【作者】 刘荣多；

【导师】 张晓光； 张润清；

【作者基本信息】 河北农业大学 ， 农业经济管理， 2004， 硕士

【摘要】 股权结构是公司所有者的内部结构，它是决定公司治理结构的基础，而公司治理效率的高低最终表现在公司经营绩效上。上市公司经营绩效反映了上市公司的经营成果，优良的经营绩效是上市公司健康发展的基石。只有完善的公司治理结构才能保证上市公司经营绩效的优良，而只有股权结构合理才能促进公司治理结构的完善，进而保证公司取得良好的经营绩效。河北省大多数上市公司由国有企业改制而来，具有特殊的股权结构。本文通过实证分析来研究河北省上市公司的股权结构与公司绩效间的相互关系，为改善河北省上市公司公司治理结构、提升公司绩效提出合理化建议。本文以河北省上市公司为研究对象，首先运用描述性统计方法分析河北省上市公司经营状况与股权现状。分析结果如下：(1)从经营状况来看，河北省上市公司大多处于冶金、机械、石化、纺织和建材等传统行业，经营作风较为稳健、业绩相对稳定，风险系数小，盈利能力高于全国平均水平。但从另一方面可以看出，河北上市公司相对缺乏活力和成长性。(2)从河北上市公司的股权现状来看，河北省上市公司的股权结构具有以下主要特征：首先，第一大股东为国有股的上市公司占60％以上，第一大股东持股比例平均在58％以上。因此，河北省上市公司国有股“一股独大”现象尤为明显。此种现象导致了大股东“利益侵占”与“利益趋同”效应并存。其次，未流通股比例约占68.16％，处于控制地位。未流通股比例过低使得中小股东难以对上市公司的决策和管理施加影响。第三，法人股比例极低。从1997年-2002年法人股比例平均为10%，因此法人股东难以在公司治理中发挥“积极的监督者”作用。其次本文运用多元线性回归方法，利用河北省各上市公司对外公布的年报数据，采用反映上市公司股权结构与公司绩效的多个变量，对河北省上市公司股权结构与公司绩效作回归研究。通过研究，本文得出以下结论：(1)河北上市公司股权集中度、国家股比例与公司绩效正相关但不显著(2)法人股比例、流通股比例对公司绩效影响不显著。针对上述结论，本文提出对策建议为：保持适度的股权集中度可以提高公司的经营绩效；提高法人股比例，发挥法人股东在公司治理中“积极的监督者”的作用。更多还原

【Abstract】 Ownership structure is the interior structure of corporate owners, which then determines the corporate governance. The efficiency of corporate governance is embodied by the corporate performance. Only optimal corporate governance can guarantee perfect corporate performance while only optimal ownership structure can promote corporate governance. In Hebei Province, most of the listed companies stem from restructured state-owned enterprises, so they have special ownership structure. This paper analyzes the correlation between ownership structure and corporate performance of listed companies in Hebei Province qualitatively and quantitatively by means of statistics and econometrics methods. At the beginning, this article uses descriptive statistics method to analyze trade status and ownership status of listed companies. Some conclusions are given: Firstly, listed companies of Hebei province are mostly in the traditional trade such as metallurgy, mechanism, petrochemical and textile etc. So the style of work is comparatively sane and risk factor is small, profit ability is higher than the average national level. But on the other hand this reflects listed companies in Hebei Province are lack of vigor and growing ability. Secondly, through analyzing the ownership structure in recent years of Hebei province, this paper analyzes features of stock ownership of the listed companies: (l)Hebei Province’s listed companies have over-concentrated ownership structures. The largest stockholder’s ownership proportion (CR1) is more than 58%. In 60% of listed companies the largest stockholders are state-hold shares. Such kind of ownership structure that state-hold shares is over-centralized leads to the coexist of the invasion-of-interest and the convergence-of-interest. (2)The un-circulating shares is in dominant status which makes it difficult for medium and small stockholder to effect corporate management. (3) In sharp contrast with state-hold shares, the corporation-hold share is 10% averagely during the period from 1997 to 2002. The extremely low proportion is no good for legal stockholders to play a role as "active supervisor" in corporate governance. Next the article use multi-linear regression method and several variables reflecting ownership structure and performance to process public data on annuals. Several conclusions have been drawn from the empirical result.: There is s relationship between the ownership concentration degree and company performance, but not significant. This is the same as the proportion of state-owned shares. While there is no significant relationship between the company performance and the proportion of corporation shares and circulation shares. At last according to the conclusions the relevant suggestion is that ownership dispersal shouldn’t be advocated at the moment and proper ownership concentration will help improve corporate performance. In addition, the proportion of corporate shares should be improved so that they can play an active role in corporate governance.更多还原