我国医药行业上市公司大股东持股比例对公司绩效的影响

发布时间：2018-02-27 19:11

本文关键词： 持股比例公司绩效医药行业　出处：《广东外语外贸大学》2015年硕士论文　论文类型：学位论文

【摘要】：股权结构问题是上市公司考虑的一个中心问题。近年来,大家对大股东持股比例与公司绩效关系开始进行了更深入的研究。合理的股权结构对公司绩效有着巨大的正向推动作用,本文从委托—代理人理论,控制权理论以及管理层与公司绩效理论出发,并以沪深证券交易所34家医药行业上市公司的数据为研究对象,以上市公司净利润,EPS和ROE作为公司绩效指标以及该公司的最大股东和前十大股东持股比例作为独立变量,选择公司的总资产,流通股比例,两个虚拟变量(上市公司是否实行过股权激励和是否是国有控股公司)作为控制变量。本文为了得出中国医药行业上市公司大股东持股比例与公司绩效之间的关系,分别使用了单因素模型和线性回归模型进行实证研究。研究发现,以净利润作为公司绩效指标时:最大股东持股比例和前十大股东持股比例均与公司绩效之间呈正相关关系,总资产规模大小与公司绩效之间存在显著正相关,流通股比例大小与公司绩效之间也存在显著正相关,当控制变量分别加上两个虚拟变量后,两个虚拟变量对被解释变量的解释力度均有一定程度的提高,而且这时整个模型变得更为显著,其中股权激励和国有控股与否分别与公司绩效呈正、负相关关系。以EPS作为公司绩效指标时:所有模型整体上是不显著的,也就是说以EPS作为衡量公司绩效的指标,大股东持股比例与公司绩效之间不存在任何显著相关关系。以ROE作为公司绩效指标时:所有模型整体上是显著的,无论是最大和前十大股东持股比例还是上市公司总资产规模大小都与公司绩效呈正相关,但流通股比例大小却正好和其相反,与公司绩效呈负相关。最后,结合现实情况分析论文结果,并提出相应的实施建议。
[Abstract]:Ownership structure is a central issue for listed companies. In recent years, The relationship between the shareholding ratio of major shareholders and corporate performance has been studied more deeply. Reasonable ownership structure has a great positive effect on corporate performance. This paper starts with the principal-agent theory. Based on the theory of control, the theory of management and corporate performance, and taking the data of 34 listed companies in the pharmaceutical industry of Shanghai and Shenzhen Stock Exchange as the research object, Taking the net profit of the listed company as the performance index and the proportion of the largest shareholder and the top ten shareholders as independent variables, the total assets and circulating stock ratio of the company are selected. Two fictitious variables (whether the listed company has implemented equity incentive and whether it is a state-owned holding company) are taken as control variables. In order to obtain the relationship between the proportion of major shareholders of listed companies in Chinese pharmaceutical industry and the performance of the company, Using single factor model and linear regression model for empirical research, it is found that when net profit is used as performance indicator, the proportion of maximum shareholder holding and the proportion of top ten shareholders are positively correlated with corporate performance. There is a significant positive correlation between the size of total assets and corporate performance, as well as a significant positive correlation between the ratio of tradable shares and corporate performance. The two fictitious variables improve the interpretation of the explained variables to a certain extent, and the whole model becomes more significant at this time, in which the equity incentive and the state-owned holding are positive to the performance of the company. When EPS is taken as a corporate performance indicator: all models are not significant as a whole, that is to say, EPS is used as a measure of corporate performance. There is no significant correlation between the shareholding ratio of large shareholders and corporate performance. When ROE is used as a corporate performance indicator, all the models are significant as a whole. Both the largest and the top ten shareholdings and the size of the total assets of listed companies are positively correlated with corporate performance, but the proportion of circulating shares is exactly the opposite, which is negatively correlated with corporate performance. Analyze the results of the paper according to the reality, and put forward the corresponding implementation suggestions.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F426.72;F406.7

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