创业板上市公司控制权配置对企业绩效影响的实证研究

发布时间：2018-04-09 04:27

本文选题：创业板上市公司　切入点：生命周期　出处：《西安理工大学》2017年硕士论文

【摘要】：我国创业板市场于2009年10月30日正式挂牌成立,截至2016年12月31日共有573家公司在创业板上市。随着创业板的不断向前发展,其存在的问题也逐渐浮出水面,其中控制权争夺问题最为明显。控制权的有效配置是公司治理研究的核心,也是提高公司绩效的关键。如何规范创业板上市公司的控制权配置进而提高企业绩效是理论界和企业治理实践都热切关注的问题。由于创业板突出的家族特性、高成长性以及高科技性,使得其在控制权配置的问题上明显区别于主板上市公司,无法直接应用主板上市公司现有的控制权配置策略。因此,为了促进创业板更好更快的发展,有必要单独对创业板上市公司控制权配置与企业绩效的关系进行研究。目前,学术界关于创业板上市公司控制权配置对企业绩效影响的研究尚处于起步阶段。本文基于企业生命周期理论分阶段研究创业板上市公司控制权配置对企业绩效的影响,对创业板的长远发展具有实践指导意义。首先,本文在梳理相关理论和文献的基础上分析了企业生命周期对控制权配置与企业绩效关系的影响机理。其次,采用现金流特征组合法对创业板上市公司进行企业生命周期的划分。最后,运用多元回归分析方法,对不同发展阶段下创业板上市公司控制权配置对企业绩效的影响进行实证检验。结果表明:创业板上市公司控制权配置对企业绩效的影响存在生命周期的状态依存性。成长期股权集中度,董事长与总经理两职合一与企业绩效正相关,而成熟期股权集中度,董事长与总经理两职合一与企业绩效负相关。成长期股权制衡度、董事会规模、独立董事比例与企业绩效负相关,而成熟期股权制衡度、董事会规模、独立董事比例与企业绩效正相关。本论文重点关注不同生命周期阶段创业板上市公司控制权配置对企业绩效的影响,在丰富两者关系理论研究的同时,也旨在为创业板的更好发展献计献策。本文认为创业板上市公司的控制权应当根据其生命周期的演变而进行动态配置,最大限度地发挥控制权配置对企业绩效的积极作用。
[Abstract]:China's gem market was officially established on October 30, 2009. As of December 31, 2016, there are 573 companies listed on the gem.With the continuous development of gem, the problems of gem emerge gradually, among which the problem of control control is the most obvious.The effective allocation of control rights is the core of corporate governance research and the key to improve corporate performance.How to regulate the allocation of control rights of listed companies in gem and then improve the performance of enterprises is a hot concern in both the theory circle and the practice of corporate governance.Because of the outstanding family characteristics, high growth and high technology, the gem is obviously different from the main board listed companies in the allocation of control rights, and can not directly apply the existing control allocation strategy of the main board listed companies.Therefore, in order to promote the better and faster development of the gem, it is necessary to study the relationship between the allocation of control rights and the performance of the listed companies.At present, the academic research on the influence of the allocation of control rights on the performance of listed companies in gem is still in its infancy.Based on the theory of enterprise life cycle, this paper studies the influence of the allocation of control rights on the performance of the listed companies in the gem, which has practical guiding significance for the long-term development of the gem.Firstly, this paper analyzes the influence mechanism of enterprise life cycle on the relationship between control allocation and enterprise performance on the basis of combing relevant theories and literature.Secondly, the cash flow characteristic combination method is used to divide the life cycle of listed companies in gem.Finally, using the method of multiple regression analysis, this paper makes an empirical test on the influence of the allocation of control rights on the performance of listed companies in the gem at different stages of development.The results show that the influence of the allocation of control rights on the performance of listed companies in the gem is dependent on the state of life cycle.The degree of ownership concentration in growth period, the combination of chairman and general manager is positively related to enterprise performance, while the degree of ownership concentration in mature period and the combination of chairman and general manager are negatively correlated with enterprise performance.The degree of equity balance, the size of board of directors and the proportion of independent directors are negatively correlated with corporate performance, while the degree of equity balance, the size of board of directors and the proportion of independent directors in mature period are positively correlated with corporate performance.This paper focuses on the impact of the allocation of control rights on the performance of listed companies in different life cycle stages of gem. While enriching the theoretical study of the relationship between the two, it also aims to provide suggestions for the better development of gem.This paper holds that the control rights of listed companies in the gem should be dynamically allocated according to the evolution of their life cycle, and the allocation of control rights should play an active role in the performance of enterprises to the maximum extent.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F271;F275

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