成长性视角下创业板上市公司股权结构对公司绩效的影响研究

发布时间：2018-05-22 13:55

本文选题：成长性 + 股权结构　；参考：《湘潭大学》2017年硕士论文

【摘要】：创业板市场作为一个新兴的资本市场,其上市公司股权结构有着自身的独特之处,主要包括股权集中度和股权性质两个方面,它们不会直接对公司绩效造成影响,而是通过影响公司的经营与管理来产生作用。在现实经济环境中,很多创业板公司的股权结构都存在着一些问题,如股权过于集中、大股东对小股东的掠夺和侵吞现象普遍、监督机制没有起到该有的作用等。从理论的角度来看,公司需要有一个最优的股权结构才能使公司绩效达到最佳。因此,准确评价股权结构与公司绩效的关系对创业板公司的发展来说是至关重要的。论文以创业板上市公司为研究对象,使用文献研究和实证分析相结合的方法,在两权分离理论、委托代理理论、信息不对称理论以及企业成长理论等理论的指导下,以成长性的高低对上市公司进行分类,分别研究其股权结构对公司绩效的影响。首先,论文通过筛选原则确定299个样本,运用因子分析法将299个样本公司分成低成长性组公司和高成长性组公司。然后,论文选取第一大股东持股比例、股权制衡度、赫芬德尔指数、法人股比例、国有股比例和流通股比例作为解释变量,净资产收益率作为被解释变量,公司规模、财务杠杆作为控制变量,对低成长性组公司和高成长性组公司进行分组实证研究,实证结果表明:(1)在两组样本公司中,第一大股东持股比例与公司绩效显著正相关,与公司的成长性无关;(2)在低成长性组公司中,股权制衡度与公司显著正相关,但在高成长性组公司中没有通过显著性检验;(3)前十大股东持股比例平方和与公司绩效正相关,并且与成长性高的公司的正相关关系更强;(4)国有股比例对公司绩效的影响在两组样本公司中均没有通过显著性检验;(5)法人股比例虽然与公司绩效的关系在两组样本公司中均显示负相关,但是这种关系不明显;(6)流通股比例与公司绩效的关系在两组样本公司中的实证结果都是显著负相关,并且与低成长性组公司的负相关关系更强。最后,论文对实证结果进行具体的探讨和分析,并提出以下几点对策建议:第一,提高法人股的股份,发挥其主导优势;第二,鼓励和培训中小股东,加强其参与市场的能力;第三,加强公司对内部监督与约束机制的设立;第四,加强外部对公司的监管,维护市场秩序;第五,提高机构投资者的持股比例,促进公司稳健运行。论文可为创业板公司优化股权结构以提高公司绩效提供经验数据,对促进创业板公司的整体发展具有指导意义。
[Abstract]:As a new capital market, the gem market has its own unique ownership structure of listed companies, which mainly includes two aspects: ownership concentration and equity nature, which will not directly affect corporate performance. Instead, it affects the management and management of the company. In the real economic environment, there are some problems in the equity structure of many gem companies, such as the concentration of equity, the plundering and embezzlement of minority shareholders by large shareholders, and the failure of supervision mechanism to play this role. From a theoretical point of view, companies need an optimal equity structure to achieve optimal corporate performance. Therefore, it is very important to evaluate the relationship between equity structure and company performance. In this paper, the gem listed companies as the research object, using the method of literature research and empirical analysis, under the guidance of the separation of rights theory, principal-agent theory, information asymmetry theory and enterprise growth theory. The influence of ownership structure on corporate performance is studied by classifying the listed companies with their growth. First, 299 samples are determined by screening principle, and 299 sample companies are divided into low growth group and high growth group by factor analysis. Then, the paper selects the largest shareholder shareholding ratio, equity balance degree, Huffindell index, legal person share ratio, state-owned stock ratio and circulating stock ratio as explanatory variables, net asset return as explained variable, and company size. As a control variable, financial leverage is used to group the low growth group and the high growth group. The empirical results show that in the two groups of sample companies, the proportion of the largest shareholder holding shares is significantly positively correlated with the performance of the company. In the low growth group, the equity balance degree was positively correlated with the company, but in the high growth group, the square sum of the top ten shareholders was positively correlated with the company performance. And the positive correlation with the high growth companies is stronger than 4) the effect of the proportion of state-owned shares on the performance of the company in the two groups of sample companies has not passed the significance test / 5) although the relationship between the proportion of legal personnel shares and the performance of the company is in the two groups of samples Negative correlation was found in our company, However, the relationship between the ratio of circulating shares and corporate performance is significantly negative in both groups, and is more strongly related to the low growth group. Finally, the paper makes a concrete discussion and analysis of the empirical results, and puts forward the following countermeasures and suggestions: first, to improve the shares of corporate shares and give play to their leading advantages; second, to encourage and train small and medium-sized shareholders to strengthen their ability to participate in the market; Third, strengthen the establishment of internal supervision and restraint mechanism; fourth, strengthen the external supervision of the company, to maintain market order; fifthly, increase the proportion of institutional investors holding shares to promote the stable operation of the company. This paper can provide empirical data for gem companies to optimize their ownership structure to improve their corporate performance. It is of guiding significance to promote the overall development of gem companies.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F279.2

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