混合所有制企业股权结构影响公司治理效率研究
发布时间：2018-07-29 16:43
【摘要】：股权结构对公司治理的影响一直是公司治理问题的核心,公司治理的最终目标是提高公司治理效率。在当前混合所有制改革如火如荼进行的大背景下,以分类进行国企改革为起点,研究股权结构对公司治理效率的影响具有重要意义。通过详细地介绍研究背景和阐述国内与国外众多学者的研究状况,以委托代理理论、公司治理理论、产权理论和利益相关者理论作为研究的理论基础,提出可能对公司治理效率产生影响的股权结构因素,即股权构成、股权集中度和股权制衡度。通过理论研究和实证检验相结合的方法,分别构建三大影响因素与公司治理绩效、公司治理机制有效性的多元回归模型和Logistic回归模型,以"交通运输、仓储、邮政业"、"电力、热力、燃力业"和"采矿业" 124家国有上市公司为样本基础,对因变量为连续型变量的数据其进行描述统计和多元回归分析,对因变量为虚拟变量的数据进行Logistic回归分析。最后根据现状分析和实证研究结果,有针对性地提出提高混合所有制企业公司治理效率的对策建议。研究发现国有绝对控股战略类国有企业的公司治理效率要优于国有相对控股企业,股权集中度和公司治理效率正相关,符合我国研究者得出的普遍结论,但与我国正在进行的分类混改路线有一定出入。由于我国混改正处于进程中,仍有诸多弊病,股权结构的优劣现在下定论还为时过早,但可以肯定的是混合所有制企业的公司治理效率仍有提升空间,应在合理范围内进一步让渡特定行业的控制地位,为国有股东和非国有股东的资产安全都提供一定程度的保障,使公司治理的效率达到新高度,也使公司治理机制更加呈现逐步趋向更加完善的程度。
[Abstract]:The influence of ownership structure on corporate governance is always the core of corporate governance, and the ultimate goal of corporate governance is to improve the efficiency of corporate governance. Under the background that the reform of mixed ownership is in full swing, it is of great significance to study the influence of ownership structure on the efficiency of corporate governance by taking the reform of state-owned enterprises as the starting point. By introducing the research background in detail and expounding the research situation of many scholars both at home and abroad, this paper takes the principal-agent theory, corporate governance theory, property right theory and stakeholder theory as the theoretical basis of the research. The factors of equity structure which may influence the efficiency of corporate governance are put forward, that is, equity structure, ownership concentration and equity balance. Through the combination of theoretical research and empirical test, this paper constructs the multivariate regression model and Logistic regression model of corporate governance performance, corporate governance mechanism effectiveness, and "transportation, warehousing, postal industry", "electricity," respectively. Based on the sample of 124 state-owned listed companies in heat, burning power industry and mining industry, descriptive statistics and multivariate regression analysis were carried out for dependent variables with continuous variables, and Logistic regression analysis for data with dependent variables as virtual variables. Finally, according to the analysis of the present situation and the results of empirical research, the countermeasures and suggestions to improve the corporate governance efficiency of mixed ownership enterprises are put forward. It is found that the corporate governance efficiency of the state-owned absolute holding strategic state-owned enterprises is better than that of the state-owned relative holding enterprises, and the degree of ownership concentration is positively correlated with the corporate governance efficiency, which is in line with the general conclusion reached by the researchers in our country. However, there is a certain discrepancy with the classification and mixing reform route that is being carried out in our country. Because the mixed correction in our country is still in the process, there are still many disadvantages, the advantages and disadvantages of the ownership structure are still too early to conclude, but it is certain that the corporate governance efficiency of the mixed ownership enterprises still has room for improvement. It is necessary to further transfer the control position of a specific industry within a reasonable scope, to provide a certain degree of protection for the asset safety of both state-owned and non-state-owned shareholders, and to make the efficiency of corporate governance reach a new height. Also make the corporate governance mechanism more showing a gradual trend to a more perfect degree.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271
[Abstract]:The influence of ownership structure on corporate governance is always the core of corporate governance, and the ultimate goal of corporate governance is to improve the efficiency of corporate governance. Under the background that the reform of mixed ownership is in full swing, it is of great significance to study the influence of ownership structure on the efficiency of corporate governance by taking the reform of state-owned enterprises as the starting point. By introducing the research background in detail and expounding the research situation of many scholars both at home and abroad, this paper takes the principal-agent theory, corporate governance theory, property right theory and stakeholder theory as the theoretical basis of the research. The factors of equity structure which may influence the efficiency of corporate governance are put forward, that is, equity structure, ownership concentration and equity balance. Through the combination of theoretical research and empirical test, this paper constructs the multivariate regression model and Logistic regression model of corporate governance performance, corporate governance mechanism effectiveness, and "transportation, warehousing, postal industry", "electricity," respectively. Based on the sample of 124 state-owned listed companies in heat, burning power industry and mining industry, descriptive statistics and multivariate regression analysis were carried out for dependent variables with continuous variables, and Logistic regression analysis for data with dependent variables as virtual variables. Finally, according to the analysis of the present situation and the results of empirical research, the countermeasures and suggestions to improve the corporate governance efficiency of mixed ownership enterprises are put forward. It is found that the corporate governance efficiency of the state-owned absolute holding strategic state-owned enterprises is better than that of the state-owned relative holding enterprises, and the degree of ownership concentration is positively correlated with the corporate governance efficiency, which is in line with the general conclusion reached by the researchers in our country. However, there is a certain discrepancy with the classification and mixing reform route that is being carried out in our country. Because the mixed correction in our country is still in the process, there are still many disadvantages, the advantages and disadvantages of the ownership structure are still too early to conclude, but it is certain that the corporate governance efficiency of the mixed ownership enterprises still has room for improvement. It is necessary to further transfer the control position of a specific industry within a reasonable scope, to provide a certain degree of protection for the asset safety of both state-owned and non-state-owned shareholders, and to make the efficiency of corporate governance reach a new height. Also make the corporate governance mechanism more showing a gradual trend to a more perfect degree.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271
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