中国上市公司外资股权的溢出效应研究
发布时间：2018-11-17 11:49
【摘要】：自从加入WTO后,我国的经济发展一直保持着较高的水平,加之拥有稳定的政治经济环境,我国逐渐成为资本活动最活跃的市场之一。随着我国经济进入调整阶段,充分发挥民间资本与外来资本的作用已经成为经济体制改革的一个重要方向。 外资持有我国上市公司的股权在目前已经成为外资在华参与经济活动的一种重要方式。目前外资持股主要表现出以下行为特征：持有行业龙头企业的股权、外资流向的地区与行业呈现不均衡,同时外资持股的案例不断增加、外资持股规模不断扩大。虽然我国2012年成为吸收外资最多的国家,但通过持有上市公司股权方式入华的资本比例依然较低。因此,将会有越来越多的外资以持股的方式进入中国,对中国经济的影响也将越来越深。在此背景下,本文将重点考察引入外资股权对上市公司经营绩效的影响,以及影响的途径。 本文通过对我国2008年至2012年间存在外资股权的156家上市公司为样本,将公司的经营绩效指标总资产回报率ROA作为研究对象,利用单变量分析法、多变量分析法以及面板回归分析法研究上市公司外资持股比例这个因素对经营绩效的影响及途径。实证结果表明：(1)外资持股对上市公司经营绩效有显著的正面作用；(2)外资控股有助于提高公司经营绩效；(3)提高公司资产运营效率是外资股权溢出效应的重要方式；(4)股权集中有助于提升公司经营绩效。另外,实证结果还表明,公司的资产结构、董事会特征、地区因素、企业性质也对公司绩效有一定的影响。
[Abstract]:Since China's entry into WTO, China's economic development has been maintained at a high level, and with a stable political and economic environment, China has gradually become one of the most active markets in capital activities. With China's economy entering the stage of adjustment, giving full play to the role of private capital and foreign capital has become an important direction of economic system reform. Foreign ownership of listed companies in China has become an important way for foreign investment to participate in economic activities in China. At present, the foreign ownership mainly shows the following behavior characteristics: holding the stock right of the leading enterprise in the industry, the region and the profession of the foreign capital flow are not balanced, meanwhile the cases of the foreign capital holding are increasing, and the scale of the foreign capital holding is expanding. Although China became the country that absorbed the most foreign capital in 2012, the proportion of capital entering China by holding the equity of listed companies is still low. As a result, more and more foreign investment will enter China by holding shares, which will have a deeper and deeper impact on China's economy. In this context, this paper will focus on the introduction of foreign equity on the operating performance of listed companies, as well as the impact of the way. Through the sample of 156 listed companies with foreign equity from 2008 to 2012, this paper takes the total return on assets (ROA) as the research object, and makes use of univariate analysis method. Multivariate analysis and panel regression analysis are used to study the influence of the proportion of foreign ownership on the performance of listed companies. The empirical results show that: (1) Foreign ownership has a significant positive effect on the operating performance of listed companies; (2) Foreign holding helps to improve the operating performance of listed companies. (3) improving the efficiency of assets operation is an important way of spillover effect of foreign equity; (4) concentration of equity is helpful to improve the company's performance. In addition, the empirical results also show that the structure of assets, the characteristics of the board of directors, the regional factors, and the nature of the firm also have a certain impact on corporate performance.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.6;F275;F272.5
本文编号：2337676
[Abstract]:Since China's entry into WTO, China's economic development has been maintained at a high level, and with a stable political and economic environment, China has gradually become one of the most active markets in capital activities. With China's economy entering the stage of adjustment, giving full play to the role of private capital and foreign capital has become an important direction of economic system reform. Foreign ownership of listed companies in China has become an important way for foreign investment to participate in economic activities in China. At present, the foreign ownership mainly shows the following behavior characteristics: holding the stock right of the leading enterprise in the industry, the region and the profession of the foreign capital flow are not balanced, meanwhile the cases of the foreign capital holding are increasing, and the scale of the foreign capital holding is expanding. Although China became the country that absorbed the most foreign capital in 2012, the proportion of capital entering China by holding the equity of listed companies is still low. As a result, more and more foreign investment will enter China by holding shares, which will have a deeper and deeper impact on China's economy. In this context, this paper will focus on the introduction of foreign equity on the operating performance of listed companies, as well as the impact of the way. Through the sample of 156 listed companies with foreign equity from 2008 to 2012, this paper takes the total return on assets (ROA) as the research object, and makes use of univariate analysis method. Multivariate analysis and panel regression analysis are used to study the influence of the proportion of foreign ownership on the performance of listed companies. The empirical results show that: (1) Foreign ownership has a significant positive effect on the operating performance of listed companies; (2) Foreign holding helps to improve the operating performance of listed companies. (3) improving the efficiency of assets operation is an important way of spillover effect of foreign equity; (4) concentration of equity is helpful to improve the company's performance. In addition, the empirical results also show that the structure of assets, the characteristics of the board of directors, the regional factors, and the nature of the firm also have a certain impact on corporate performance.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.6;F275;F272.5
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