我国上市公司股权结构与公司绩效的相关性分析

【作者】 刘新；

【导师】 伍??；

【作者基本信息】 青岛大学 ， 金融学， 2007， 硕士

【摘要】 股权结构是公司治理结构的核心问题。一个合理的股权结构对公司治理结构的效率有着积极的作用，因此，在设计公司治理结构时，应当首先设置一个合理的股权结构。在中国，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。那么，中国上市公司的股权结构与公司绩效的相关关系到底如何，本文试图通过实证分析对此问题做出回答。本文以2004年以前在沪、深证券交易所上市的80家房地产上市公司为研究样本，选取2004、2005、2006连续三年的数据，研究了我国上市公司股权结构与公司绩效之间的关系，分析结果表明：(1)以房地产上市公司为代表的沪深股市的上市公司总体看来股权较为分散。然而，公司的第一大股东虽然控股不多，却在公司治理与决策方面具有相当强的操控能力。(2)在我国上市公司的内部治理中，国有股表现较差，效率低下，没有起到应有的作用，其所应具备的优势更没有完全发挥出来；而非国有股，特别是流通股，在公司治理结构中总体上表现出对公司绩效的正向作用，在公司治理方面发挥着积极作用。(3)不同股东在公司治理中所起的作用使得股权控制类型对公司绩效产生明显不同的影响，其主要表现为：非国有股东控股的股权分散型上市公司的经营业绩要优于国有控股公司的经营业绩。此外，股东结构对公司绩效的影响要大于股东类型对公司绩效的影响。更多还原

【Abstract】 The common equity structure is the core problem of the corporate governance. Areasonable common equity structure plays an active role in the efficiency of the corporategovernance. Therefore, a reasonable common equity structure should be set up when wedesign the corporate governance. In China, most of the listed companies came fromrestructured state-owned enterprises. Then, what on earth is the relevant relationshipbetween common equity structure of the Chinese listed corporate and their performance?The paper tries to answer this question by means of empirical analysis.Eighty estate listed companies, which listed in Shanghai Securities Exchange andShenzhen Securities Exchange before 2004, are used as researching samples and theirannounced data of 2004、2005 and 2006 are chosen to research the relationship betweencommon equity structure of the listed corporate and their performance. The result shows:(1) Generally speaking, the common equity of the listed companies, which aresymbolized as the estate listed corporate, is very scattering. However, although thefraction of shares the largest shareholder holds is not too much, he owns rather emergecontrolling ability in the aspects of the corporate governance and decisions.(2) In the inner governance of our listed companies, state-owned shares performpoorly, have a low efficiency and don’t play their expected function. At the same time,state-owned shares aren’t given full play to its advantages. However, non-state-ownedshares, especially exchange-traded shares, show their positive function to the corporateperformance in the corporate governance.(3) The equity-controlling style is made to bring about obviously different influenceto corporate performance by the function different share-holders play in the corporategovernance. It demonstrates that the managing performance of the share-diversified listedcompanies, which the non-state-owned share-holders control, is prior to that of thestate-owned firms. In addition, the influence that share-holders’ structure acts towardcorporate performance is deeper than share-holders’ style does.更多还原