上市公司股权结构对内部资本市场效率的影响研究

发布时间：2018-01-12 21:15

本文关键词：上市公司股权结构对内部资本市场效率的影响研究　出处：《东北农业大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国经济在近几十年发生了飞速的发展,各类企业是其中的中坚力量,企业依靠资本投入来壮大,使资本市场已经成为企业开拓所需资金的重要来源渠道,其中外部的资本市场是其核心组成部分。然而,我国的经济市场发展正处在转型时期,用于规范和促进外部资本市场的法律法规还很不健全,企业被外部融资机制限制,从外部资本市场融得的资金还远远达不到需求,这就迫使内部资本市场从对外部资本市场的替补的地位转变到更为重要的地位,内部资本市场在近年来开始受到了广泛的关注,如何进行内部资本市场的高效运用也成为了需要迫切研究的课题。内部资本市场以公司治理结构为运作环境,其中,最关键的内容就是公司如何完善股权结构。遗憾的是,目前我国的公司大多股权结构不健全,公司管理能力低下,很多公司缺乏对内部资本市场的有效运作,在最后通常都会对企业的业绩造成非常不利的影响。因此,要增加公司的整体价值,高效运作内部资本市场,就要从源头上解决问题,完善公司的股权结构。本文将内部资本市场效率作为研究对象,研究股权结构对企业内部资本市场效率的影响,使得企业内部资本市场的利用更为高效,从而发挥其最佳助力。本文先是回顾了前人的研究成果,从国内和国外两方面对前人的文献成果进行了归纳和总结,进而阐述了股权结构、内部资本市场和内部资本市场效率等相关概念,并引入了相关的理论。其次,本文描述了股权结构和内部资本市场效率的现状,并分析了股权结构和内部资本市场效率的关系,并根据上述理论基础结合股权结构和内部资本市场效率的现状进行了实证分析。具体来说,本文选取了在沪深两市A股上市的988家公司2010-2012年期间的数据,以第一大股东持股比例、股权制衡度、两权分离度、流通股比例、管理层持股比例五个指标来衡量股权结构,采用间接法用企业获得的超额价值来衡量内部资本市场效率,展开了描述性统计分析、相关性检验和回归分析,并得出以下结论：(1)控股股东持股比例与内部资本市场效率呈“U”型关系；(2)股权制衡度与内部资本市场效率呈正相关；(3)控制权与现金流权分离度与内部资本市场效率呈负相关；(4)流通股比例与内部资本市场效率呈正相关；(5)管理层持股比例与内部资本市场效率呈正相关；(6)作为控制变量的资产负债率和公司规模与内部资本市场效率呈负相关。最后,根据实证得出的结果,本文进行了总结,提出了以下五点建议：优化公司股权结构并加强对控股股东行为的制约、加强对中小股东权益的保护、完善公司内部治理结构、建立管理层的激励约束机制、健全相关法律法规以加强对投资者利益的保护。
[Abstract]:The economy of our country has developed rapidly in recent decades, among which all kinds of enterprises are the backbone. The enterprises rely on the capital investment to grow, so the capital market has become an important source of funds for enterprises to open up. The external capital market is the core part of it. However, the development of our country's economic market is in the transition period, and the laws and regulations used to regulate and promote the external capital market are not perfect. Enterprises are restricted by the external financing mechanism, and the funds raised from the external capital market are still far from the demand, which forces the internal capital market to change from the replacement status of the external capital market to a more important position. In recent years, the internal capital market has been paid more and more attention. How to make efficient use of the internal capital market has become an urgent research topic. The internal capital market takes the corporate governance structure as the operating environment. Among them, the most critical content is how to improve the ownership structure. Unfortunately, at present, most of the companies in our country are not sound ownership structure, corporate management ability is low. Many companies lack the effective operation of the internal capital market, and usually have a very negative impact on the performance of the enterprise in the end. Therefore, to increase the overall value of the company, efficient operation of the internal capital market. This paper takes the efficiency of internal capital market as the research object to study the influence of ownership structure on the efficiency of internal capital market. To make the use of the internal capital market more efficient, thus giving play to its best help. This paper first reviews the previous research results, from the domestic and foreign two aspects of the previous literature achievements are summarized and summarized, and then elaborated the ownership structure. Internal capital market and internal capital market efficiency and other related concepts, and the introduction of relevant theory. Secondly, this paper describes the ownership structure and internal capital market efficiency. And analyzes the relationship between equity structure and internal capital market efficiency, and according to the above theoretical basis combined with equity structure and internal capital market efficiency of the current situation of empirical analysis. Specifically speaking. This paper selects the data of 988 companies listed in Shanghai and Shenzhen stock market from 2010 to 2012, taking the largest shareholder holding ratio, equity balance degree, separation degree of two rights and circulating share ratio. The paper uses the indirect method to measure the efficiency of the internal capital market by using the indirect method to measure the efficiency of the internal capital market, and carries out descriptive statistical analysis, correlation test and regression analysis. And draw the following conclusion: (1) the proportion of controlling shareholder holding shares and the efficiency of internal capital market are "U" type; (2) the degree of equity balance is positively related to the efficiency of internal capital market; 3) the degree of separation of control right and cash flow right is negatively related to the efficiency of internal capital market; (4) the proportion of circulating shares is positively related to the efficiency of internal capital market; (5) the proportion of managerial shareholding is positively related to the efficiency of internal capital market; 6) Asset-liability ratio and company size as control variables are negatively correlated with the efficiency of internal capital market. Finally, according to the empirical results, this paper summarizes. Put forward the following five suggestions: optimize the company's equity structure and strengthen the behavior of controlling shareholders, strengthen the protection of the rights and interests of minority shareholders, improve the internal governance structure of the company, and establish the incentive and constraint mechanism of management. Improve the relevant laws and regulations to strengthen the protection of the interests of investors.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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