上市公司参股行为对经营业绩影响的实证研究
发布时间：2018-07-16 14:56
【摘要】：参股是公司利用股权投资持有对方一定数量的股份，但达不到控制程度的投资行为。按参股动机不同可以分为财务性参股和战略性参股。财务性参股是指以获得短期投资收益为目的，不对被参股公司的经营和管理产生重大影响的或不改变其控股权的参股行为。战略性参股是指以取得长期投资收益为目的的，通过其所持股权影响被参股公司或通过内部契约作用来改善其自身的整体业绩的参股行为。公司通过参股行为可以影响其经营业绩，因此法人间的参股目前已经成为公司资本运作的一种常见手法，而且成为公司不断发展壮大的一种常见手段。 合理进行参股对公司的经营绩效应具有正面的推动作用。然而，在我国的特殊环境下，参股行为的现状存在着部分不合理性，参股行为与上市公司经营业绩是否具有显著关系仍有待检验。因此，本文考察了我国上市公司参股行为对经营业绩的影响。文章共分为五个部分，前两部分是全文的基础，介绍了参股行为与经营业绩的相关知识和参股行为的现状；第三部分对参股行为对经营业绩影响进行理论分析，是下文实证分析的理论基础；第四部分是全文的核心部分，选取了公开披露的2007~2011年间我国沪深A股具有直接参股行为的上市公司，以能够较为全面的反应企业的整体经营业绩总资产收益率ROA为因变量，持股比例作为衡量参股行为的自变量，对上市公司参股行为与公司经营业绩之间的关系进行实证分析，检验了相关假设；第五部分为全文的最后一部分，，通过对上一部分的实证结果进行分析，得出了研究结论并阐述了本文研究的局限性。
[Abstract]:Equity participation is an investment behavior in which the company uses equity to hold a certain number of shares, but it can not reach the level of control. According to the different motivation of equity participation can be divided into financial equity participation and strategic equity participation. Financial equity participation is a kind of equity participation that does not have a significant impact on the management and management of the participating company or does not change its controlling rights for the purpose of obtaining short-term investment returns. Strategic equity participation is a kind of equity participation that aims at obtaining long-term investment returns and influences the equity participation of the participating company or improving its overall performance through the internal contract. Companies can affect their business performance through the behavior of equity participation, so the law of human equity participation has become a common means of the operation of the company's capital, and a common means of the company's continuous development and growth. Reasonable equity participation should play a positive role in promoting the company's business performance. However, under the special circumstances of our country, there is some irrationality in the present situation of the behavior of equity participation, and whether there is a significant relationship between the behavior of equity participation and the operating performance of listed companies remains to be tested. Therefore, this paper examines the impact of listed companies' equity participation on business performance. The article is divided into five parts, the first two parts are the basis of the full text, introduced the relevant knowledge and the current situation of the stock participation behavior and the management achievement; the third part carries on the theoretical analysis to the stock participation behavior to the management performance influence, The fourth part is the core part of the full text, which selects the listed companies with direct participation in Shanghai and Shenzhen A shares from 2007 to 2011. Taking ROA as the dependent variable and the proportion of stock holding as the independent variable to measure the stock participation behavior, this paper makes an empirical analysis on the relationship between the equity participation behavior and the operating performance of the listed company. The fifth part is the last part of the paper, through the analysis of the empirical results in the previous part, the conclusion is drawn and the limitations of this study are expounded.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
本文编号：2126741
[Abstract]:Equity participation is an investment behavior in which the company uses equity to hold a certain number of shares, but it can not reach the level of control. According to the different motivation of equity participation can be divided into financial equity participation and strategic equity participation. Financial equity participation is a kind of equity participation that does not have a significant impact on the management and management of the participating company or does not change its controlling rights for the purpose of obtaining short-term investment returns. Strategic equity participation is a kind of equity participation that aims at obtaining long-term investment returns and influences the equity participation of the participating company or improving its overall performance through the internal contract. Companies can affect their business performance through the behavior of equity participation, so the law of human equity participation has become a common means of the operation of the company's capital, and a common means of the company's continuous development and growth. Reasonable equity participation should play a positive role in promoting the company's business performance. However, under the special circumstances of our country, there is some irrationality in the present situation of the behavior of equity participation, and whether there is a significant relationship between the behavior of equity participation and the operating performance of listed companies remains to be tested. Therefore, this paper examines the impact of listed companies' equity participation on business performance. The article is divided into five parts, the first two parts are the basis of the full text, introduced the relevant knowledge and the current situation of the stock participation behavior and the management achievement; the third part carries on the theoretical analysis to the stock participation behavior to the management performance influence, The fourth part is the core part of the full text, which selects the listed companies with direct participation in Shanghai and Shenzhen A shares from 2007 to 2011. Taking ROA as the dependent variable and the proportion of stock holding as the independent variable to measure the stock participation behavior, this paper makes an empirical analysis on the relationship between the equity participation behavior and the operating performance of the listed company. The fifth part is the last part of the paper, through the analysis of the empirical results in the previous part, the conclusion is drawn and the limitations of this study are expounded.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
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