联系我们

论文查询结果	返回搜索

论文编号：	706
作者编号：	2120061961
上传时间：	2008/6/20 13:08:29
中文题目：	我国上市公司股权结构对经营绩效
英文题目：	An Empirical Research into the
指导老师：	周晓苏
中文关键字：	股权结构;经营绩效;公司治理;股<
英文关键字：	Shareholding structure;Operati
中文摘要：	股权结构与经营绩效之间的关系一直是国内外理论界和实务界争论的焦点。股权结构是公司治理的基础，它决定着公司的内部治理安排，而公司的一些外部治理措施也是以公司的股权结构为前提条件，同时，股权结构对公司治理方式也有着十分重要的影响。不同的股权结构表明不同的权力分布和利益分配，不同的利益主体在公司中的地位与投资目的不同，会使治理机制发挥不同的作用，从而表现出不同的经营绩效，因此，股权结构与经营绩效息息相关，对于二者之间关系的研究是非常必要的。 本文在现有理论和实证研究基础上，就我国上市公司的股权结构与经营绩效的相关性进行实证检验，揭示两者在我国现有体制下的内在联系。本文从股权集中度与实际控股股东类型两个方面全面考察样本公司的股权结构与经营绩效之间的相关性，同时选用净资产收益率(ROE)、资产收益率(ROA)和主营业务资产收益率(CROA)三个指标作为代表公司绩效的变量，能够比较全面真实地考察出股权结构与公司绩效的关系。实证结论表明：（1）公司绩效与第一大股东持股比例呈U型关系，第一大股东持股比例在45%-55%之间的时候，最不利于公司绩效的提高。（2）上市公司实际控制人类别为国有控股的公司，其绩效低于上市公司实际控制人类别为民营控股的公司。 截至2006年底，股权分置改革已经接近尾声，股权分置改革的主要目的就是要改变目前不合理的股权结构。为了探讨股权分置改革对我国上市公司经营绩效的影响，本文选取沪深两市制造业上市公司为研究样本，通过回归分析和非参数检验进行研究表明参加股权分置改革的公司与未参加股改的公司经营绩效存在显著差异。
英文摘要：	The relationship between shareholding structure and operating performance is always the focus of debate theoretically and practically. The shareholding structure, which accounts for the internal arrangements and is also the preconditions of some external control measures, is the basis of corporate governance. At the same time, it has great impact on the mode of corporate governance. As we all know, the structure indicates the distribution of power and benefits, and each interest group has own stations and investment motivations in the corporation. All these will bring different functions of management mechanisms that cause the diversity of operating performance. Hence, the shareholding structure and the operating performance are closely linked. It’s very necessary to study on the relationship of them. In this thesis, we sample the domestic listed corporations and attempt to make the empirical research on the relationship between the shareholding structure and the operating performance. The correlation is examined from two aspects: the ownership concentration and the type of the controlling shareholder. The result shows that： (1) There is a U shape relationship between CR1 and operating performance. When the largest shareholder can just control corporation, he may try to gain private benefit and exploit other shareholders. The agency problem results in decline of firm value and corporate performance will decline with the increase of controlling right of the largest shareholder. When holding great percentage of corporate shares, the motivation of the largest shareholder infringing upon his own corporation will decline and he will try to increase the firm value. The result can be that corporate performance increases with the increasing of the largest shareholder holding shares. (2) The operating performance of the state-owned shareholding is worse than that of the nonstate-owned shareholding. Reformation of dispartion of share and rights, is fundamentally to change the share structure of public trades. By taking listed companies which took part in reform in 2006 for study samples, through descriptive statistic, and regression analysis, the influence of reformation in stock separation on listed company performances in China is analyzed. The result shows that there is a difference between companies which took part in reform and companies which did not take part in.
查看全文：	预览  下载(下载需要进行登录)