上市公司股权结构对资产质量影响的实证研究

发布时间：2018-03-06 14:46

本文选题：资产质量　切入点：股权结构　出处：《郑州大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国证券市场的发展,许多制造业上市公司得到了迅速成长。但是总体看来,我国制造业上市公司依然以高投入为主要方式来推动企业的发展,大多数企业扩大公司规模的手段依然是加大投资,而不重视投资以后的资产的运营和管理。资产质量是公司管理质量的体现,也是公司发展及成长的基础。上市公司股权结构作为公司治理最主要的组成部分影响着企业的资源整合和配置,从而影响资产质量的好坏。本文选取制造业上市公司中的机械、设备、仪表业类沪深两市A股上市公司为研究对象,采用因子分析法对制造业上市公司的资产质量建立指标评价体系,在此基础上研究从2009-2011年有效样本数据885个,分别是295个公司3年的面板数据,在此基础上建立多元回归模型,对股权结构与资产质量进行实证分析。结果显示：①制造业上市公司资产质量的影响因素包括资产的周转性,盈利性,固定资产使用情况以及资产的有效性。在资产质量的综合指数中,资产的周转性和盈利性对资产质量指标贡献较大。从资产质量综合指标来看,大部分制造业上市公司的资产质量表现良好。从资产质量的二级指标的分布情况来看,资产的周转性欠佳,盈利性表现较好。说明核心利润率和资产报酬率以及净资产收益率较高,但是各项资产的周转运营能力有待提高。②多元回归结果显示,在控制了公司的规模、资本结构和公司成长性后,股权集中度与资产质量综合指数显著正相关；股权集中度与盈利性因子、固定资产因子和有效性因子均显著正相关,但与周转性因子负相关。股权属性与资产质量负相关；股权属性与资产质量的综合指数周转性因子和固定资产因子正相关,但与盈利性因子和有效性因子负相关；股权制衡度与公司资产质量没有相关关系。本文创新点：①本文以资产质量的特性为主线选取评价资产质量的指标,构建企业资产质量的指标评价体系。②以资产质量的评价体系为基础来分析和预测股权结构对资产质量的影响,并验证股权结构与资产质量的相关关系。本文既丰富了资产质量和股权结构的相关研究,又希望引起实务界和学术界的重视和研究。
[Abstract]:With the development of China's securities market, many manufacturing listed companies have been growing rapidly. But generally speaking, the listed companies in our manufacturing industry still use high investment as the main way to promote the development of enterprises. Most enterprises still increase their investment, but not the operation and management of the assets after they have invested. The quality of assets is the embodiment of the quality of the company's management. As the most important component of corporate governance, the equity structure of listed companies affects the integration and allocation of resources and the quality of assets. In this paper, the machinery, equipment and instruments of the listed companies in manufacturing industry are selected as the research objects, and the asset quality evaluation system of the listed companies in the manufacturing industry is established by factor analysis. On the basis of this, 885 valid sample data from 2009-2011, which are the panel data of 295 companies for 3 years, are studied. On this basis, a multivariate regression model is established. The empirical analysis of equity structure and asset quality shows that the influencing factors of asset quality of manufacturing listed companies include turnover and profitability of assets. In the composite index of asset quality, the turnover and profitability of assets contribute greatly to the asset quality index. Most listed companies in the manufacturing industry perform well in asset quality. Judging from the distribution of secondary indicators of asset quality, the turnover of assets is poor. Profitability is better. It shows that the core profit margin, return on assets and return on net assets are high, but the turnover capacity of each asset needs to be improved by more than 2 yuan regression results show that in controlling the size of the company, After capital structure and company growth, equity concentration is positively correlated with asset quality composite index, equity concentration is positively correlated with profitability factor, fixed asset factor and efficiency factor. However, it is negatively correlated with turnover factor, equity attribute and asset quality, equity attribute is positively correlated with comprehensive index turnover factor and fixed asset factor of asset quality, but it is negatively correlated with profitability factor and efficiency factor. There is no correlation between equity balance and asset quality. The innovation point of this paper is: 1. This paper takes the characteristics of asset quality as the main line to select indicators for evaluating asset quality. Based on the evaluation system of asset quality, the influence of equity structure on asset quality is analyzed and forecasted. This paper not only enriches the research on asset quality and equity structure, but also hopes to attract the attention and research of the practical and academic circles.
【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;F273.4;F832.51

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