创业板制造业上市公司股权结构与财务绩效相关性研究

发布时间：2018-04-18 05:37

本文选题：创业板制造业上市公司 + 股权结构　；参考：《华北电力大学》2017年硕士论文

【摘要】：合理的公司股权结构能促进公司治理水平的提升,创业板成立时间较短,创业板公司治理结构可能存在诸多缺陷,股权结构安排很可能不合理,因此研究创业板上市公司股权结构以及其与财务绩效的关系,探析创业板上市公司的合理股权结构,有利于创业板上市公司更好更健康地发展。创业板制造业上市公司作为中国制造创新、创业的领军企业,作为创业板市场的主力军,其股权结构现状如何值得关注。本文以2013-2015年创业板制造业上市公司为研究样本,在理论分析与现状分析的基础上,通过借鉴中央企业财务绩效定量评价体系,对选取的25个指标进行因子分析,得出能够反映公司财务绩效的综合值。尔后结合创业板制造业上市公司股权结构现状分析,提出本文的研究假设、构建研究所需的回归模型,进行回归分析。通过创业板制造业上市公司股权结构现状分析可得,多数公司股权结构处于相对控股模式,大股东持股比例逐年降低,股权结构有分散趋势;股权制衡程度较低且制衡水平逐年下滑,大股东间股权制衡不足;管理层持股比例较高,但呈现逐年降低趋势;机构投资者规模尚小,但持股数量稳步上升。同时由财务绩效现状分析可知,公司盈利情况表现一般,主营业务业绩平平,成本费用较高;存货占用资金较多,应收账款变现速度较慢,流动资金占用过多等,整体运营情况不太乐观;营业收入、总资产均有良好的增长幅度,具有很好的成长性;债务情况稳定,负债水平相对较低,偿债能力较强;收益质量两极分化严重,整体经营获利能力有所降低。通过实证研究得出,股权集中度与财务绩效呈正相关关系;股权制衡对财务绩效的影响因股权集中度的不同而不同,股权集中状态下,制衡机制能发挥显著正向作用;管理层持股、机构投资者持股与财务绩效呈正相关关系。最后本文从股权集中度、股权制衡度、管理层持股、机构投资者持股相关方面提出政策建议。
[Abstract]:Reasonable corporate equity structure can promote the improvement of corporate governance level, the establishment time of gem is relatively short, there may be many defects in the governance structure of gem, and the arrangement of equity structure may not be reasonable.Therefore, to study the equity structure of gem listed companies and their relationship with financial performance, to explore the reasonable equity structure of gem listed companies is conducive to the better and healthier development of gem listed companies.Gem manufacturing listed companies as a leader in Chinese manufacturing innovation and entrepreneurship, as the main force in the gem market, how to pay attention to the status quo of its equity structure.On the basis of theoretical analysis and current situation analysis, this paper makes a factor analysis of 25 selected indicators by using the quantitative evaluation system of financial performance of central enterprises for reference, taking the listed companies of the gem manufacturing industry in 2013-2015 as the research sample.Get the comprehensive value which can reflect the company's financial performance.Based on the analysis of the equity structure of the listed companies in the gem, this paper puts forward the research hypotheses, constructs the regression model needed for the research, and carries on the regression analysis.Through the analysis of the status quo of the equity structure of the listed companies in the gem manufacturing industry, it can be found that most of the companies' equity structure is in the relative holding mode, the proportion of the majority shareholders is decreasing year by year, and the equity structure has the tendency of dispersion.The degree of equity balance is low and the level of checks and balances is declining year by year; the proportion of management holding shares is higher, but the trend is decreasing year by year; the scale of institutional investors is still small, but the number of shareholdings is rising steadily.At the same time, from the analysis of the current financial performance, we can see that the company's earnings performance is general, the main business performance is flat, the cost is high, the inventory occupies more funds, the accounts receivable is slowly realized, and the liquidity takes up too much, etc.The overall operating situation is not very optimistic; business income, total assets have a good growth range, have a good growth; debt situation is stable, the debt level is relatively low, debt repayment ability is strong; the income quality polarization is serious,Overall operating profitability has been reduced.Through empirical research, it is concluded that equity concentration has a positive correlation with financial performance; the influence of equity balance on financial performance varies with different ownership concentration, and the balance mechanism can play a significant positive role in the state of equity concentration.There is a positive correlation between management ownership, institutional investor ownership and financial performance.Finally, this paper puts forward some policy suggestions from the aspects of ownership concentration, equity balance, management holding and institutional investor holding.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425;F832.51

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