物流上市公司股权集中度与公司绩效相关性研究

发布时间：2018-03-17 23:37

本文选题：物流上市公司　切入点：股权集中度　出处：《湖南工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：股权结构是公司治理的基础，对公司治理结构具有决定性的作用，而公司治理效率的高低则通过公司绩效加以反映。现代公司理论关注的核心是：如何使公司股权结构得到最优安排？公司股权结构是公司运行的重要基础，它通过影响公司的治理结构，进而影响公司经营绩效。合理的股权结构对公司内部监控机制作用的发挥具有重大的影响作用，进而保障了公司良好绩效的实现。由此看来，股权结构对公司绩效有着至关重要的影响。近年来学者们研究的焦点在于：股权结构是如何通过影响公司治理结构从而对公司经营绩效产生影响，，究竟何种的股权结构才是最合理最有效的，又该从何入手来调整和优化股权结构进而给上市公司带来好的经营绩效等问题。本文从股权集中度这一重要维度入手，通过分析我国49家物流上市公司2010~2012年的面板数据，实证研究了股权集中度与公司绩效的相关性。研究结果表明：(1)物流上市公司股权集中度与公司绩效间存在显著正U型关系，股权结构相对集中的物流上市公司绩效水平较高，但当股权集中度达到一定程度则不利于公司绩效增长。(2)股权制衡度与公司绩效间不存在显著正相关关系，表明我国物流上市公司当期的股权制衡度还没有达到预期的水平，对公司绩效的作用没有得到充分发挥。
[Abstract]:Ownership structure is the foundation of corporate governance, has a decisive role in the corporate governance structure and corporate governance efficiency through the performance of the company. To reflect the core of modern company theory is concerned: how to get the optimal ownership structure arrangement? Company equity structure is an important basis for company operation, through its effect on corporate governance structure then, affect the company's operating performance. With great influence to play a reasonable ownership structure of the company's internal control mechanism, and guarantee to achieve good corporate performance. Therefore, the ownership structure has a great influence on the performance of the company. In recent years, the research focus of scholars is that ownership structure is how to produce the influence on the corporate performance by the impact of corporate governance structure, ownership structure which is the most reasonable and effective, and from the How to adjust and optimize the ownership structure and then bring a good business performance to the listed companies.
This article from the ownership concentration of this important perspective, through the analysis of panel data of 49 China listed logistics companies of 2010~2012, an empirical study on the correlation between ownership concentration and corporate performance. The results show that: (1) the listed logistics company ownership concentration has a significant positive relationship between U degree and the company performance, equity the structure of the relative concentration of the level of logistics performance of listed companies is high, but when the ownership concentration reaches a certain level is not conducive to the growth of corporate performance is not significant. (2) there is a positive correlation relationship between equity balance degree and the company performance, shows that China's listed logistics companies in the current equity balance degree has not reached the expected level of company performance the role has not been fully realized.

【学位授予单位】：湖南工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F253.7;F259.23

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