股权结构对上市公司市值管理影响的实证研究

发布时间：2018-05-11 15:16

本文选题：股权结构 + 市值管理　；参考：《沈阳大学》2017年硕士论文

【摘要】：我国自2005年实施股权分置改革以来,市值管理的理论与实践呼之欲出,并逐渐成为上市公司战略管理中的重要内容。市值管理是上市公司的一项重要战略管理,对上市公司的长远发展及其在资本市场保持稳定、健康的状态具有重要的作用。市值管理的核心是价值创造,市值管理是价值管理的过渡,在未来逐渐成熟的资本市场中,市值管理终将演变为价值管理,使上市公司的内外部价值达到一致。但是,由于我们资本市场不成熟,上市公司的内在价值与外在市场表现存在较大的差异,导致市值管理不能发挥出应有的效应。因而,如何在当前我国资本市场环境中有效进行市值管理成为上市公司治理的重要课题。本文通过研读与归纳国内外股权结构、价值管理与市值管理等相关的研究文献,在详细阐述股权结构、市值管理相关概念的基础上,论述股权结构与公司价值之间的关系以及市值管理与价值管理之间的关系,并以此为理论基础,实证分析了股权结构对上市公司市值管理的影响。选取A公司所签约和服务过的27家A股上市公司从2006年到2015年的财务数据,建立了以上市公司市值管理水平作为研究的因变量、股权结构相关因素作为自变量以及其他控制变量的回归模型,从实证结果可以看出:(1)股权集中度与市值管理效果呈U型关系;(2)股权制衡度与上市公司市值管理效果正相关;(3)管理层持股与上市公司市值管理效果正相关。综合而言,这些涉及到股权结构的变量对我国的上市公司如何进行有效的市值管理具有十分重要的影响,可以通过优化上市公司股权结构来提高上市公司市值管理的效果。如果上市公司要改善市值管理水平,可以通过树立科学的市值管理理念,强化市值管理监督手段;完善公司治理结构,推行科学的股权激励制度等方法实现。另外,我国政府应在规范职业经理人市场以及完善和培养成熟的资本市场上采取一定的措施,为众多上市公司营造一个有效进行市值管理的良好市场环境。
[Abstract]:Since the reform of split share structure was carried out in 2005, the theory and practice of market value management have come forth, and it has gradually become an important content in the strategic management of listed companies. Market value management is an important strategic management of listed companies, which plays an important role in the long-term development of listed companies and their stability and health in the capital market. The core of market value management is value creation, while market value management is the transition of value management. In the future capital market, market value management will eventually evolve into value management, making the internal and external value of listed companies consistent. However, due to the immaturity of our capital market, there are great differences between the internal value of listed companies and the external market performance, which leads to the failure of market value management to play its due role. Therefore, how to effectively carry out market value management in the current capital market environment has become an important subject of corporate governance. In this paper, we study and summarize domestic and foreign equity structure, value management and market value management and other related research literature, on the basis of elaborating the concept of equity structure, market value management, etc. This paper discusses the relationship between ownership structure and corporate value, and the relationship between market value management and value management. On this basis, the paper empirically analyzes the influence of ownership structure on market value management of listed companies. The financial data of 27 A-share listed companies signed and served by A Company from 2006 to 2015 are selected, and the market value management level of listed companies is taken as the dependent variable. Equity structure related factors as independent variables and other control variables of the regression model, From the empirical results, we can see that there is a U-shaped relationship between the concentration degree of ownership and the effect of market value management.) there is a positive correlation between the degree of equity balance and the effect of market value management of listed companies. (3) there is a positive correlation between managerial shareholding and the effect of market value management of listed companies. To sum up, these variables related to equity structure have a very important impact on how to carry out effective market value management of listed companies in our country. We can improve the effect of market value management of listed companies by optimizing the ownership structure of listed companies. If the listed company wants to improve the market value management level, it can be realized by setting up the scientific market value management idea, strengthening the market value management supervision means, perfecting the corporate governance structure, carrying out the scientific stock right incentive system and so on. In addition, our government should take certain measures to standardize the professional manager market and to perfect and train the mature capital market, so as to create a good market environment for many listed companies to carry out market value management effectively.
【学位授予单位】：沈阳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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