创业板上市公司股权结构与成长性关系的实证研究

发布时间：2018-06-17 03:18

本文选题：创业板上市公司 + 股权结构　；参考：《东北财经大学》2013年硕士论文

【摘要】：创业板成立四年之久,已经成为扶持我国高新技术企业发展,促进经济发展方式转变的重要推动力量,同时也成为了我国自主创新企业的聚集地。这些自主创新型企业怎样能够实现快速、健康、稳定的成长是学者和企业家都一直关注的问题。通过对创业板上市公司成长性的研究,不仅能够帮助企业管理者制定经营决策,把握公司的发展方向,同时也能够为投资者选择投资对象,监管者制定政策提供依据,因此对公司成长性的研究是十分必要的。作为公司治理非常重要的一部分内容,股权结构会影响公司所有者以及管理者的行为与决策,这种行为与决策会直接影响公司的价值以及成长性,即股权结构与公司成长性之间具有一定的关系,而两者关系到底如何,至今尚无定论,因此本文选取了2010年12月31日之前在创业板上市的公司,以其2010-2012三年的股权结构方面以及成长性方面的数据为基础,对创业板上市公司股权结构与成长性的关系进行研究。本文一共分为六部分,主要内容如下：第一部分为绪论。本部分介绍本文的选题背景和研究意义,同时介绍本文的研究思路,并指出本文可能的创新点。第二部分为相关理论与文献综述。这一部分首先对本文的相关概念进行了界定,阐述了本文的理论基础：委托代理理论,人力资本理论以及企业成长理论。其次对股权结构与成长性这一研究领域的文献进行了综述,为后文的理论分析及假设提出做铺垫。第三部分为股权结构与成长性关系分析及假设。在第二部分的基础之上,这一部分对股权结构四方面的内容：股权集中度、股权制衡度、股权属性和股权流通性,与成长性之间的关系分别进行了理论分析,根据理论分析提出本文的研究假设。第四部分为实证研究设计。首先对本文的样本数据及来源进行了说明,其次确定了本文的研究方法：利用因子分析法得出本文的因变量,创业板上市公司综合成长性得分,并确定了本文的自变量：代表股权结构四个方面的7个变量,和控制变量：样本公司期末总资产的自然对数。最后提出本文的实证模型。第五部分为实证结果分析。这一部分对样本数据进行了实证分析,分别进行了描述性统计分析和多元回归分析,得出回归结果,并对回归结果进行说明。第六部分为结论与建议。通过第五部分的实证结果分析,得出了本文的研究结论：创业板上市公司股权集中度、公司高管持股比例以及流通股比例与公司成长性成负相关关系；创业板上市公司股权制衡度与成长性呈正相关关系；创业板上市公司机构持股比例与成长性关系不显著。其次,这一部分根据本文的研究结论,提出了政策建议,最后阐述了本文的不足及展望。
[Abstract]:After the establishment of the gem for four years, it has become an important driving force to support the development of high and new technology enterprises in China and promote the transformation of economic development mode, and has also become the gathering place for independent innovation enterprises in our country. How to realize the rapid, healthy and stable growth of these independent and innovative enterprises has always been concerned by scholars and entrepreneurs. Through the research on the growth of listed companies on the gem, it can not only help the managers to make management decisions and grasp the development direction of the company, but also provide the basis for investors to choose investment objects and regulators to formulate policies. Therefore, it is very necessary to study the growth of the company. As a very important part of corporate governance, ownership structure will affect the behavior and decision of the owner and manager of the company, which will directly affect the value and growth of the company. That is, there is a certain relationship between the ownership structure and the growth of the company, but the relationship between the two has not been concluded, so this paper selects the companies listed on the gem before December 31, 2010. Based on the data of equity structure and growth in 2010-2012, the relationship between equity structure and growth of gem listed companies is studied. This article is divided into six parts, the main content is as follows: the first part is the introduction. This part introduces the background and significance of this paper, and points out the possible innovation of this paper. The second part is related theory and literature review. This part firstly defines the related concepts of this paper, and expounds the theoretical basis of this paper: principal-agent theory, human capital theory and enterprise growth theory. Secondly, this paper summarizes the literature on equity structure and growth, which lays the foundation for the theoretical analysis and hypothesis. The third part is the analysis and hypothesis of the relationship between ownership structure and growth. On the basis of the second part, this part makes a theoretical analysis of the four aspects of ownership structure: ownership concentration, equity balance, equity property and equity circulation, and the relationship between equity structure and growth. According to the theoretical analysis, the research hypothesis of this paper is put forward. The fourth part is empirical research design. First of all, the sample data and the source of this paper are explained, and then the research methods are determined: the dependent variables of this paper are obtained by factor analysis, and the growth score of gem listed companies is obtained. This paper also determines the independent variables: seven variables representing the four aspects of ownership structure and the control variable: the natural logarithm of the total assets at the end of the period of the sample company. Finally, the empirical model of this paper is put forward. The fifth part is the empirical analysis. This part carries on the empirical analysis to the sample data, carries on the descriptive statistical analysis and the multivariate regression analysis, obtains the regression result, and carries on the explanation to the regression result. The sixth part is the conclusion and recommendation. Through the analysis of empirical results in the fifth part, we draw the conclusion of this paper: the share concentration degree of gem, the proportion of corporate executives' shareholding and the proportion of circulating shares are negatively related to the growth of the company; There is a positive correlation between the degree of equity balance and growth in gem listed companies, while the relationship between institutional shareholding ratio and growth of gem listed companies is not significant. Secondly, according to the conclusions of this paper, this part puts forward some policy suggestions, and finally expounds the shortcomings and prospects of this paper.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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