我国中小板上市公司股权结构与绩效关系研究

发布时间：2018-11-25 12:52

【摘要】：2005年股权分置改革后,我国上市公司的股票进入全流通阶段,改变了以往我国独有的流通股与非流通股并存于上市公司的分置状况,同时我国上市公司的股权结构也随之发生变化。而作为公司治理基础的股权结构对公司治理机制的顺利运行至关重要,它对公司的经营绩效起重要的决定作用。在这一背景下,本文选择我国中小企业板上市公司为研究对象,分析后股权分置时期的中小板上市公司股权结构与经营绩效的关系。本文按照理论分析-实证分析-政策建议的研究思路,首先阐述股权结构与公司治理的基本理论,此后,从股权集中度和股权属性两个角度分析股权结构影响公司绩效的机理。理论分析结果表明,合理的股权结构有助于改善公司治理结构和经营绩效。在此基础上,通过描述性统计方法分析我国中小板上市公司的股权结构和经营绩效现状,并在构建模型的基础上对其进行实证检验,结果发现：股权集中度与经营绩效是倒U型关系,股权制衡有助于提高公司的经营绩效；国有股占比与经营绩效负相关,法人股占比与公司绩效正相关,自然人股比例同公司绩效则无显著的相关关系。最后,在结合前文理论与实证分析的基础上,为改善我国中小企业板上市公司的股权结构、提高企业经营绩效提出相应的政策建议：保持股权制衡的存在并构建适度集中的股权结构；适度保持法人持股比例并降低国家股占比；强化证券市场的外部监管和法制建设。
[Abstract]:After the reform of non-tradable shares in 2005, the stock of listed companies in our country entered the stage of full circulation, which changed the situation that the tradable shares and non-tradable shares coexisted in the listed companies in the past. At the same time, the ownership structure of listed companies in China also changes. As the basis of corporate governance, the ownership structure is very important to the smooth operation of corporate governance mechanism, which plays an important role in determining the performance of the company. Under this background, this article chooses the small and medium-sized enterprise board listed company of our country as the research object, analyzes the relationship between the ownership structure and the management performance of the small and medium-sized board listed company in the period of the split share structure. Based on the theoretical analysis, empirical analysis and policy recommendations, this paper first expounds the basic theory of equity structure and corporate governance, and then analyzes the mechanism of ownership structure influencing corporate performance from the perspective of ownership concentration and ownership attributes. The results of theoretical analysis show that reasonable ownership structure is helpful to improve corporate governance structure and management performance. On this basis, through descriptive statistical method to analyze the ownership structure and management performance of small and medium-sized listed companies in China, and on the basis of building the model to carry out an empirical test. The results show that the equity concentration degree and the operating performance are inversely U-shaped, and equity checks and balances can help to improve the company's business performance. The proportion of state-owned shares is negatively correlated with operating performance, the proportion of corporate shares is positively correlated with corporate performance, and the proportion of natural shares has no significant correlation with corporate performance. Finally, on the basis of the above theory and empirical analysis, in order to improve the ownership structure of Chinese SME board listed companies, To improve the performance of enterprises, the corresponding policy recommendations are put forward: to maintain the existence of equity checks and balances and to build a moderately concentrated equity structure; Keeping the proportion of legal person holding shares and reducing the proportion of state shares; strengthening the external supervision and legal system construction of the securities market.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51;F224

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