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论文编号：	2545
作者编号：	2120082116
上传时间：	2010/6/12 18:17:24
中文题目：	基于控制权的我国上市公司股权结构与公司绩效关系研究
英文题目：	Research on Ownership Structure and Corporate Performance of Chinese Listed Companies based on Control Rights
指导老师：	王全喜
中文关键字：	上市公司 股权分置改革 股权结构 控制权 公司绩效
英文关键字：	listed companies reform of non-tradable shares ownership structure control rights corporate performance
中文摘要：	公司的控制权决定着公司经营决策，对公司绩效产生重要影响。股权结构是控制权形成的基础，它较为直观的反映了控制权的配置。先前的很多研究表明公司控制权对公司绩效有着直接的作用，在我国股权分置改革给上市公司的股权结构带来一定变化的背景下，研究由股权结构形成的控制权与公司绩效之间的关系具有重要的现实意义。 本文在研究样本的选取上，以2001-2008年为研究窗口，应用中国上市公司各年度截面数据分析股权结构和公司绩效之间的关系，进而应用面板数据对截面数据分析结果进行验证。样本包括整个时间段A股市场的全部公司。为了保证数据的有效性，尽量减少其他因素的影响，本文首先剔除了上市公司中的 ST 公司和数据缺失的公司。在后续的验证检验中，本文在前述样本的基础上参照已有研究结果剔除了金融行业的公司。 实证结果表明： （1）股改前，公司规模与公司绩效之间的关系为正相关，在股改后变为负相关。（2）股改前，资产负债率与公司绩效之间负相关，股改之后二者之间的关系变为正相关。（3）在股改前后，净利润增长率始终与公司绩效呈正相关关系。净利润增长率在一定程度上体现了公司的成长性。（4）股权集中度与公司绩效之间的关系始终为正相关。（5）股权制衡度与公司绩效之间始终不存在必然的相关关系。 另外，在剔除金融行业对样本重新分析时，本文发现，金融行业在样本中的存在对最终结论并无决定性的影响，因此在本文研究中无须剔除。 根据以上结果，本文认为，由于我国外部市场不发达，现行体制不够完善，因此即使在股改接近尾声的时期，我国上市公司依然可以通过增加股权集中度来获得公司的控制权，以加强对公司的监督与管理，增强公司的成长性，进而提高公司的绩效。
英文摘要：	In the research of corporate governance, control rights directly determine company’s decision-making and influence corporate performance. Ownership structure is the foundation of control rights and reflects the distribution. Previous studies indicated that control rights had direct influence on corporate performance.At the ending of tradable share reform, it has practical significance to research on the relationship between the ownership structure formed control rights and corporate performance. This paper studies the samples between 2001 and 2008 and uses China's listed companies section data of each year to research on the relationship between the ownership structure formed control rights and corporate performance. Further, it applies the panel data to vertify cross section data. The samples contain A-share market companies of the entire time. The paper firstly excludes the company listed in the ST and data loss company to make sure the effectiveness. In the following test, the paper removed the financial sector companies based on the previous research result. The empirical results show that (1) Before the share reform, company’s size and performance are positively related. After the share reform, company’s size and performance are negatively related. (2) Before the share reform, debt rate and company performance are negative related. After the share reform, they are positively related. (3) Net profit growth rate and company performance are always positively related. Net profit growth rate can reflect the growth of the company to a certain extent. (4) Ownership concentration and corporate performance are always positively related. (5) Equity balance and company performance have no causal relationship. Moreover, the paper find that the conclusion has no decisive influence when the financial sector companies are removed. So They do not have to be removed. According to the result, the paper holds that listed companies can still increase the ownership concentration to get control of the company because the external markets are underdeveloped and the current system is not perfect, which can strengthen the supervision and management of the company and enhance the company's growth, thus improving the company's performance.
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