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论文编号：	645
作者编号：	2120062042
上传时间：	2008/6/20 10:01:24
中文题目：	股权结构与公司绩效关系研究——
英文题目：	An Study on Relationships Betw
指导老师：	周建
中文关键字：	在美上市国有企业 股权结构 公司
英文关键字：	State-owned enterprises listed
中文摘要：	股权结构是公司治理的主要决定因素，不同的股权结构对公司治理机制产生的作用也不一样，进而直接影响公司绩效，因此，股权结构对公司绩效有着重要的影响，关于两者之间关系的研究一直是理论界研究的热点问题。本研究所讨论的股权结构与公司绩效关系是基于中国企业国际化的大背景中，定位于国际化视角下的公司治理问题这一领域。 通过文献回顾本研究发现国内关于股权结构与公司绩效关系的研究主要针对国内上市公司，基于的是国内市场环境。而本研究尝试着将研究对象进一步聚焦，以在美上市国有企业为样本，从境外上市的影响出发进行实证研究。本研究首先对国内外股权结构与公司绩效关系的文献进行了回顾，从而明确了研究框架、研究方法，然后量化分析了在美国上市的国有企业股权结构特点，并将其与国内外上市公司股权结构进行了对比，最后通过实证分析验证了本研究关于股权结构与公司绩效关系的假设。 在研究方法上，本研究采用定性分析与定量分析相结合的方法。定性分析主要是在文献回顾、境外上市政策及目的等研究中；定量分析主要体现在：对股权结构特点的研究上；对股权结构与公司绩效关系分析中。本研究采用了多元回归模型对股权结构与公司绩效关系进行了实证，采用了反映股权集中度、不同性质股权的五个股权结构指标和反应公司绩效的三个绩效指标。 结果表明，在美上市国有企业股权集中度、国家股与公司绩效负相关，本研究认为目前在美上市国有企业股权高度集中而不是适度集中，国家股在决策中体现了更多的社会职能而非仅关注绩效问题，政策性影响显著；而外资股与公司绩效关系不显著，说明外资股在公司治理机制中没有发挥应有的积极作用。
英文摘要：	Ownership structure is a main factor in determining corporate governance and different ownership structure can lead to different mechanisms of corporate governance which always influences the corporate performance. Therefore, ownership structure will affect the corporate performance and the relationship between ownership structure and corporate performance has been a hot issue in management field. This thesis will put this issue in a globalization background. Different from the past research based on the companies listed in mainland, this thesis will focus on the State-owned Enterprises listed in NYSE. After literature review, the research frame and method of this thesis were shaped and then the main body was finished including the characteristics of the ownership structure of State-owned Enterprises listed in NYSE, the policy and motivation to list overseas, research hypothesis presenting and the quantitative analysis on the relationship between ownership structure and corporate performance. In term of research method, both qualitative analysis and quantitative analysis were applied in this thesis. Qualitative analysis plays an important role in the literature review. Regarding to quantitative analysis, this thesis quotes 12 listed State-owned Enterprises as samples and takes the relative data from 2003 to 2006. In addition, five ownership variables and three performance variables are used in multi-regression models. At last, this thesis gives rise to the following remarks. First, the ownership concentration is negatively related with corporate performance, so is the proportion of state ownership. Second, there is a non-significant relationship between the proportion of foreign ownership and corporate performance. Third, the ownership concentration of State-owned Enterprises listed in NYSE is too high to function positively and the foreign shareholders need to be stimulated by increasing their ownership proportion.
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