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| 论文编号： | 2786 | |
| 作者编号： | 2120082401 | |
| 上传时间： | 2010/12/1 17:04:11 | |
| 中文题目： | 创业板上市公司股权结构对公司价值影响的研究 | |
| 英文题目： | The Effect of Shareholding Structure of Listed Company in GEM on Enterprise Value | |
| 指导老师： | 黄福广教授 | |
| 中文关键字： | 创业板;股权结构;公司价值;机构投资者;风险投资机构 | |
| 英文关键字： | GEM; shareholding structure; enterprise vales; institutional investor; venture capital | |
| 中文摘要： | 创业板上市公司是我国创新型企业的代表，是通过技术创新、机制创新、管理创新或文化创新来获得竞争优势，保持持续发展能力的一类企业群体。这些公司的股权结构表现出与一般中小型企业不同的特征。创业板上市公司资产规模小、成长性好、收益较高、富有创新力，从市场表现看，发行市盈率和发行折价率和换手率较高。作为我国创新型企业的代表，创业板上市公司为研究提供了充分的经验数据。本文的研究对于完善我国创业板上市公司股权结构，提高公司价值有一定的实际意义。 本文针对公司股权结构和公司价值的相关问题，在总结和研究国内外相关理论和文献的基础上，选取截止到2010年6月30日为止，在创业板上市的共59家公司作为样本，通过统计分析对其公司股权结构与公司价值的关系进行研究。本文着重研究了创业板上市公司大股东的性质对公司价值的影响，在这部分特别引入了风险投资机构这一近几年我国经济活动中的新兴力量，来研究这一因素对创业板上市公司价值的影响。 通过规范分析和经验分析可以得出，我国创业板上市公司存在着实际控制人持股较集中、股权制衡较低的问题，并体现在对公司价值的影响上。我国创业板市场中的机构投资者对单一一家公司的投资热情不高，多为短期的二级市场投资行为。该新生市场的成长和发展仍需要市场参与者、监管者等各方面的共同努力，并加以实践来验证。风险投资机构大多在公司首次公开发行股票前以小股东的身份介入，并没有充分发挥对公司价值的提升作用，与其追求短期收益、投资时间较短有关。针对以上问题，本文最后提出了优化创业板上市公司股权结构的若干建议。 | |
| 英文摘要： | The listed companies in GEM of China are typical innovative enterprises with competitive advantage and sustainable development capability based on creative technology, mechanism, governance or enterprise culture. The shareholding structure of these enterprises has different characteristics from ordinary business. All of these listed companies are with small-scale, highly-growth, higher earning and creative, with high price-earnings ratio, high under price and high turnover as well. As typical innovative enterprises of China, these listed companies are appropriate research samples providing empirical data. Based on summarizing and researching related theories and literature domestic and international, the thesis selects the GEM-listed 59 companies ended up to June 30th, 2010 as samples, and researches the correlation between its shareholding structure and enterprise value by general statistics and empirical analysis. Focusing on analyzing the effect of shareholding structure on enterprise value, venture capital is also analyzed in the thesis, which is a new force in domestic capital market in recent years. As shown through canonical parse and empirical analysis, the GEM-listed companies have problems of highly-concentrated shareholding and lower balancing, effecting enterprise value. Besides, institutional investors have lower preference to specific listed company in GEM. Most venture capitals become minority shareholders after investment. The introduction of venture capitals did not result in upgrading enterprise value, which is related with short-term gains and the short term of their being shareholders. The thesis puts forward several recommendations to improve shareholding structure and upgrade enterprise value, with practical significance. | |
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