战略投资者与上市公司绩效关系研究

发布时间：2018-01-01 20:10

本文关键词：战略投资者与上市公司绩效关系研究　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国上市公司引入战略投资者已有十多年的历史,在经济全球化和市场竞争日益激烈的环境中,越来越多的上市公司开始引入战略投资者参与到公司的经营管理。然而战略投资者对上市的绩效提升是否有作用、在哪些方面能起到作用和究竟能起到多大作用,在很多年来一直存在争议,国内外学者通过对引入战略投资者的公司进行研究,得出的结论也不尽相同。一部分学者认为战略投资者持股可以改善公司绩效；一部分学者认为战略投资者与普通投资者并无区别,对改善公司绩效并无明显效果；甚至有部分学者认为某些战略投资者的投资是短期行为,会对公司的长期发展产生不利影响。因此,对战略投资者与上市公司绩效关系的研究存在着重要的理论和实践意义。论文从1999-2012年在联交所挂牌上市的185家H股公司中,筛选出137家符合考察条件的公司作为研究样本,并进一步分为68家引入战略投资者的样本公司和69家未引入战略投资者的公司。在参考了前人的研究文献的情况下,首先对战略投资者的特征和作用进行了理论分析；然后用了回归分析的方法,构建模型,对战略投资者是否持股和上市公司成长性、财务绩效、公司价值的关系进行了探讨。研究结果表明：(1)引入战略投资者能显著提高样本公司的成长性；(2)引入战略投资者能显著提高样本公司的财务绩效；(3)引入战略投资者并不能有效提高样本公司的价值,公司价值与战略投资者是否参与公司经营管理无关。最后根据研究结论提出相关建议：(1)政府出台相关法律标准,从宏观上对战略投资者进行控制；(2)上市公司在对企业内外部环境进行分析后根据自身情况选择合适的战略投资者；(3)引入战略投资者后采用合适的方法解决整合问题。 H股作为与内地股票资本环境最相似的股票,对它的研究结果能为国内上市公司引入战略投资者提供借鉴,也能对今后战略投资者在国内的发展提供参考。
[Abstract]:The introduction of strategic investors of Listed Companies in China has a history of more than 10 years, in the economic globalization and the increasingly fierce market competition environment, more and more companies began to introduce strategic investors to participate in the management of the company. However, strategic investors raised whether there is an effect on market performance, can play a role and what can play a large role in what, in many years has been controversial, domestic and foreign scholars through research on the introduction of strategic investors in the company, the conclusions are not the same. Some scholars believe that the strategic investment shareholding can improve the company's performance; some scholars believe that there is no difference between ordinary investors and strategic investors, to improve corporate performance there is no obvious effect; some scholars believe that some strategic investors are short-term and long-term development of the company has not Therefore, there is an important theoretical and practical significance to the study of the relationship between strategic investors and listed companies.
From the 185 1999-2012 H shares listed on the stock exchange in the screened 137 companies meet the conditions of the company as the research sample, and further the introduction of strategic investors for 68 Sample Firms and 69 without the introduction of strategic investors in the company. In reference to the previous research situation, first of all the features and functions of strategic investors are analyzed; and then use the method of regression analysis model, the growth of strategic investors, whether ownership and financial performance of listed companies, the relationship between the value of the company is discussed.
The results show that: (1) the introduction of strategic investors can significantly improve the growth of the Sample Firms; (2) the introduction of strategic investors can improve the financial performance of the Sample Firms; (3) the introduction of strategic investors and can not effectively improve the value of the Sample Firms, whether the company value and strategic investors to participate in the company management. Finally according to the conclusion of the study suggestions: (1) the government issued the relevant legal standards, control of strategic investors from the macro; (2) listed companies in the analysis of the internal and external environment according to their own situation to choose suitable strategic investors; (3) to solve the integration problems of appropriate methods to introduce strategic investors.
H-share is the most similar capital stock to mainland stock. Its research results can provide references for domestic listed companies to introduce strategic investors, and also provide reference for future development of strategic investors in China.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.5;F276.6;F832.48

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