我国A股上市公司股权结构与公司业绩关系研究

发布时间：2018-01-14 11:35

本文关键词：我国A股上市公司股权结构与公司业绩关系研究　出处：《郑州大学》2013年硕士论文　论文类型：学位论文

【摘要】：股权结构是公司治理的核心内容,有效的股权结构引发人们的关注,通过委托代理、激励监督等治理机制影响公司业绩。尤其是股权分置改革以后,合适的股权结构有利于加强企业管理水平,从而提高公司业绩。上市公司股权结构和经营业绩之间关系研究一直是国内外学者关注的经典问题,但由于样本、指标、变量以及方法的差异化,众多研究结论并不一致。所以,就目前来说用实证分析方法对二者之间的关系进行研究有重要的理论价值和现实指导意义。文章以理论、假设、实证及结论这个逻辑主线展开,研究我国A股上市公司股权结构与公司业绩之间的关系。首先系统地回顾了中外学者对股权结构和公司业绩之间关系的主要观点,加深了股权结构对公司业绩的认识。然后提出四个假设,分别为：(1)国有股比例与公司业绩存在U型关系；(2)法人股比例与公司业绩存在显著正相关关系；(3)流通股比例与公司业绩呈现U型关系；(4)股权集中度与公司业绩存在显著正相关关系。接着以我国A股上市公司2007-2011年的财务数据为样本,利用因子分析构建综合经营指标,采用回归分析法进一步阐述股权性质和股权集中度两方面对公司业绩产生的影响。实证研究结果验证假设成立。本文的研究特色在于：1.研究了国内外学者的研究成果,并对成果进行了全面系统的梳理与分析,探讨了开展股权结构与公司业绩之间关系研究的现实意义；2.本文对盈利能力、发展能力、营运能力、偿债能力四个方面的十五个指标进行因子分析,建立了能全面衡量公司业绩的综合评价指标,避免了单一指标存在的片面性和会计操作等问题；3对我国A股上市的697家公司的财务数据进行全面的统计分析,构建了股权结构与公司业绩的回归模型,并进行回归分析,深入探讨了二者之间的关系。
[Abstract]:Equity structure is the core content of corporate governance, effective ownership structure has aroused people's attention, through the principal-agent, incentive and supervision mechanisms affect the performance of the company, especially after the reform of the split share structure. The research on the relationship between the ownership structure and the operating performance of listed companies has been a classic concern of domestic and foreign scholars, but due to samples. The differences of indicators, variables and methods are not consistent. Therefore, it is of great theoretical value and practical significance to study the relationship between them by using empirical analysis method at present. This paper starts with the logical thread of theory, hypothesis, demonstration and conclusion. This paper studies the relationship between ownership structure and corporate performance of A-share listed companies in China. Firstly, it systematically reviews the main views of Chinese and foreign scholars on the relationship between equity structure and corporate performance. Then four hypotheses are put forward, which are: 1) the proportion of state-owned shares has a U-shaped relationship with the performance of the company, and the relationship between the proportion of state-owned shares and the performance of the company is U-shaped. (2) there is a significant positive correlation between the proportion of corporate shares and the performance of the company; (3) the proportion of circulating shares is U-shaped with the company's performance; (4) there is a significant positive correlation between ownership concentration and corporate performance. Then taking the financial data of A-share listed companies from 2007 to 2011 as a sample, factor analysis is used to construct a comprehensive management index. The effect of ownership nature and ownership concentration on corporate performance is further analyzed by regression analysis, and the empirical results verify that the hypothesis is valid. The research features of this paper are: 1. The research results of scholars at home and abroad are studied, and the results are comprehensively and systematically combed and analyzed. This paper discusses the practical significance of the research on the relationship between ownership structure and corporate performance. 2. This paper carries on the factor analysis to the profit ability, the development ability, the operation ability, the repayment ability four aspects carries on the factor analysis, has established the comprehensive appraisal index which can comprehensively measure the company performance. The one-sidedness and accounting operation of single index are avoided. (3) A comprehensive statistical analysis of the financial data of 697 A-share listed companies in China is carried out, and a regression model of equity structure and corporate performance is constructed, and a regression analysis is carried out, and the relationship between them is discussed in depth.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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