民营上市公司高管持股比例与组织绩效相关性研究

发布时间：2018-01-15 08:52

本文关键词：民营上市公司高管持股比例与组织绩效相关性研究　出处：《天津商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：通过分析我国民营上市公司2015年报可以发现不同民营上市公司第一大股东持股比例存在一定差异,在这种情况下,若想更好的研究民营上市公司股权结构、高管持股与其绩效间的关系应该考虑到第一大股东持股比例不同对所要研究的结果产生的影响。所以本文将按第一大股东持股比例不同,将研究数据划分为:股权集中度相对分散(第一大股东持股比例小于20%)、股权集中度相对集中(第一大股东持股比例在20%-40%之间)、绝对控股(第一大股东持股比例大于40%)三个分样本的研究区间,再对每个分类样本做回归分析研究各变量之间的相关关系。最后,本文通过对细分样本进行研究,进一步分析股权结构、高管持股与公司绩效间的关系,从而使研究更具针对性和可靠性。本文以民营上市公司2012-2015年披露的统计数据为研究对象,对我国民营上市公司股权结构、高管持股与公司绩效间的关系进行实证分析。本文研究数据主要来自国泰安数据服务中心的中国民营上市公司数据库和万德数据库。第一大股东持股比例、高管持股比例及净资产收益率数据是直接取得的,其他数据是利用EXCEL2010进行加工计算得出来的,所有数据的处理均利用EXCEL2010和SPSS17.0完成。此外,为了提高统计分析的有效性,在样本的选取过程中将剔除一些明显存在错误的数据。最后在对所要研究的样本数据进行整理后,利用SPSS数据分析软件对其进行单因素方差分析、描述性统计分析、相关性分析和多元线性回归分析。通过对所要研究的样本进行数据分析和多元线性回归分析可知:(1)当第一大股东持股比例小于20%时,第一大股东持股比例与公司绩效间不存在显著的正相关关系。(2)当第一大股东持股比例大于20%时,第一大股东持股比例与公司绩效间存在正相关关系。(3)我国民营上市公司第二到第十大股东持股比例之和与民营上市公司绩效间存在显著的正相关关系。(4)由多元线性回归分析可知,当第一大股东持股比例小于20%时,我国民营上市公司高管持股比例与公司绩效间存在不显著的负相关关系。(5)当第一大股东持股比例在20%-40%之间以及大于40%的研究区间内,我国民营上市公司高管持股比例与公司绩效间存在显著的负相关关系。为了有效的完善我国民营上市公司的公司治理机制从而提升民营上市公司的盈利能力,本文通过对研究结果的分析,建议民营上市公司可以适当的提高其股权集中度和股权制衡度,建立一个相对集中的股权结构。除此之外,本文还建议在当前公司内外部监督机制尚不完善的情况下尽量减少其高管持股比例,因为民营上市公司高管持股对其盈利能力产生不利影响。最后,民营上市公司应结合自身特征选择合适的公司规模并将资产负债率控制在合理的范围内,因为高资产负债率会增加公司的经营风险并且不利于盈利能力的提升。
[Abstract]:Through the analysis of the 2015 annual report of private listed companies in China, we can find that there are some differences in the proportion of the largest shareholders in different private listed companies, in this case. If we want to study the ownership structure of private listed companies better. The relationship between executive ownership and its performance should take into account the impact of different shareholding ratio of the largest shareholder on the results to be studied. The research data can be divided into two parts: the degree of equity concentration is relatively dispersed (the proportion of the largest shareholder is less than 20%, and the ratio of ownership concentration is relatively concentrated (the proportion of the first largest shareholder is between 20% and 40%). Absolute holding (the proportion of the largest shareholder holding more than 40 parts) of the three samples of the study interval, and then for each classification of the sample to do regression analysis of the correlation between the variables. Finally. Through the study of subdivision samples, this paper further analyzes the relationship between ownership structure, executive ownership and corporate performance. In order to make the research more targeted and reliable. This paper takes the statistical data of the private listed companies from 2012-2015 as the research object, and analyzes the ownership structure of the private listed companies in China. Empirical analysis of the relationship between executive ownership and corporate performance. The data are mainly from the Cathay Pacific data Service Center of private listed companies database and Wande database. The largest shareholder shareholding ratio. The data of executive shareholding ratio and ROA are obtained directly, while other data are processed and calculated by EXCEL2010. All the data are processed by EXCEL2010 and SPSS17.0. In addition, in order to improve the effectiveness of statistical analysis. In the process of sample selection, some obviously wrong data will be eliminated. Finally, after finishing the sample data to be studied, using SPSS data analysis software to carry out single-factor ANOVA. Descriptive statistical analysis. Correlation analysis and multiple linear regression analysis. Through the data analysis and multiple linear regression analysis of the samples to be studied, we can know that: 1) when the proportion of the first largest shareholder is less than 20%. There is no significant positive correlation between the shareholding ratio of the largest shareholder and the performance of the company. (2) when the holding ratio of the first largest shareholder is greater than 20, there is no significant positive correlation between the proportion of the first shareholder and the performance of the company. There is a significant positive correlation between the proportion of the first largest shareholders and the company performance. (3) there is a significant positive correlation between the sum of the second to tenth shareholder holding ratio of the private listed companies and the performance of the private listed companies. (. 4) multiple linear regression analysis. When the first shareholder holds less than 20 shares. There is no significant negative correlation between the proportion of private listed companies and corporate performance. 5) when the proportion of the largest shareholders is between 20%-40% and more than 40% research interval. In order to effectively improve the corporate governance mechanism of private listed companies in order to improve the profitability of private listed companies, there is a significant negative correlation between the proportion of private listed companies and corporate performance. Through the analysis of the research results, this paper suggests that private listed companies can appropriately improve the degree of equity concentration and equity checks and balances, and establish a relatively centralized equity structure. This paper also suggests that the company's internal and external oversight mechanism is not perfect to reduce the proportion of its executive shareholding, because the private listed companies have a negative impact on their profitability. Finally. Private listed companies should select the appropriate company size according to their own characteristics and control the asset-liability ratio within a reasonable range because high asset-liability ratio will increase the operating risk of the company and is not conducive to the improvement of profitability.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F272.91;F832.51

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