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论文编号：	634
作者编号：	2120062063
上传时间：	2008/6/20 9:39:45
中文题目：	上市公司股权结构与公司绩效的研
英文题目：	The Empirical Research on Rela
指导老师：	齐寅峰
中文关键字：	股权分置改革 股权结构 股权
英文关键字：	Equity Division Reform Owner
中文摘要：	2005年4月29日以前，由于当时特殊的背景，我国的资本市场上出现特有的股权分置现象，导致股权结构出现以下特征：股权结构以非流通股为主；股权流通性差；股权高度集中。而股权结构是公司治理结构的基础，是影响公司治理的最根本因素，而不同的公司治理结构又对公司绩效产生重大影响，因此，股权结构对公司绩效产生重要影响。实施股权分置改革以后，其最直接的影响是股权结构发生变化，所以本研究基于股权分置改革的视角，从实证角度来考察股权结构与公司绩效的关系。 本研究分五部分，在对国内外学者文献回顾的基础上，围绕股权分置改革前后股权结构与公司绩效的关系进行研究。 第一部分提出本研究的问题，说明研究框架、研究方法、研究结论及可能的创新。 第二部分回顾国内外的相关文献，对股权结构与公司绩效关系的研究分为两类：股权流通性对公司绩效的影响和股权集中度对公司绩效的影响。 第三部分针对相关文献提出了股权流通性与公司绩效关系两个假设：流通股比例和公司绩效的关系假设以及流通股比例的变化量和公司绩效的关系假设；在股权集中度与公司绩效关系提出了一个假设：第一大股东持股比例与公司绩效的关系假设。之后说明样本来源、被解释变量、解释变量和控制变量，并在分析国内学者模型的基础上构建本研究的模型。 第四部分实证分析是本研究的主体和重点。本研究选取2002年以前上市同时在2005年12月31日之前进行股权改革的国有上市公司作为研究对象，以STATA9统计软件作为分析工具，采用描述性统计和多元回归分析的方法对比股改前后公司绩效的变化。得出的结论是股改前后流通股比例和公司绩效不相关关系；股改后流通股比例的变化量在和公司绩效呈现显著的倒“U”型关系；第一大股东持股比例在股改前不符合假设，而在股改后和公司绩效呈现显著的倒“U”型关系。 第五部分，根据分析的结果提出相关的建议：提高流通股比例；要根据上市公司股权结构的情况提出具体的股权改革改革方案；在保持降低第一大股东持股比例的基础上，保持一定的股权集中度。
英文摘要：	Before the April 29th 2005, there was a special phenomenon that equity division exists in China's capital market because of the special background, which makes the ownership structure presents the following characteristics: non-tradable shares being higher proportion; the negotiability being low; ownership structure being highly centralized. The ownership structure is the foundation of corporate governance, which is the most fundamental factor affecting corporate governance and having a significant impact on corporate performance, therefore, the ownership structure has an important impact on corporate performance. After the equity division reform, the most direct result is the change of the ownership structure. So we verify the relationship between ownership structure and corporate performance from an experimental point basing on the equity division reform. This study is divided into five parts, basing on retrospect of domestic and foreign scholars’ literatures, in research of relationship between the ownership structure and corporate performance before or after the equity division reform. The first part puts forward the problem of this study, research frame, research means, research conclusion and innovation. The second part reviews the relevant literatures of domestic and foreign scholars, the research of the ownership structure and corporate performance is divided into two categories: the negotiability of the shares of the corporate having an impact on corporate performance, the ownership concentration having an impact on corporate performance. The third part puts forward two assumptions about the relationship between the negotiability of the shares of the corporate and corporate performance: assumption of the relationship between the proportion of shares in circulation and corporate performance, assumption of the relationship between the change of proportion of shares in circulation and corporate performance; assumption of the relationship between the ownership concentration and corporate performance: assumption of the relationship between a large proportion of shareholders and corporate performance. Then we explain the resource of valid samples, explained variables, explaining variables and controllable variables and build the model of the study on the basis of the relevant models of domestic and foreign scholars. The fourth part , main body and emphasis of this study, is empirical analysis. This study selects state-owned listed companies as a research target both listing before 2002 and on December 31st ,2005 deadline for implementation of the equity division reform, by means of statistical analysis software STATA9, using descriptive statistics and multivariate regression to analyze changes of the performance of the corporate between in 2004 and in 2006. Regression analysis has come to the conclusions: the tradable shares and the company’s performance show no significant relationship before and after the equity division reform; the change of proportion of shares in circulation and corporate performance show significant converse U relationship; the relationship between a large proportion of shareholders and corporate performance is not accord with the assumption before the equity division reform, the relationship between a large proportion of shareholders and corporate performance shows significant converse U relationship after the equity division reform. The fifth part, based on the results of the analysis, puts forward related proposals: raising tradable proportion; basing on specific listed companies bringing forward specific ways of the equity division reform; basing on reducing the proportion of shares held in the first major shareholders, keeping moderate ownership concentration.
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