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论文编号：	6290
作者编号：	2120122611
上传时间：	2014/6/7 9:44:27
中文题目：	我国民营上市公司外资持股与公司绩效的关系研究
英文题目：	Research on the Relationship between Foreign Shareholding and Corporate Performance in Private Listed Companies
指导老师：	王全喜
中文关键字：	外资持股；外资股东类型；外资持股比例；公司绩效
英文关键字：	Foreign Shareholding; the Type of Foreign Shareholders; the Proportion of Foreign Shareholding; Corporate Performance
中文摘要：	改革开放以后，我国民营经济逐渐登上历史舞台，在国民经济中占据着越来越重要的地位。借助于资本市场的支持，我国民营公司近些年来上市势头较猛，但是上市的民营公司规模普遍较小，且自身管理和公司治理方面存在较多的问题，所以民营上市公司的市值与其他国有上市公司相比较低。此外，很多民营公司受资金短缺的困扰。另一方面，随着我国资本市场的打开，外资持股现象在我国上市公司中越来越普遍，这给民营公司引入外资提供了机遇。那么，民营上市公司能否在解决融资难题的同时，借助外资改善公司绩效，提高公司价值呢？基于此，本文将对我国民营上市公司中外资持股对公司绩效的影响进行探索。 本文采用理论分析和实证分析相结合的方法来研究我国民营上市公司外资持股与公司绩效之间的关系。在理论分析方面，本文归纳了外资持股的相关理论，梳理了国内外外资持股的研究文献。在此基础上，提出了三组研究假设，构建了三组模型。在实证分析方面，本文首先选取了907家民营上市公司2010年-2012年三年的数据样本，研究了有无外资持股与公司绩效之间的关系，接着以有外资持股的民营上市公司为样本，研究外资股东类型以及外资持股比例与公司绩效之间的关系。 研究结果显示，当公司绩效以托宾Q值衡量时，外资持股、外资股东类型均与民营上市公司的公司绩效显著正相关，外资持股比例与公司绩效显著负相关；当公司绩效以股东权益净利率（ROE）衡量时，外资持股、外资股东类型、外资持股比例均与民营上市公司的公司绩效正相关，但关系不显著。此外，在进行样本均值检验后，发现外资持股的民营上市公司托宾Q值和股东权益净利率显著高于非外资持股的民营上市公司，而且外资金融机构持股的民营上市公司托宾Q值显著高于外资非金融机构持股的民营上市公司，但两类外资股东持股的民营上市公司在股东权益净利率水平上无显著差别。 本文的研究结果检验了国外外资持股的相关研究在我国的适用性，研究结果可以为我国民营上市公司合理地引入外资，以及证券市场监管部门制定引入外资的相关政策提供决策参考。
英文摘要：	After the reforming and opening up, private economy gradually stepped on the history stage. They have become an increasingly important part of the national economy. Aid to the support of the capital market, more and more Chinese private companies went public in recent years. However, private listed enterprises are generally smaller, and there are many problems in their own management and corporate governance. Hence, the market value of the listed private companies are lower than other state-owned listed companies. In addition, the shortage of funds has bothered a lot of private companies. On the other hand, with the opening of our capital market, it’s a common phenomenon that foreign investors hold shares in our listed companies. This provides an opportunity for private companies to introduce foreign capital. So, could private companies use foreign capital to solve the financing problem and improve corporate performance at the same time? This paper will explore whether foreign shareholding in private companies will have influence on corporate performance. This paper uses theoretical analysis and empirical analysis to study the relationship between the foreign shareholding and corporate performance in private listed companies. In the theoretical analysis, this paper summarizes the theories of foreign shareholding and literatures about foreign shareholding. Based on the theoretical analysis, the paper proposes three hypotheses and constructs three models. In the empirical analysis, the paper first selected 907 private listed companies’ data during 2010 and 2012 to study the relationship between the presence or absence of foreign shareholding and corporate performance. Then the paper uses the data of private companies which has foreign shareholding to study the relationship between the type of foreign shareholders and corporate performance, and also the relationship between the proportion of foreign shareholding and corporate performance. The results show that when the company's performance is measured by the value of Tobin's Q, foreign shareholding and the types of foreign shareholders are significantly positively correlated with the companies’ performance, the proportion of foreign shareholding is significantly negatively correlated with the corporate performance; When the company performance in measured by Return on Equity (ROE), foreign shareholding and the types of foreign shareholders are also positively correlated with corporate performance, but the relationship was not significant. In addition, during the sample mean examination, the paper found that Tobin's Q and ROE in private listed companies who have foreign shareholding were significantly higher than other private listed companies who don’t have foreign shareholding, and compared to the non-foreign-financial institutional holding companies, Tobin’s Q and ROE in foreign-financial institutional holding companies were higher. Results of this study examined the applicability of the foreign studies about foreign shareholding in our country and could provide some suggestions for capital market regulators and private listed companies on introducing foreign capital.
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