有色金属上市公司股权结构与经营绩效相关性的实证研究

发布时间：2018-01-01 23:08

本文关键词：有色金属上市公司股权结构与经营绩效相关性的实证研究　出处：《中国地质大学(北京)》2015年硕士论文　论文类型：学位论文

【摘要】：股权结构是公司治理结构的根基,它的合理与否,首先作用于公司治理结构继而对经营绩效产生作用。因此,学术界一直致力于探究股权结构与企业经营绩效之间的关系。而有色金属行业作为我国国民经济的支柱产业,一直为国防的建设、经济的发展、科技的进步等方面提供有力的支持。近几年,有色金属行业发展迅速,规模不断扩大,产量不断上升。因此如何通过优化有色金属行业的股权结构来提升经营绩效对我国经济的健康发展至关重要。本文选取有色金属上市公司作为研究对象,在对股权结构和经营绩效相关著作进行梳理之后,介绍了股权结构和经营绩效的定义、所有权理论和委托代理理论的发展,分析了股权结构和经营绩效的度量指标,在此基础上阐述了我国有色金属上市公司的现状,结合财务指标分析了其股权结构和经营绩效现状。在实证研究中,本文选取了42家有色金属上市公司作为本文的研究样本,以2009至2013年5年的财务数据进行分析,以探究股权结构与经营绩效的相关性。研究从股权属性、股权集中度和股权制衡度三个方面选取自变量,托宾Q值作为因变量,以进行线性回归。在线性回归时,引入了资产规模、资产负债率作为控制变量,最终得出了有效的回归模型。实证结果表明,我国有色金属上市公司经营绩效与国有股和第一大股东的持股比例呈显著负相关关系,和流通股比例呈正相关关系,和法人股比例和股权制衡度无明显相关关系。基于以上研究,为了优化我国有色金属上市公司的股权结构,本文从我国有色金属上市公司角度提出如下建议:(1)控制国有股比例;(2)优化股权集中度和完善股权制衡机制;(3)完善有色金属上市公司治理机制。
[Abstract]:The ownership structure is the foundation of the corporate governance structure. Whether it is reasonable or not, it acts on the corporate governance structure and then on the business performance. Academia has been devoted to explore the relationship between ownership structure and business performance. As a pillar industry of our national economy, non-ferrous metal industry has been for the construction of national defense and economic development. In recent years, the nonferrous metal industry has developed rapidly and the scale of non-ferrous metal industry has been expanding. Therefore, how to optimize the ownership structure of non-ferrous metal industry to improve the performance of China's economy is very important. This paper selects non-ferrous metal listed companies as the research object. After combing the related works on ownership structure and business performance, the paper introduces the definition of ownership structure and management performance, the development of ownership theory and principal-agent theory. On the basis of analyzing the measurement index of equity structure and operating performance, this paper expounds the current situation of non-ferrous metal listed companies in China, and analyzes the present situation of equity structure and operating performance in combination with financial indicators. This paper selects 42 non-ferrous metal listed companies as the research sample and analyzes the financial data from 2009 to 2013. In order to explore the relationship between ownership structure and business performance, the study selects independent variables from three aspects: ownership property, equity concentration and equity balance, and Tobin Q as dependent variable. In the linear regression, the paper introduces the asset size and the ratio of assets to liabilities as the control variable, and finally obtains an effective regression model. The empirical results show that. The operating performance of non-ferrous metal listed companies has a significant negative correlation with the proportion of state-owned shares and the largest shareholders, and has a positive correlation with the proportion of circulating shares. Based on the above research, in order to optimize the ownership structure of non-ferrous metal listed companies in China. This paper puts forward the following suggestions from the point of view of China's non-ferrous metal listed companies: control the proportion of state-owned shares; (2) optimizing the concentration of equity and perfecting the mechanism of equity balance; Improve the governance mechanism of nonferrous metals listed companies.
【学位授予单位】：中国地质大学(北京)
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F426.32;F406.7

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