创业板股权结构对公司绩效影响的实证研究

发布时间：2018-02-14 08:17

本文关键词： 创业板股权集中度公司业绩　出处：《广东外语外贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,随着我国企业股份制改革的快速推进,创业板得到了蓬勃发展。创业板对国民经济的发展推动也起到越来越大的作用,但因为我国创业板上市公司面世时间不长、数量不多,创业板上市板块尚未成熟,所以实务界和学术界对我国创业板上市公司的股权结构与公司业绩的研究尚未引起足够的关注。创业板上市公司作为国民经济发展的重要动力和科技创新的重要力量,本文通过分析其股权结构与公司业绩的相关性,希望能够在理论和实务上为提高我国创业板企业的业绩做出一些贡献。本文选取了2010年至2015年创业板上市公司的面板数据作为样本进行实证研究,探讨股权结构是如何影响公司业绩的。首先对国内外研究现状进行总结分析,并结合我国创业板上市公司的现状提出基本假设,然后依据基本假设选取相关变量,选取第一大股东的占股比例、股份占有人的平衡性和流通股份的占股比例为衡量指标,采用多元回归模型来探究创业板上市公司股权结构对公司业绩的影响。实证结果表明,在创业板上市公司中,第一大股东持股比例和股权制衡度与公司业绩显著正相关;流通股比例与公司业绩负相关。即第一大股东持股比例越大,股权制衡度越高,越能有效促进公司业绩;流通股比例成分高,散户居多,更多追求个人短期利益,阻碍公司业绩增长。文章最后开创性地提出,创业板企业应建立合理的制衡机制,约束大股东权利;健全对管理层的激励机制,完善股权约束机制;优化公司股权结构,降低企业中国有股的成分,提高法人股比例;政府应完善法律法规体系,加强公司信息披露。
[Abstract]:In recent years, with the rapid development of the shareholding system reform in our country, the gem has been booming. The gem also plays a more and more important role in promoting the development of the national economy, but because the listed companies of the gem have not been available for a long time, The number is not large, the gem listing plate is not yet mature, Therefore, the research on the equity structure and corporate performance of listed companies on the gem has not attracted enough attention in the practical and academic circles. As an important driving force of national economic development and an important force of scientific and technological innovation, gem listed companies have not attracted enough attention. Based on the analysis of the correlation between the ownership structure and the performance of the company, I hope to make some contributions in theory and practice to improve the performance of Chinese gem companies. This paper selects the panel data of gem listed companies from 2010 to 2015 as a sample for empirical research. This paper discusses how ownership structure affects corporate performance. Firstly, it summarizes and analyzes the current research situation at home and abroad, and puts forward basic assumptions combined with the current situation of listed companies on the gem, and then selects relevant variables according to the basic assumptions. This paper selects the proportion of the largest shareholder, the balance of the owner and the proportion of the circulating shares as the measure index, and uses the multiple regression model to explore the influence of the equity structure on the performance of the listed companies in the gem. In gem listed companies, the proportion of the largest shareholders and the degree of equity checks and balances are positively correlated with the performance of the company, while the proportion of circulating shares is negatively correlated with the performance of the company, that is, the greater the proportion of the largest shareholders, the higher the degree of equity checks and balances. The more effective it is to promote the company's performance, the higher the proportion of tradable shares is, the more retail investors are in the majority, and the more they pursue personal short-term interests, which hinder the growth of the company's performance. Finally, the article proposes that gem enterprises should establish a reasonable mechanism of checks and balances. Restricting the rights of large shareholders; perfecting the incentive mechanism to the management and perfecting the equity restraint mechanism; optimizing the ownership structure of the company, reducing the composition of state-owned shares in enterprises, and increasing the proportion of legal personnel shares; the government should perfect the system of laws and regulations, Strengthen the disclosure of company information.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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