上市公司股权结构与风险研究
发布时间：2019-01-23 19:55
【摘要】：股权代表着企业所有者对企业拥有的权益，通过股权融资手段融得的资金为企业的发展与投资带来资本，但由于不同的投资者会站在不同的立场上，所以在进行决策时候也会给企业带来不同的风险，造成不同的股权结构会为企业带来相应的风险。 本文从股权性质、股权集中度和股权制衡度三方面，，从研究国内上市企业的股权结构及企业风险间的关系中发现，股权性质对企业风险影响最大，而股权制衡度与企业风险的影响却不大明显，并且通过研究结果给出企业在股权结构上控制风险的一些建议。本文采用了因子分析法、层次分析法、多元回归和非线性回归模型，对股权分置改革基本完成后，以2010年到2012年的数据为样本进行了研究。本文创新之处在于将影响企业风险的定性指标和定量指标综合考虑，通过因子分析和层次分析法，最终形成一个企业风险得分作为因变量，以企业股权结构为自变量，研究我国上市企业的股权结构与其风险的关系。
[Abstract]:Equity represents the rights and interests owned by the owner of the enterprise. The funds raised by means of equity financing bring capital to the development and investment of the enterprise, but different investors will stand in different positions. Therefore, the decision-making will bring different risks to the enterprises, resulting in different ownership structure will bring the corresponding risks for the enterprises. In this paper, from the three aspects of equity nature, ownership concentration degree and equity balance degree, it is found that the nature of equity has the greatest influence on the enterprise risk, from the study of the relationship between the ownership structure and the enterprise risk of domestic listed enterprises. However, the influence of equity balance degree and enterprise risk is not obvious, and through the research results, some suggestions on controlling the risk in ownership structure are given. In this paper, factor analysis, analytic hierarchy process, multivariate regression and nonlinear regression models are used to study the data from 2010 to 2012 after the reform of split share structure has been basically completed. The innovation of this paper lies in the comprehensive consideration of qualitative and quantitative indexes that affect the enterprise risk, and through factor analysis and AHP, an enterprise risk score is finally formed as a dependent variable, and the ownership structure of the enterprise is taken as the independent variable. This paper studies the relationship between ownership structure and risk of listed enterprises in China.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
本文编号：2414141
[Abstract]:Equity represents the rights and interests owned by the owner of the enterprise. The funds raised by means of equity financing bring capital to the development and investment of the enterprise, but different investors will stand in different positions. Therefore, the decision-making will bring different risks to the enterprises, resulting in different ownership structure will bring the corresponding risks for the enterprises. In this paper, from the three aspects of equity nature, ownership concentration degree and equity balance degree, it is found that the nature of equity has the greatest influence on the enterprise risk, from the study of the relationship between the ownership structure and the enterprise risk of domestic listed enterprises. However, the influence of equity balance degree and enterprise risk is not obvious, and through the research results, some suggestions on controlling the risk in ownership structure are given. In this paper, factor analysis, analytic hierarchy process, multivariate regression and nonlinear regression models are used to study the data from 2010 to 2012 after the reform of split share structure has been basically completed. The innovation of this paper lies in the comprehensive consideration of qualitative and quantitative indexes that affect the enterprise risk, and through factor analysis and AHP, an enterprise risk score is finally formed as a dependent variable, and the ownership structure of the enterprise is taken as the independent variable. This paper studies the relationship between ownership structure and risk of listed enterprises in China.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
【参考文献】
相关期刊论文 前2条
1 刘海鹰;;上市公司经营风险与股权结构的实证研究[J];统计与决策;2010年12期
2 武晓玲;翟明磊;;上市公司股权结构对现金股利政策的影响——基于股权分置改革的股权变化数据[J];山西财经大学学报;2013年01期
本文编号：2414141
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