股权结构对中国上市公司企业绩效的影响研究

发布时间：2018-03-04 10:06

本文选题：股权结构　切入点：企业绩效　出处：《哈尔滨工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：目前,中国经济结构转型日益完善,提升质量、改善效益成为新的发展态势。在经济新常态与供给侧结构性改革趋势不断深入的大背景下,改善企业经营绩效成为推进企业发展的重要支撑,而股权结构约束着企业的产生与发展。在我国的特殊国情下,在某一程度上,政府在资源分配的过程中处于较为重要的位置,同时政府能够通过经济、行政等各种手段对经济加以调控。在这种情境下,文章尝试分析国有股权对我国上市企业的影响,借此探究国有股权结构与企业绩效之间的关系,从而推动市场资源的合理配置。本文以中国沪深A股市场2005-2016年的上市公司为分析样本,对我国上市企业的股权结构情况展开研究,进而构建绩效测量的成本与效益指标框架,通过DEA分析方法对企业绩效展开考量,使用Tobit回归方法、断点回归的方法多个维度分析国有股权结构对企业绩效的作用,通过检验发现,我国上市公司的企业绩效一般比较差。通常情况下,股权结构与企业绩效之间并不存在简单的线性关系。在国有股处于绝对控股地位时,国有股份比例与企业绩效之间存在显著的负相关关系;当国有股处于相对控股地位时,国有股份比例与企业绩效之间存在显著的正相关关系;在国有股份参股的企业中,绩效随国有股持股比例的增加而提升。股权性质和集中度的差异,是影响企业绩效的重要原因。国有股份的持有比例,与企业绩效之间存在倒“U”型关系。本文的研究丰富了国有股权结构与企业绩效理论,为国有股权合理改革提供新思路,对于深入研究中国特色股权结构,提升企业绩效具有重大意义。
[Abstract]:At present, the structural transformation of China's economy is becoming more and more perfect, and improving quality and efficiency is becoming a new development trend. Under the background of the new normal state of economy and the deepening trend of supply-side structural reform, Improving the performance of enterprises becomes an important support to promote the development of enterprises, and the ownership structure restricts the emergence and development of enterprises. In the special situation of our country, to a certain extent, the government is in a more important position in the process of resource allocation. At the same time, the government can adjust and control the economy through various means, such as economy, administration and so on. In this context, the article tries to analyze the influence of state-owned equity on the listed enterprises in China, so as to explore the relationship between the structure of state-owned equity and the performance of enterprises. In order to promote the rational allocation of market resources, this paper takes the listed companies in China's Shanghai and Shenzhen A-share markets from 2005-2016 as an analysis sample to study the stock ownership structure of listed enterprises in China, and then constructs a cost and benefit index framework for performance measurement. Through the DEA analysis method to carry on the consideration to the enterprise performance, uses the Tobit regression method, the breakpoint regression method multi-dimension analysis state-owned equity structure to the enterprise performance function, through the test discovery, Generally speaking, there is not a simple linear relationship between ownership structure and enterprise performance. There is a significant negative correlation between the proportion of state-owned shares and enterprise performance; when state-owned shares are in a relative holding position, there is a significant positive correlation between the proportion of state-owned shares and enterprise performance. Performance increases with the increase of the proportion of state-owned shares. The difference of ownership and concentration is an important factor that affects the performance of enterprises. The research in this paper enriches the theory of state-owned equity structure and enterprise performance, and provides a new idea for the rational reform of state-owned equity. It is of great significance to improve enterprise performance.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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