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论文编号：	2348
作者编号：	2120082124
上传时间：	2010/6/9 2:32:44
中文题目：	我国上市公司股权结构对财务风险影响的实证研究
英文题目：	An Empirical Study on the Impact of Ownership Structure on Financial Risk in the Chinese Listed Company
指导老师：	肖沂
中文关键字：	股权结构；财务风险；上市公司
英文关键字：	Ownership constructor; Financial risk; Listed company
中文摘要：	我国的股权分置改革是对于企业股权结构的完善过程，然而对股权结构的关注不应当仅仅从公司业绩水平出发。财务风险贯穿于企业活动的始终，对于上市公司的持续经营和稳定发展同样具有重要意义。因此，本文试图通过规范与实证研究相结合的方法探讨股权结构对财务风险的影响机制。 由于股东权利的缺失，不同类型股东的价值取向会出现差异和矛盾，进而出现行动的差异，并可能导致内部控制、关联交易等行为，上市公司偏离企业价值最大化的目标，增加公司的不确定性和财务风险。 根据股权结构对财务风险影响的理论分析，本文建立了股权结构影响财务风险的九个基本假设，并建立回归模型进行实证研究，实证结果表明：非流通股比例与财务风险显著负相关，流通股比例与财务风险显著正相关；非流通股股东自身利益与上市公司利益高度一致，在公司治理和经营活动中发挥了积极作用；流通股股东非理性投资行为较为普遍。国有股比例、管理者持股比例与财务风险有一定的负相关关系，但不显著，国有股股东和持股管理者在公司治理中发挥了一定的积极作用；法人持股比例与财务风险有一定的正相关关系，但也不显著性，社会公众持股比例与财务风险具有显著的正相关关系，法人股股东和社会公众股股东没有发挥有效的监督作用。外资股比例与财务风险水平显著负相关，境外投资者成熟的投资和管理经验对上市公司治理结构发挥了积极作用。股权集中度与财务风险水平显著负相关，较高的股权集中度有利于上市公司控制风险；股权制衡与财务风险水平之间存在正的相关关系，但不显著，股权制衡尚未发挥足够作用。 基于以上对于股权结构影响财务风险的研究，本文提出了优化股权结构的几点建议：培育股东权利正常发挥的制度环境；积极寻找最佳股权结构，完善公司治理机制；完善不同类型股东权利；培育法人股股东，鼓励企业法人相互持股；适当引入境外资本，完善境外投资者监督机制；适当提高股权集中度，发挥大股东积极作用。
英文摘要：	China's share reform is to improve the process of corporate ownership structure, but the concern on the ownership structure should not only concern the level of company performance. Financial risks, which are throughout the whole business activities, have the great significance on the going-concern and stability of listed companies. This paper attempts to use the regulate and empirical research method to combining the ownership structure of the impact of financial risk mechanism. Because of the lack of shareholder rights, there will be differences and conflicts in value orientation between different types of shareholder. Then there differences in action and could lead to internal controls, related party transactions and other acts. Listed companies diverge from the goal of maximizing the value of the companies to increase the company's uncertainty and financial risk. Under the equity structure theory of financial risks, this paper established nine basic assumptions of how the ownership structure affects the financial risk and the regression model. The empirical results show that: the proportion of non-tradable shares has a significant negative correlation of financial risk, financial risk and proportion of shares outstanding significantly correlated. There is a great coincidence of the interest between non-tradable shareholders and listed companies. The non-tradable shareholders play a positive role in corporate governance and operating activities. Tradable shares act non-rational investment behavior more commonly. The proportions of state-owned shares, managerial ownership and financial risk managers have a certain negative correlation, but not significantly. State-owned shares and managerial ownership play a positive role in corporate governance. Legal-Person shares and financial risk was positively correlated, but not significantly. Public ownership and financial risks were significantly positively correlated. Legal-Person shares and public ownership did not play an effective supervisory role. The proportion of foreign shares and financial risks were significantly negatively correlated. The mature investment and management experience of foreign investors play a positive role to the governance structure of listed companies. Ownership concentration and the financial risk was significantly negatively correlated, higher ownership concentration is conducive to the risk of Listed Companies. Equity balance and financial risk was positively correlated, but not significantly. The equity balance had not play a sufficient role yet. Based on the above research on how equity structure effect financial risk, this paper presents several suggestions about how to optimize the ownership structure. We should build a good system to let the rights of shareholders to play correctly. The listed companies should look for the best ownership structure, improve corporate governance and the rights of different types of shareholders. Cultivate corporate shareholders to encourage companies to corporate cross-shareholdings. Appropriately introduce foreign capital, improve the supervision mechanism by foreign investors. Appropriately increase ownership concentration, play a positive role in the majority shareholder.
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