股权控制、股权制衡与公司绩效关系研究

发布时间：2018-06-20 03:24

本文选题：股权控制 + 股权制衡　；参考：《安徽财经大学》2014年硕士论文

【摘要】：基于现代公司制企业特征的委托代理理论认为,提高公司绩效我们首先需要解决两个问题：一是委托人(股东)和代理人(经理人员)之间的冲突；二是大股东和中小股东之间的利益冲突。这两类代理问题是分析股权结构和公司绩效之间关系的理论基础。为了解决上述两类代理问题,我们需要采取一定的激励和约束手段,使得上市公司的股权结构达到最优,从而提高上市公司的绩效水平。但以往学者关于股权控制、股权制衡以及公司绩效之间关系的研究还没有达成一致,因此,深入研究以上三者之间的关系,具有一定的理论现实意义。本文正是对以上三者之间的关系进行理论和实证分析,同时在本文的最后给出了对应的政策建议。由于我国国情的特殊性,上市公司大多数是由国有企业改制而来,这样就会导致一股独大等现象的存在,对上市公司的业绩水平产生负面影响。因此本文希望通过一定的理论与实证研究,试图找到一种最有股权结构,从而能够有效地解决两类委托代理问题,实现公司绩效最大化。本文通过一定的理论分析,并在文章的后半部分通过因子分析、回归分析,t检验,最终得出以下结论：(1)股权控制和公司绩效间呈N型曲线关系；(2)公司绩效与前五大股东持股比例呈正相关关系,公司绩效与赫芬达尔指数H5负相关关系,即前五大股东持股较分散,持股比例差距较小时,公司绩效越好；(3)公司绩效与股权制衡度呈倒U型关系,即适当的股权制衡程度有利于使得公司绩效达到最大化。本文共分为五个章节,各章节的划分是按照以下的思路展开的。第一章绪论,主要介绍了本选题选题背景、选题意义,然后写的是国内外文献综述,通过对国内外文献的学习阐述造成学者们研究结论没有达成一致的原因,并在此基础上提出问题,同时在本章的最后提出的本文的框架以及研究方法。第二章介绍的有关股权控制、股权制衡与公司绩效的理论基础。主要介绍了相关概念以及它们的度量指标。第三章写的是股权控制、股权制衡与公司绩效的作用机理分析,本章介绍了相关理论,并阐述了相关的经济学理论的定义,然后详细的介绍了股权控制、股权制衡与公司绩效三者之间的关系。第四章是实证分析,介绍了数据的来源、指标的选取、研究假说。第五章是研究结论与政策建议,文中通过因子分析、描述性统计以及回归分析的方法对上一章的研究假说进行了检验,并对实证结果进行了分析。并在最后系统的概括了本文的研究结果并在此基础上提出了相关政策建议。
[Abstract]:The principal-agent theory based on the characteristics of modern corporate enterprises holds that to improve corporate performance we need to solve two problems: one is the conflict between the principal (shareholder) and the agent (manager); Second, there is a conflict of interest between major shareholders and minority shareholders. These two kinds of agency problems are the theoretical basis of analyzing the relationship between ownership structure and corporate performance. In order to solve the above two kinds of agency problems, we need to adopt certain incentives and constraints to optimize the equity structure of listed companies and improve the performance level of listed companies. However, previous researches on the relationship among equity control, equity checks and balances and corporate performance have not reached agreement. Therefore, it is of theoretical and practical significance to study the relationship between the above three. This paper makes a theoretical and empirical analysis of the relationship between the above three and gives corresponding policy recommendations at the end of this paper. Because of the particularity of China's national conditions, most of the listed companies come from the reform of state-owned enterprises, which will lead to the existence of a dominant phenomenon, which has a negative impact on the performance level of listed companies. Therefore, this paper hopes to find one of the most effective ownership structure through some theoretical and empirical research, so as to effectively solve the two kinds of principal-agent problems and realize the maximization of corporate performance. In this paper, through a certain theoretical analysis, and in the second half of the article through factor analysis, regression analysis and t test, the following conclusion is drawn: 1) the relationship between equity control and corporate performance is N-shaped curve; (2) there is a positive correlation between corporate performance and the proportion of the top five shareholders, and a negative correlation between corporate performance and H5, that is, the first five shareholders are more dispersed, and the smaller the gap is, the better the corporate performance; 3) the relationship between corporate performance and equity balance is inversely U-shaped, that is, a proper degree of equity balance is conducive to maximizing corporate performance. This paper is divided into five chapters, each chapter is divided according to the following ideas. The first chapter is introduction, which mainly introduces the background of this topic, the significance of the topic, and then the literature review at home and abroad, through the study of domestic and foreign literature to explain the reasons why scholars did not reach a consensus. At the end of this chapter, the frame and research method of this paper are put forward. The second chapter introduces the theoretical basis of equity control, equity balance and corporate performance. This paper mainly introduces the related concepts and their metrics. The third chapter describes the mechanism of equity control, equity checks and balances and corporate performance, this chapter introduces the relevant theories, and describes the definition of relevant economic theory, and then introduces the ownership control in detail. The relationship between equity balance and corporate performance. The fourth chapter is empirical analysis, introduces the source of the data, the selection of indicators, research hypothesis. The fifth chapter is the conclusion of the research and policy recommendations, the paper through factor analysis, descriptive statistics and regression analysis methods to test the hypothesis of the previous chapter, and the empirical results were analyzed. Finally, the research results are summarized systematically and the relevant policy recommendations are put forward.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.5;F832.51

【参考文献】