创业板上市公司管理层持股对公司绩效的影响研究

发布时间：2018-04-10 10:24

本文选题：创业板上市公司　+ 管理层持股　引自：《昆明理工大学》2017年硕士论文

【摘要】：随着我国综合国力的不断提升,证券市场的发展越来越迅速和完善。在我国资本市场孕育了 10年的创业板终于继主板和中小板后,于2009年10月正式登陆深交所,这一事件在我国经济发展的历史长河中任重而道远。至今,创业板市场经过7年多的成长,一举成为我国多层次资本市场中不可分割的重要组成部分。成功在我国创业板上市的公司大多具有高成长性、高创新性和高科技含量,规模较小风险大等特点。此外,家族性企业在创业板中分布较为普遍,故管理层持股比相对其他板来说较高。管理层持股已作为现代企业中常用的激励手段,但委托代理问题和管理层道德风险等一系列公司治理问题会随之接踵而来。因此,目前国内外学者已将与管理层持股相关问题作为公司研究的一项核心议题。但是,目前大部分国内学者更倾向于研究已发展成熟的主板和中小板,对新兴的创业板领域涉及尚浅,因此本文选择研究创业板具有一定的创新性和研究价值。基于上述背景,本文从理论研究和实证分析两个视角出发,进行了相关分析。首先通过梳理国内外研究成果,立足中国国情,结合相关公司治理理论,总结了目前我国创业板上市公司管理层持股现状以及存在的问题。其次,通过选取2012-2015年四年497家创业板上市公司的1650个样本数据,采用净资产收益率ROE来衡量公司绩效,但为了保证论文结论的可靠性,本文同时又选取另一个因变量每股收益EPS来对模型结论进行了稳健性检验。设定解释变量——管理层持股比例MSR和六个控制变量构建了三个实证模型,并运用统计学知识进行了描述性分析、相关性分析和回归分析。最终分析得出:创业板上市公司管理层持股与公司绩效间呈非线性相关关系,且呈“N”形区间效应,即公司绩效随管理层持股比的增加先上升后下降最后又上升。最后,本文提出了规范管理层持股制度、优化企业股权结构、加快推进企业所有权与经营权分离并实行企业内部约束机制、完善资本市场法律体系、加快培育职业经理人市场等诸多建议并于文末指出了研究不足与今后方向。
[Abstract]:After 10 years' gestation in the capital market of our country, the growth enterprise market (gem) finally landed on the Shenzhen Stock Exchange in October 2009 after the main Board and the small and medium Board. This event has a long way to go in the history of our country's economic development.Up to now, the gem market has become an integral part of the multi-level capital market after more than 7 years of growth.Most of the successful companies listed on the gem have the characteristics of high growth, high innovation and high technology content, small risks and so on.In addition, family enterprises are widely distributed in the gem, so the management holding is higher than other boards.Management shareholding has become a common incentive in modern enterprises, but a series of corporate governance problems such as principal-agent problem and management moral hazard will follow.However, at present, most domestic scholars are more inclined to study the mature main board and small and medium-sized board, which are still shallow to the emerging gem field, so this paper has some innovative and research value to choose to study the gem.Based on the above background, this paper carries on the correlation analysis from the two angles of theoretical research and empirical analysis.Secondly, through selecting 1650 sample data of 497-year gem listed companies in 2012-2015, the ROE is used to measure the performance of the companies, but in order to ensure the reliability of the conclusions of the paper,At the same time, another dependent variable, EPS EPS, is selected to test the robustness of the model.In this paper, three empirical models are constructed by setting up the explanatory variable MSR and six control variables, and using the statistical knowledge to carry on the descriptive analysis, the correlation analysis and the regression analysis.Finally, it is concluded that there is a nonlinear correlation relationship between the managerial shareholding and corporate performance of gem listed companies, and it shows "N" shape interval effect, that is, the corporate performance increases first and then decreases with the increase of managerial shareholding ratio.Finally, this paper proposes to standardize the management ownership system, optimize the ownership structure of enterprises, accelerate the separation of ownership and management rights, implement the internal restraint mechanism, and perfect the legal system of capital market.At the end of this paper, the author points out the lack of research and the future direction.
【学位授予单位】：昆明理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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