基于DEA效率评价的新兴产业股权结构与公司绩效关系研究

发布时间：2018-05-10 13:51

本文选题：战略性新兴产业 + 股权结构　；参考：《华东师范大学》2015年硕士论文

【摘要】：金融危机之后,世界经济整体处于低迷状态,为了尽快走出金融危机带来的经济放缓局面、加速产业升级,各国都相继出台了新一轮的产业规划政策。在此背景下,我国在2010年确定了发展七大新兴行业作为推进我国产业升级,加快经济转型的战略性布局。经过几年的发展,我国的战略性新兴产业无论是在产业规模上还是在技术研发上都取得了丰硕的成果,但在产业发展过程中也暴露出来如过分依靠国外市场、低水平重复建设严重等问题。因此,本文研究了该产业股权结构与公司绩效之间的关系。本文对国内外相关文献进行了梳理,明确目前已经做出的研究成果以及尚待深入探讨的不足。国内外学者关于股权结构与公司绩效已经多有探讨,或针对某个市场或针对某些行业,但研究的结果和研究方法都尚无一致结论。本文在文献梳理之后通过经济学理论对相关问题提出假设,并通过DEA模型来测算新兴产业公司的经营绩效,该方法的优点是多输入多输出的模型可以多维衡量绩效,并利用固定效应下变截距的面板数据进行多元线性回归对理论进行验证,最后提出了本文的结论以及政策建议。通过研究发现,我国战略性新兴产业公司的平均经营绩效在最近5年内呈缓慢上升趋势。在股权集中度上,战略性新兴产业中股权缺乏制衡,股权集中度较高。对于不同的股权集中度衡量指标反应的两者之间关系差异较大,也说明了股权集中度对公司绩效的复杂影响。股权性质对于公司绩效的影响则表现为：机构持股对公司绩效有正面影响,国有股(含国家股、国有企业持股)与公司绩效无显著相关性,管理层持股对公司绩效有正面影响。本文认为在股权结构上,由于新兴产业的高风险性,应该引入战略投资者,丰富股权融资方式；应该加大管理层持股比例,减少由于利益不一致降低公司绩效的情形；保持适度的股权集中,加强股东之间的监督。在行业发展上,我国战略性新兴行业应该因地制宜,按比较优势发展各区域优势产业；设立研发专项基金,加强企业与高校之间的合作,实现技术创新产业化应用；充分发挥市场的主导作用,以政策为引导,建立充满活力的新兴产业市场。
[Abstract]:After the financial crisis, the world economy as a whole is in a depressed state. In order to get out of the economic slowdown brought by the financial crisis as soon as possible and accelerate the industrial upgrading, all countries have introduced a new round of industrial planning policies one after another. In this context, in 2010, China identified the development of seven major emerging industries as a strategic layout to promote China's industrial upgrading and accelerate economic transformation. After several years of development, China's strategic emerging industries have achieved fruitful results in both industrial scale and technological research and development. However, in the process of industrial development, it has also been exposed, such as excessive reliance on foreign markets. Low level repeated construction and other serious problems. Therefore, this paper studies the relationship between ownership structure and corporate performance. In this paper, the related literature at home and abroad is combed, and the research results and deficiencies that need to be further discussed are clear. Domestic and foreign scholars have discussed the ownership structure and corporate performance, or aimed at a market or some industries, but the research results and research methods have not yet reached a consistent conclusion. After combing the literature, this paper puts forward the hypothesis to the related problems through the economics theory, and measures the operating performance of the emerging industry company by DEA model. The advantage of this method is that the multi-input and multi-output model can measure the performance multi-dimensional. The theory is verified by multivariate linear regression using panel data with variable intercept under fixed effect. Finally, the conclusions and policy suggestions are put forward. It is found that the average operating performance of China's strategic emerging industry companies has been rising slowly in the past five years. In the ownership concentration, the strategic emerging industries lack of equity checks and balances, equity concentration is high. The relationship between the two indexes is different, which also shows the complex influence of ownership concentration on corporate performance. The influence of ownership nature on corporate performance is as follows: institutional shareholding has a positive impact on corporate performance, state-owned shares (including state-owned shares, state-owned enterprises holding shares) have no significant correlation with corporate performance, and management ownership has a positive impact on corporate performance. In the view of equity structure, because of the high risk of emerging industries, strategic investors should be introduced to enrich the equity financing mode, the proportion of management shares should be increased, and the situation of reducing corporate performance due to inconsistent interests should be reduced. Maintain moderate concentration of equity and strengthen supervision among shareholders. In terms of industry development, China's strategic emerging industries should adapt to local conditions, develop regional superior industries according to their comparative advantages, set up special funds for R & D, strengthen cooperation between enterprises and universities, and realize the industrialization application of technological innovation. Give full play to the leading role of the market, policy-oriented, establish a vibrant emerging industry market.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F276.44;F275

【相似文献】