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论文编号：	3485
作者编号：	2120092363
上传时间：	2011/6/15 15:45:51
中文题目：	我国A股上市公司股权结构与企业绩效的实证研究——基于竞争形态的视角
英文题目：	An Empirical Study of the China A Share Ownership Structure and Firm Performance——Perspective on Competition
指导老师：	张晓农
中文关键字：	中国A股上市公司；股权结构；企业绩效；竞争形态；股权制衡
英文关键字：	A-Stock Listed Companies of China;ownership structure;enterprise''s competitive patterns;balance of the ownership
中文摘要：	在我国证券市场成立初期，股权分置曾经作为一项重大的制度安排，很好地解决了我国企业改革中的资金缺乏问题，但是随着证券市场的完善，股权分置成了制约我国上市公司发展的一个重大因素，“一股独大”也成为了众矢之的，因此我国证监会于2005年4月29日启动了股权分置改革试点工作，至今，股改工作已基本完成。由股改带来的股权集中度的降低，是否真的提升了企业绩效呢？在不同类型的行业中，是否应该一味的降低股权集中度呢？因此，本文从企业竞争形态的角度对我国上市公司企业绩效与股权结构的关系做出了相关研究。 本文选取了2006至2009年在沪深两市的A股上市公司4年的数据为研究对象，经过筛选后样本容量共有857个。在数据筛选以及模型建立的基础上，运用EXCEL2003、SPSS17.0、EVIEWS5.0等数据分析工具做出实证分析。 研究结果显示，当以研究样本全体为分析对象时，股权结构变量与企业绩效之间既不存在线性关系也不存在二次曲线关系。当把所有公司按照赫芬德尔指数分为高、中、低三种竞争类型分别进行研究时，发现在高度竞争行业中，第一大股东持股比例对企业绩效有负向影响，第二至第十大股东持股比例和企业绩效正相关；在中度竞争行业中，第一大股东持股比例对企业绩效有正向影响，第二至第十大股东持股比例对企业绩效也有促进的作用；在低度竞争行业中，股权集中度指标与企业绩效呈倒U型关系，存在最优股权结构；但是无论是在大样本还是在小样本研究下股权制衡度指标对企业绩效的影响程度微弱，几乎起不到任何作用。最后，结合我国现状，本文提出了我国上市公司应当根据自身行业特点，优化股权结构，增强股权制衡力度的意见与建议。
英文摘要：	In the early days of China’s securities market, the sub-owned shares which used to be an important institutional arrangement has been a good solution to the lack of capital in the enterprise reform. But with the improvement of the securities market, the Sub-owned Shares has become a great restriction to the development of listed companies of our country. And “the dominant shareholder” also becomes the target of public criticism. Therefore, on April 29, 2005, China Securities Regulatory Commission (CSRC) began to reform sub-owned shares at selected units. Up to now, the reform has been basically finished. Does the lower ownership concentration, which is brought by the reform, really improve the performance of listed companies? Should we lower the ownership concentration in all the different types of industries? In order to answer these questions ,I study the relationship between business performance and ownership structures of listed companies in our country from the perspective of enterprise's competitive patterns. This thesis selected the four years’ data of A-Stock Listed Companies in Shenzhen & Shanghai Stock Exchange as the research object. There are 857 samples altogether after screening. Based on the screened data and the model, the thesis will give an empirical analysis by using EXCEL 2003, SPSS17.0,EVIEWS5.0 and other data analysis tools. The research results show that there is neither a linear relationship nor a quadratic curve one between the ownership structure variables and the business performances. According to Herfindahl Index, when all the companies are divided into three types of competition ,which refer to high competition, medium competition, and low competition. In industries with high competition, are studied respectively .A negative correlation is found between the shareholding ratio of the first largest shareholder and the business performances which is correlated positively with the shareholding ratio of the second to the tenth largest shareholder. In the low competition industries with moderate competition, a positive correlation is found between the shareholding ratio of the first largest shareholder and the business performance which is also promoted the shareholding ratio of the second to the tenth largest shareholder.In industries with low competition， a negative “U” type correlation is found between the ownership concentration and the business performance, and there is an optimal ownership structure. However, the indicator of the balance of the ownership has little effect on the business performance whether the size of the samples studied is large or small. At last, according to the present state mentioned above, this thesis suggests that the listed companies of China should optimize the ownership structure and enhance the balance degree of the ownership.
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