股权混合度对国有企业治理绩效的影响研究

发布时间：2018-06-07 19:29

本文选题：混合所有制 + 国有企业　；参考：《山东师范大学》2017年硕士论文

【摘要】：随着经济的发展,提高我国国有企业治理效果最重要的途径之一就是进行混合所有制改革,提高股权结构的混合程度。十八届三中全会上一致讨论通过了深化国有企业改革的决定,确立了国有企业改革的途径和方式,即实现交叉持股,实行混合所有制改革。混合所有制改革政策的提出为国有企业完善公司治理开辟了新的道路,提供了新的改革方向和理论研究空间。在政策推动与生存需求的双重驱动下,发展混合所有制经济,引入非国有资本已经成为国有企业改革的方向与目标。然而,不同程度、不同比例的股权混合对公司的生产、经营、管理以及资产收益状况的影响各有不同,确定一个最适合企业经营治理的股权混合程度,是我们实行混合所有制改革需要解决的关键问题。本文主要选取了2005年-2015年上海证券交易所上市的处于竞争行业的国有企业为样本,去掉了2004年控股权不是国有的企业、关系国家安危的企业、金融公司、曾被标注ST的公司以及无法在WIND数据库中获得相关信息和数据的企业,最终选择了189个公司的数据作为样本,共包括2079个样本观测值。通过实证研究证明以下三个结论:(1)基于混合强度来看,与单一所有制公司相比,基于混合强度来看,与单一所有制公司相比,主要股东多元性,即不同性质的股东数量、混合股权的性质类比越多,越能促进公司治理透明化,改善市场对上市公司的长期评价,从而增强市场对上市公司长期盈利能力的信心;(2)从混合比例来看,非国有股东混合比例与公司治理效果呈现显著的倒“U”型关系,且非国有股东混合比例处于30%-40%时,治理绩效表现最佳,证实了“最佳混合比例效应”的存在;(3)从混合类型来看,国有企业混合所有制改革的过程中,更多的融入外资资本比融入民营资本对公司治理效果更有益,同时,这也论证了“外资混合优先效应”的存在。
[Abstract]:With the development of the economy, one of the most important ways to improve the effect of state-owned enterprises in China is to carry out the reform of mixed ownership and to improve the mixing degree of the ownership structure. In the third Plenary Session of the 18th CPC Central Committee, the decision of deepening the reform of the state-owned enterprises was discussed, and the ways and means of the reform of the state-owned enterprises were established, that is to realize the cross shareholding, The reform policy of mixed ownership has opened up a new way for state-owned enterprises to improve corporate governance and provides a new direction for reform and theoretical research. Under the dual drive of policy promotion and survival demand, the development of mixed ownership economy and the introduction of non-state-owned capital have become the reform of state-owned enterprises. However, the impact of the mixed ownership mix on the production, management, management and asset returns of the company is different in varying degrees. It is the key problem that we need to solve in the implementation of the mixed ownership reform. This paper mainly selects the 2005 -2015. In 2004, the Shanghai Stock Exchange listed the state-owned enterprises in the competition industry as a sample, removing the state-owned enterprises in 2004, the state security enterprises, financial companies, companies that had been labeled as ST and enterprises that were unable to obtain relevant information and data in the WIND database, and finally selected the data of 189 companies. Samples, including 2079 samples, prove that the following three conclusions: (1) based on the mixed intensity, compared with a single ownership company, compared with a single ownership company, the number of main shareholders, the number of shareholders of different nature, the more the nature of the mixed equity, the more the promotion of the public, compared with the single ownership company. The company is transparent and improves the long-term evaluation of the market to listed companies, thus enhancing the market's confidence in the long-term profitability of the listed companies. (2) from a mixed proportion, the mixed proportion of non state-owned shareholders has a significant "U" relationship with the effect of corporate governance, and when the proportion of non country shareholders is in the 30%-40%, the performance of governance is the most. Well, it confirms the existence of "the best mixed proportion effect"; (3) from the mixed type, in the process of the mixed ownership reform of the state-owned enterprises, more foreign capital into the foreign capital than the private capital is more beneficial to the effect of the corporate governance. At the same time, this also demonstrates the existence of "the preferential effect of foreign investment".
【学位授予单位】：山东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.1;F832.51

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