股权结构对交通运输、仓储业上市公司经营效率的影响
发布时间：2018-12-11 02:56
【摘要】：中国经济改革是历史上千载难逢的机遇,各行各业都需要抓住机会,促成更快更有效的发展。交通运输、仓储业是国家产业改革中的重点支持行业,其业务经营触角延伸入其他各行业的生产和广大民众的生活领域,发挥着至关重要的基础性功能。作为区域和国家发展,甚至国际交流与合作的先导性产业,其行业良好运行对社会民生有巨大影响。评价行业内上市企业的经营成果,并探究其影响因素已经成为相关研究的重点。本文借鉴前人的研究,首先选择符合行业特性的效率测算指标,通过DEA和超效率DEA方法分析目标行业六十二家上市公司2011-2015年的静态经营效率,并运用Malmquist指数模型,分析公司的TFP变化情况。结果发现,行业整体经营效率偏低,众多上市企业均存在内部管理、运营机制和规模发展不合理的情况。此外,在研究的时间范围内,行业整体技术进步变化指数呈现略微下降态势。在效率研究的基础上,本文重点关注所有权结构与经营效率两者之间的关系。本文通过流通股占总股数比例、前十大股东持股比例之和、第一大股东与第二大股东持股比例的比值三个代理变量衡量股权结构,同时引入宏观层面、区域层面和公司内部层面的控制变量。经过模型拟合分析,结果表明在我国交通运输、仓储行业,前十大股东持股比例之和的增加有利于经营效率的提高,而流通股占总股数比例、Z指数与经营效率的关系不显著。分析原因,可能在国家背景浓厚的交通运输、仓储行业,公司的股权集中更与利于整合内部资源,降低代理成本的同时,由于国家的监督,降低了大股东以权谋私的可能性。
[Abstract]:China's economic reform is a once-in-a-lifetime opportunity, and industries need to seize the opportunity to promote faster and more effective development. Transportation and warehousing industry is the key supporting industry in the national industrial reform. Its business operation and tentacles extend into the production of other industries and the living field of the general public, which plays a crucial and fundamental role. As a leading industry of regional and national development, even international exchange and cooperation, the good operation of the industry has a great impact on the people's livelihood. It has become the focus of relevant research to evaluate the operating results of listed enterprises in the industry and to explore its influencing factors. Based on the previous studies, this paper first selects the efficiency measurement index according to the industry characteristics, analyzes the static operation efficiency of 62 listed companies in target industries from 2011 to 2015 by using DEA and super-efficiency DEA methods, and applies the Malmquist index model to analyze the static operation efficiency of the 62 listed companies in the target industry from 2011 to 2015. Analyze the TFP changes of the company. The results show that the overall operating efficiency of the industry is on the low side, and many listed enterprises have unreasonable internal management, operation mechanism and scale development. In addition, in the time range of the study, the industry as a whole technology progress change index showed a slight decline. On the basis of efficiency research, this paper focuses on the relationship between ownership structure and management efficiency. This paper measures the equity structure through the ratio of circulating shares to the total number of shares, the sum of the top ten shareholders' shareholdings, the ratio of the first largest shareholder to the second largest shareholder's holding ratio, and the introduction of macro level. Control variables at the regional and internal levels. Through the model fitting analysis, the results show that the increase of the proportion of the top ten shareholders in transportation and storage industry is beneficial to the improvement of operational efficiency, while the proportion of circulating shares to the total number of shares, Z index and operating efficiency are not significant. Analysis of the reasons, it is possible that in the transportation, warehousing industry, the company's equity concentration is more conducive to the integration of internal resources, reduce agency costs, as a result of state supervision, reduce the possibility of large shareholders to use their power for personal gain.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F512;F259.2;F271
[Abstract]:China's economic reform is a once-in-a-lifetime opportunity, and industries need to seize the opportunity to promote faster and more effective development. Transportation and warehousing industry is the key supporting industry in the national industrial reform. Its business operation and tentacles extend into the production of other industries and the living field of the general public, which plays a crucial and fundamental role. As a leading industry of regional and national development, even international exchange and cooperation, the good operation of the industry has a great impact on the people's livelihood. It has become the focus of relevant research to evaluate the operating results of listed enterprises in the industry and to explore its influencing factors. Based on the previous studies, this paper first selects the efficiency measurement index according to the industry characteristics, analyzes the static operation efficiency of 62 listed companies in target industries from 2011 to 2015 by using DEA and super-efficiency DEA methods, and applies the Malmquist index model to analyze the static operation efficiency of the 62 listed companies in the target industry from 2011 to 2015. Analyze the TFP changes of the company. The results show that the overall operating efficiency of the industry is on the low side, and many listed enterprises have unreasonable internal management, operation mechanism and scale development. In addition, in the time range of the study, the industry as a whole technology progress change index showed a slight decline. On the basis of efficiency research, this paper focuses on the relationship between ownership structure and management efficiency. This paper measures the equity structure through the ratio of circulating shares to the total number of shares, the sum of the top ten shareholders' shareholdings, the ratio of the first largest shareholder to the second largest shareholder's holding ratio, and the introduction of macro level. Control variables at the regional and internal levels. Through the model fitting analysis, the results show that the increase of the proportion of the top ten shareholders in transportation and storage industry is beneficial to the improvement of operational efficiency, while the proportion of circulating shares to the total number of shares, Z index and operating efficiency are not significant. Analysis of the reasons, it is possible that in the transportation, warehousing industry, the company's equity concentration is more conducive to the integration of internal resources, reduce agency costs, as a result of state supervision, reduce the possibility of large shareholders to use their power for personal gain.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F512;F259.2;F271
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