高管持股、资本结构与上市公司成长性相关性研究

发布时间：2018-01-16 04:15

本文关键词：高管持股、资本结构与上市公司成长性相关性研究　出处：《重庆理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：企业的成长性反映企业在未来一段时间内由小变大、由弱变强的潜力，是检验企业生存能力、发展能力的良好标准。高成长性的企业对于企业所有者、投资人乃至整个社会都大有裨益，上市公司由于其在资本市场以及国民经济中的重要地位则尤为如此。然而，在信息经济、网络经济和知识经济快速膨胀的不断变动的环境下，企业所处的外部环境正从过去相对稳定的静态环境转变为充满不确定的复杂多变的动态环境，企业经营环境的这种转变挑战和威胁着的企业的生存和发展,对于企业成长性的研判变得越发复杂和困难。因此，本文以企业成长性为研究对象，从企业经营的内外部环境中选取两个影响因素—高管持股与资本结构，分析二者与企业成长性的相关关系，以期对企业成长性分析乃至提高企业成长性的政策制定提供一种思路和参考。创业板市场以其高成长性、高收益区别于主板市场，因此，本文以创业板市场上市公司为具体研究对象，收集了我国创业板上市公司自2010年至2012年三年的财务数据，用以实证研究。文章首先梳理了企业成长性的相关概念和理论，回顾了国内外有关企业成长性的现有研究文献。之后，在现有研究的基础上，，灵活运用相关理论，结合我国创业板市场实际情况，提出了三点假设：高管持股与企业成长性正相关；资本结构与企业成长性正相关；股权集中度的不同会影响高管持股比例与企业成长性的相关性，在股权相对集中的情况下高管持股比例与企业成长性正相关。在之后的实证研究中，以上假设均得到了验证。最后本文根据理论演绎与实证研究的结果，提出相应的政策与建议，主要包括建立健全对公司高管的激励机制，发展和完善债券市场以解决上市公司债务融资困难的问题，激励机制与监督机制相互制约、协调作用以完善公司的治理结构等措施。
[Abstract]:The growth of the enterprise reflects the potential of the enterprise from small to large and from weak to strong in a period of time in the future. It is a good standard to test the survival and development ability of the enterprise. Investors and even the whole society are of great benefit, especially listed companies because of their important position in the capital market and national economy. However, in the information economy. With the rapid expansion of network economy and knowledge economy, the external environment of enterprises is changing from a relatively stable static environment to a dynamic environment full of uncertainty and complexity. This change of business environment challenges and threatens the survival and development of enterprises, the study of enterprise growth becomes more and more complex and difficult. Therefore, this paper takes enterprise growth as the research object. From the internal and external environment of enterprise management, this paper selects two influencing factors-executive ownership and capital structure, and analyzes the correlation between them and enterprise growth. In order to provide a kind of thinking and reference for enterprise growth analysis and even improve the enterprise growth policy. The gem market is different from the main board market by its high growth and high income. Therefore, this paper takes the gem listed companies as the specific research object. This paper collects the financial data of Chinese gem listed companies from 2010 to 2012 for empirical research. Firstly, this paper combs the related concepts and theories of enterprise growth. After reviewing the existing research literature on the growth of enterprises at home and abroad, on the basis of the existing research, flexible use of relevant theories, combined with the actual situation of the gem market in China. Three hypotheses are put forward: (1) there is a positive correlation between executive ownership and enterprise growth; The capital structure is positively related to the growth of enterprises; The different degree of ownership concentration will affect the relationship between the proportion of executive ownership and the growth of enterprises. In the case of relatively concentrated equity ownership, the proportion of ownership of senior executives is positively related to the growth of enterprises. In the subsequent empirical research. Finally, according to the theoretical deduction and empirical research results, this paper puts forward the corresponding policies and recommendations, including the establishment of a sound incentive mechanism for corporate executives. To develop and improve the bond market to solve the problem of debt financing difficulties of listed companies, incentive mechanism and supervision mechanism restrict each other, coordinate the role to improve the corporate governance structure and other measures.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272.92;F275

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