股权层级、股权集中度与企业绩效的实证分析

发布时间：2018-08-06 10:44

【摘要】：作为热点问题,企业绩效和股权结构关系的研究一直被国内外学者所关注。他们基于各自的国情对该问题展开深入的研究,且关于该问题的实证结果没有取得一致性的结论。不同于欧美发达国家资本市场股权全流通和,我国上市企业股权被分割成非流通股和流通股两部分。在我国股权分置改革之后,公司的股权结构随着法人股和国有股的全部流通发生了重大变化,该改革使得上市企业获得一次提升企业治理水平和绩效的机会。截至2006年底,沪深两市已有1124家上市企业完成股改,标志着我国资本市场逐步迈入全流通时代。股权分置改革的影响随着时间的推移逐渐显现,且足够的时间跨度更有利于我们对相关问题进行分析,因而,关于股权分置改革经济后果的研究变得必要且可行。本文基于股权结构的视角,对股权分置改革后股权集中度对企业绩效的影响、股权层级对企业绩效的影响以及股权层级、股权集中度共同对企业绩效的影响进行了研究。以深化我们对股权分置改革经济后果的认知。基于上述目的,首先,本文在国内、国外两个维度上回顾了股权集中度与企业绩效、股权层级与企业绩效的相关文献,并进行了述评,梳理了股权集中度与企业绩效关系、股权层级与企业绩效的关系。其次,本文介绍了不完全契约理论、两权分离理论、委托代理理论等公司治理的主要理论,以及介绍了股权结构的主要理论,并且对企业绩效进行了指标化的描述。最后,本文通过对股权结构和公司绩效的理论进行分析后,提出以下假设:股权分置改革与股权集中度负相关、股权分置改革与股权层级负相关、股权分置改革后企业绩效随着股权层级的降低而升高、股权分置改革后企业绩效随着股权集中度的降低而升高、以及股权层级、股权集中度与企业绩效负相关。本文通过对2877个上市公司的数据样本进行实证分析,回归得出以下结论:第一,股权分置改革与股权层级成正相关关系。第二,股权分置改革与股权集中度成负相关关系。第三,企业绩效随着股权分置改革后股权层级的升高而升高。第四,企业绩效随着股权分置改革后股权集中度的降低而升高。第五,股权分置改革后,企业绩效与股权层级、股权集中度成正相关关系,表明在股权层级、股权集中度共同作用于公司绩效的情况下,股权层级对企业绩效的影响程度高于股权集中度对企业绩效的影响。最后,本文提出的政策建议是国有企业构建合理的股权层级,非国有企业构建合理的股权集中度并且我国需要加强证券市场的制度建设。
[Abstract]:As a hot issue, the relationship between corporate performance and equity structure has been concerned by domestic and foreign scholars. Based on their respective national conditions, they have carried out in-depth research on this issue, and the empirical results on this issue have not reached a consistent conclusion. Different from the full circulation of equity in the capital markets of developed countries in Europe and the United States, the equity of listed enterprises in China is divided into two parts: non-tradable shares and tradable shares. After the split share structure reform in our country, the ownership structure of the company has changed greatly with the whole circulation of the legal person shares and the state-owned shares, which makes the listed enterprises get a chance to improve the level of corporate governance and the performance of the listed enterprises. By the end of 2006, 1124 listed enterprises in Shanghai and Shenzhen stock market had completed share reform, marking the capital market of our country has gradually entered the era of full circulation. The impact of the split share structure reform gradually appears with the passage of time, and a sufficient time span is more conducive to our analysis of related issues. Therefore, the study on the economic consequences of the equity split structure reform becomes necessary and feasible. Based on the perspective of equity structure, this paper studies the influence of ownership concentration degree on enterprise performance, the influence of equity level on enterprise performance, and the influence of equity hierarchy and equity concentration degree on corporate performance after the split share structure reform. In order to deepen our understanding of the economic consequences of the split share structure reform. For the above purpose, firstly, this paper reviews the relevant literature on ownership concentration and enterprise performance, equity hierarchy and enterprise performance in domestic and abroad, and reviews the relationship between ownership concentration and enterprise performance. The relationship between equity level and enterprise performance. Secondly, this paper introduces the main theories of corporate governance, such as incomplete contract theory, separation theory of two rights, principal-agent theory, and introduces the main theory of equity structure, and describes the performance of the enterprise. Finally, after analyzing the theory of equity structure and corporate performance, this paper puts forward the following hypotheses: the reform of split share structure is negatively correlated with the degree of equity concentration, and the reform of split structure of shares is negatively correlated with equity hierarchy. After the split share structure reform, the enterprise performance increases with the decrease of the ownership level, the corporate performance increases with the decrease of the ownership concentration degree after the equity split structure reform, and the ownership level, the equity concentration degree and the enterprise performance are negatively correlated. Based on the empirical analysis of 2877 listed companies' data samples, this paper draws the following conclusions: first, there is a positive correlation between the split share structure reform and equity hierarchy. Second, there is a negative correlation between the reform of split share structure and the degree of equity concentration. Third, corporate performance increases with the increase of equity hierarchy after the reform of split share structure. Fourth, corporate performance increases with the decrease of ownership concentration after the reform of split share structure. Fifthly, after the reform of split share structure, corporate performance is positively related to equity level and equity concentration degree, which indicates that ownership concentration degree acts on corporate performance when equity ownership level and equity concentration degree act on corporate performance. The influence of ownership level on enterprise performance is higher than that of ownership concentration. Finally, the policy recommendations of this paper are that state-owned enterprises should build reasonable ownership level, non-state-owned enterprises should build reasonable ownership concentration and our country should strengthen the system construction of securities market.
【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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