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论文编号：	605
作者编号：	2120061995
上传时间：	2008/6/20 0:39:14
中文题目：	中国制造业上市公司股权结构与绩
英文题目：	Research on the Relationship b
指导老师：	王全喜
中文关键字：	制造业上市公司；股权结构；公司
英文关键字：	Listed Company of Manufacturin
中文摘要：	股权结构作为公司治理结构的产权基础，首先决定了公司的控制权结构，进而决定了内部监控机制的构成和运作，并通过内部监控机制对整个公司治理效率发生作用，最终影响公司的经营绩效。只有建立合理的股权结构，才可能形成完善的公司治理机制，进而才能保证公司取得良好的经营业绩。因此，股权结构和公司绩效之间的关系，一直是国内外理论界和实务界关注和研究的热点问题。然而从已有的实证结果来看，无论在国外还是国内，对此问题的研究都还没有形成明确一致的结论。 制造业是国民经济的物资基础和产业主体，是中国的支柱性产业，在国民经济中占有举足轻重的地位。同时，中国制造业上市公司占中国上市公司数量的一半以上，是中国上市公司的重要组成部分。因此，本文选取中国制造业上市公司为主要研究对象，探讨其股权结构与公司绩效之间的关系，具有重要的理论意义和应用价值。 本文主要采用规范分析与实证分析方法相结合的研究方法，对中国制造业上市公司股权结构与公司绩效之间的关系进行研究。本文首先系统地回顾了股权结构的相关理论，并对国内外的相关实证研究进行梳理。然后，本文对上市公司的绩效评价体系进行介绍，评价常用的绩效评价方法。接下来，本文分析了中国制造业上市公司股权结构和公司绩效的现状特点，指出其存在的问题。在实证部分，本文以2002-2006年中国制造业上市公司的面板数据为基础，运用Eviews5.1计量软件进行分析，并通过多元线性回归，得到中国制造业上市公司国有股、流通股、第一大股东持股比例与公司绩效呈负相关关系，法人股比例、前五大股东与公司绩效之间呈正相关关系等结论。最后，根据前面的理论和实证分析，本文提出了若干优化中国制造业上市公司股权结构、提高公司绩效的建议。
英文摘要：	The ownership structure is the foundation of corporate governance which determines the control structure of corporate. It farther brings out the constitution and operation of the interior corporate mechanism which affects the efficiency of corporate governance, and affects the corporate performance finally. Therefore, only establishing reasonable ownership structure can guarantee perfect corporate performance. The relationship between ownership structure and corporate performance is always one of the hot issues that the scholars study at home and abroad. However, there isn’t a consistent conclusion to the study on the relationship between ownership structure and corporate performance empirically, no matter at home or abroad. Manufacturing industry is the supporting industry in China, which has an important role of national economy. The listed company of manufacturing industry accounts for more than half of China’s listed companies and is an important part of China’s listed companies. Therefore, the dissertation focuses on the relationship between ownership structure and corporate performance of listed company of manufacturing industry in China, which has both theoretical and applicable value. The dissertation uses standardized and empirical analysis method to research on the relationship between ownership structure and corporate performance of listed company of manufacturing industry in China. Firstly, the dissertation reviews ownership structure theories and international related empirical researches, introduces the evaluation system of listed corporate performance. Then the dissertation describes the conditions of the ownership structure and corporate performance of listed company of manufacturing industry in China, points out their unreasonable problems. In the empirical part, on the basis of the data between 2002 and 2006, the dissertation gets the conclusion of ownership structure and corporate performance of listed company of manufacturing industry through linear regression by Eviews5.1. The main results and conclusions are as follows: the proportions of state-owned shares, tradable shares and the largest shareholder-owned shares of listed company of manufacturing industry have negative correlations with corporate performance; the proportions of corporation-owned shares and the largest five shareholders-owned shares have positive correlations with corporate performance. At last, the dissertation brings forward the proposals of optimizing ownership structure and improving corporate performance of listed company of manufacturing industry.
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