节能环保类上市公司股权结构与成长性关系的实证研究

发布时间：2018-03-18 03:18

本文选题：节能环保产业　切入点：股权集中度　出处：《河南大学》2015年硕士论文　论文类型：学位论文

【摘要】：从2005年股权分置改革开始,到现在已过去近十年,改革已经完成,市场上流通股大量存在。流通性加大,加深了资本化程度,因此股权结构也随之发生了变化。作为公司治理基础的股权结构,直接决定了公司的内部治理机制以及运行机制。这样对公司的经营绩效有直接的影响,进而影响到了公司的成长性。2010年战略性新兴产业兴起,其相关公司的成长性更是引起了政府,社会以及相关投资者的大量关注。作为其中之一的节能环保产业,国家近几年更是大力支持。在“十三五”规划中,把节能环保产业作为了重点发展的对象,国家大力治理环境,对相关领域投入巨量资金,提供了许多优惠的政策措施。在这样的社会大环境下,节能环保类公司的成长性也使大量的投资者予以关注。本文以此为切入点进行研究,有很强的现实意义。公司的成长性表现为可持续发展,公司规模的不断扩大,研发投入的不断增加,经营效率不断加强,是一个动态发展的过程。本文整理了国内外关于企业成长性,股权结构与成长性的关系的文献,并追溯到企业的成长理论及股权结构与绩效相关的理论,以此找到本文可能创新点,展开研究。界定了节能环保产业,公司成长性,股权结构的相关概念,梳理了国内外学者对企业成长理论的研究成果,委托代理理论两方面的代理问题以及最近十几年提出的终极产权理论,从理论方面推导出股权结构与成长性的关系,以此提出相关假设。通过中金在线,同花顺等网站,并结合国家对节能环保产业的限定,选定了2010年-2013年的300个样本,以此来研究股权结构与公司成长性之间的关系。为了全面的评价公司的成长性,本文选取了6个方面(营运能力,盈利能力,现金流能力,企业发展能力,风险控制能力以及企业科研能力)的19个财务指标,使用因子分析法得出8个主因子计算出成长性的综合得分。分别于股权结构的4个角度(股权集中度,股权制衡度,股权属性,两权分离度)分别回归分析,以此来验证本文的假设。通过实证分析,结论如下:股权集中度()与节能环保公司的成长性是显著正相关的。股权制衡度与节能环保类公司的成长性关系不显著,可能是因为我国节能环保产业刚刚兴起,有部分公司为民营性质的,在成长期,会选择集中股权,股权的制衡作用还不明显。国有股持股比例与节能环保类公司的成长性关系不显著,可能是因为股权分置改革的完成,国有股持股比例大幅度下降,股份大量流通,国有股的优势条件现在不再有明显优势。法人股与节能环保类上市公司成长性成显著正相关。流通股与节能环保类公司的成长性是显著负相关。两权分离度与公司的成长性是显著的正相关关系。实际控制人为国家背景的公司对其成长性是有利的。根据本文的规范和实证研究的结论提出了一些建议:在节能环保产业中,维持一定的股权集中度,积极发挥股权集中的优势,同时也要关注股权制衡的作用;积极引入机构投资者,发挥其积极作用,机构投资者投资更加理性,会处于对公司长远发展考虑,作出决策;理性看待两权分离度的作用,防止产生控制层级过长,分离度过大的情况;建立有效、透明的资本市场,使股票价值可以真正体现,从而使投资者更加理性投资;加大对环保产业法律政策的制定,为节能环保类公司创造一个良好的外部环境。
[Abstract]:From the non tradable share reform in 2005 began, now in the past ten years, the reform has been completed, there are a large number of shares in circulation on the market. The circulation increased, enhance the degree of capital, so the ownership structure is also changed. As a corporate governance based equity structure, directly determines the company's internal governance mechanism and operation this mechanism has a direct impact on the company's operating performance, thereby affecting the growth of the.2010 company in strategic emerging industries rise, growth of the company is caused by the government, a large number of social concern and related investors. As one of the energy-saving environmental protection industry in recent years, the state is vigorously support. In the "13th Five-Year" plan, energy-saving environmental protection industry as a key development target, a strong national governance environment, the related fields put a huge amount of funds, provides many benefits Policies and measures. In such a social environment, energy conservation and environmental protection in the growth of a company also makes a lot of investors attention. This article as a starting point for research, has a strong practical significance. The company's growth for sustainable development, the company continues to expand, increasing R & D investment, operating efficiency continue to strengthen, is a dynamic process of development. This article summarizes the domestic and foreign about the growth of enterprises, the relationship between ownership structure and growth of the literature, and back to the enterprise growth theory and the theory of ownership structure and performance related, in order to find the possible innovations and research. The definition of energy-saving environmental protection industry, the company the growth of related concepts of ownership structure, summarizes the domestic and foreign scholars on the enterprise growth theory, principal-agent theory from two aspects of the agency and puts forward the problems in recent years end A theory of property rights, derive the relationship between ownership structure and growth of the theory, to put forward relevant hypothesis. Through gold online, flush website, combined with the limited state of energy-saving environmental protection industry, selected 300 samples in 2010 -2013 years, in order to study the relationship between stock right structure and company growth between. In order to grow a comprehensive evaluation of the company, this paper chooses 6 aspects (operating capacity, profitability, cash flow ability, enterprise development ability, risk control ability and scientific research ability of the enterprise) 19 financial indexes, the method of 8 main factors to calculate the comprehensive score of growth by factor analysis. 4 angle respectively in the ownership structure (ownership concentration, equity balance degree, equity property, separation of two rights) respectively, regression analysis, in order to verify the hypothesis. Through empirical analysis, conclusions are as follows: ownership concentration () and The growth of the company's energy saving and environmental protection are significantly correlated. The growth of equity balance and energy saving and environmental protection companies is not significant, probably because of China's energy-saving environmental protection industry has just started, some companies for private property, in the growth period, will focus on equity, equity balance is not obvious. The growth of the relationship between the proportion of state-owned shares and energy saving and environmental protection companies is not significant, probably because of the completion of the share reform, the proportion of state-owned shares dropped sharply, a large number of shares in circulation, the advantages of state-owned shares are now no longer have significant advantages. Corporate shares listed companies and energy saving growth into a significant positive correlation. The growth of tradable shares and the energy conservation and environmental protection company is negatively related to the separation of the two powers. The growth degree and the company is a significant positive correlation. The actual control of state backed companies grow on it Is favorable. According to the specification and empirical research conclusions and puts forward some suggestions on energy saving and environmental protection industry, to maintain a certain degree of ownership concentration, ownership concentration play advantage, but also pay attention to the role of equity balance; institutional investors actively play its positive role, institutional investors are more rational. In consideration of the long-term development of the company to make decisions; rational view of effect of separation of two rights, to prevent the generation of control level is too long, too much separation situation; to establish an effective, transparent capital market, the stock value can be truly reflected, which makes investors more rational investment; increase the formulation of laws and policies of environmental protection industry. To create a good external environment for energy conservation and environmental protection.

【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;X324

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