate performance.
Around the content of the study, this article is divided into six parts.
The first part mainly introduces the introduction. It introduces the significance of this study, the reasons for choosing listed manufacturing companies in China as the research object, the research contents and methods, as well as the advantages and disadvantages of the study.
The second part reviews the relevant literature. This chapter makes a detailed review and analysis of the empirical research literature of domestic and foreign scholars, and finally makes a literature review.
The third part mainly introduces the theory of ownership structure and corporate performance. This chapter mainly expounds the principal-agent theory, and then introduces the impact of ownership structure on corporate performance in China.
The fourth part is the analysis of the current situation of the ownership structure and corporate performance in manufacturing industry.This paper introduces the current situation of the ownership structure in manufacturing industry from the aspects of ownership concentration and ownership attributes,analyzes the characteristics of the ownership structure,and then introduces the current situation of the company's operating performance.
The fifth part carries on the empirical research analysis. It mainly introduces the sample selection, the choice of related variables, the research hypothesis, and describes the model construction. Then it emphatically carries on the empirical research analysis, carries on the descriptive statistical analysis to the correlation statistical variable, then separately carries on the stock right attribute variable, the stock right concentration variable and the company performance variable. Regression analysis was carried out and the regression results were explained.
The sixth part is the conclusion and suggestion of the study. Firstly, the conclusion of the empirical study in the fifth chapter is summarized. Then, according to the empirical results and the present situation of the ownership structure in China, some constructive suggestions are put forward.
The empirical results show that: (1) Equity concentration of listed manufacturing companies is positively correlated with corporate performance; (2) Equity checks and balances of listed manufacturing companies are positively correlated with corporate performance; (3) The proportion of state-owned shares has no significant impact on corporate performance; (4) Increasing the proportion of corporate shares of listed manufacturing companies is conducive to improving corporate performance. (5) the proportion of tradable shares of Listed Companies in manufacturing industry has negative impact on company performance.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F406.72;F832.51;F224
本文编号：2236103
[Abstract]:Ownership structure, as the property right basis of corporate governance system, is the concentrated reflection of the rights and obligations of the stakeholders of an enterprise. To a great extent, it affects or even decides how the listed companies allocate the control rights of the company. Ownership structure also affects the efficiency of corporate governance through the corporate governance mechanism, and ultimately changes the operating effect of the company. If the ownership structure of the company is reasonable, then the principal-agent cost caused by the separation of ownership and control of the company will be reduced, the principal's supervision and incentive to the agent will be more effective, the higher the corporate governance efficiency, the better the company's operating performance; on the contrary, if the ownership structure of the company is unreasonable, it may produce the opposite. As a result, agency costs increase, supervision and incentives fail, resulting in lower corporate performance.
China's capital market was established in the 1990s, so far it has been more than 20 years, the domestic scholars on the relationship between ownership structure and corporate performance has not been interrupted, but because of the research perspective, research entry point and research variables and other differences, has never been able to get a unified study. Conclusion. According to the previous studies, the industry differences also have an impact on the relationship between ownership structure and corporate performance. Considering the important role of manufacturing industry in China's national economy, this paper takes manufacturing industry as the research object of this paper.
Based on the empirical research paradigm, this paper takes 462 listed manufacturing companies in Shanghai and Shenzhen A-share market from 2007 to 2011 as the research sample, puts forward five research hypotheses and establishes corresponding regression model. Then, there are seven variables in the two aspects of ownership concentration and ownership attributes. First, descriptive statistical analysis and correlation analysis are made on the relationship between ownership concentration, ownership attributes and corporate performance.
Around the content of the study, this article is divided into six parts.
The first part mainly introduces the introduction. It introduces the significance of this study, the reasons for choosing listed manufacturing companies in China as the research object, the research contents and methods, as well as the advantages and disadvantages of the study.
The second part reviews the relevant literature. This chapter makes a detailed review and analysis of the empirical research literature of domestic and foreign scholars, and finally makes a literature review.
The third part mainly introduces the theory of ownership structure and corporate performance. This chapter mainly expounds the principal-agent theory, and then introduces the impact of ownership structure on corporate performance in China.
The fourth part is the analysis of the current situation of the ownership structure and corporate performance in manufacturing industry.This paper introduces the current situation of the ownership structure in manufacturing industry from the aspects of ownership concentration and ownership attributes,analyzes the characteristics of the ownership structure,and then introduces the current situation of the company's operating performance.
The fifth part carries on the empirical research analysis. It mainly introduces the sample selection, the choice of related variables, the research hypothesis, and describes the model construction. Then it emphatically carries on the empirical research analysis, carries on the descriptive statistical analysis to the correlation statistical variable, then separately carries on the stock right attribute variable, the stock right concentration variable and the company performance variable. Regression analysis was carried out and the regression results were explained.
The sixth part is the conclusion and suggestion of the study. Firstly, the conclusion of the empirical study in the fifth chapter is summarized. Then, according to the empirical results and the present situation of the ownership structure in China, some constructive suggestions are put forward.
The empirical results show that: (1) Equity concentration of listed manufacturing companies is positively correlated with corporate performance; (2) Equity checks and balances of listed manufacturing companies are positively correlated with corporate performance; (3) The proportion of state-owned shares has no significant impact on corporate performance; (4) Increasing the proportion of corporate shares of listed manufacturing companies is conducive to improving corporate performance. (5) the proportion of tradable shares of Listed Companies in manufacturing industry has negative impact on company performance.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F406.72;F832.51;F224
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