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论文编号：	2127
作者编号：	2120051994
上传时间：	2010/4/28 9:12:13
中文题目：	股权结构对中国上市公司价值的影响
英文题目：	Ownership structure, Corporate value, non-tradable share reform
指导老师：	刘建
中文关键字：	股权结构 公司价值 股权分置 机构投资者 股权集中度
英文关键字：	Ownership structure, Corporate value, non-tradable share reform, Corporation governance, Shareholder concentration
中文摘要：	股权结构是公司治理的基础，公司治理结构又会对公司价值产生重要影响。公司拥有合理的股权结构，才能形成完善的公司治理结构，进而才能保证公司取得良好的经营绩效，提升公司价值。本文在总结国内外研究成果的基础上，试图进行一些有益的探索，通过对中国上市公司股权结构和公司价值的理论与实证分析，研究中国沪深两市上市公司股权分置改革基本完成后，股权结构对中国上市公司价值的影响问题。 本文首先对股权结构和公司价值的相关理论进行综述，并在此基础上对国内外学者关于股权结构和公司价值相关性的研究状况进行了梳理；之后，作者运用公司治理相关理论对于上市公司股权结构与公司价值进行定性分析，并根据分析结果提出假设；最后，作者选取六个行业595家A股上市公司作为样本，建立多元线性回归分析模型。为了验证股权分置改革的成效，作者再次选取上述六个行业样本公司2004年的样本数据，与2006数据实证结果对比分析。 在本文的实证研究中，以市净率(MBR)代替托宾Q值作为被解释变量，4个股权结构变量，并用2个控制变量对回归进行控制。实证结果表明，股改后，中国上市公司机构投资者持股比例与公司价值显著正相关；流通A股与公司价值无显著相关性，而股改前流通A股比重与公司价值则为负相关；股权制衡度与公司价值有一定相关性；而股权集中度则无法通过检验，与公司价值无显著相关。本文在最后的结论部分进行了分析和解释。 虽然本文的定性分析部分是基于已有的公司治理理论，实证研究也只是对于样本状况的机械整理和反映，受到了当前上市公司信息披露状况的限制，但本文尽力避免各种噪音对研究结果的不利影响，对于实际情况的反映基本上客观准确，最后得出结论，并试探性提出相应建议以体现实践意义。
英文摘要：	Ownership structure is the basis for corporate governance, and Corporate Governance structure will have a major impact on the value of enterprises. Companies which have reasonable equity structure can establish a sound corporate governance structure, then the company can guarantee a good performance, enhance corporate value. Based on the summary of the previous research results, this article studies the relationship between the Shareholder Structure and corporate value of Chinese Listed Companies. This article reviews the research about ownership structure’s effect on the operating performance, and then analyzes the ownership structure and the operating performance of listed companies by the relative theories of corporate governance. Based on the result of Qualitative analysis, the author uses a sample of 595 listed companies which belong to six industries in the A stock market with Multiple linear regression analysis model. In order to verify non-tradable share reform results，the author uses 2004 sample data, comparing with Empirical results of 2006 sample data. In this empirical study, one value variable，four ownership structure variables and two control variables are selected. Taking into account differences in industry for the return of results, The empirical results show that the corporate value has a positive relation with tradable shares and institutional investors after non-tradable share reform, and the corporate value has a negative relation with tradable shares before the reform; shareholder restriction has a positive relation with corporate value but shareholder concentration has no relation with value. The author analyzes and interprets these results. Although the section of theory analysis are based on the theory of corporate governance, the empirical research is just be summarized automatically and reflected, and it is restricted by the corporate information disclosure of listed companies. The article is trying its best to reduce the disadvantage which comes from various noises. In addition, the actuality is correctly imaged and it draws a conclusion. At last the author puts forth some suggestion in order to embody the practice sense.
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