我国上市公司股权结构与公司绩效关系研究

【作者】 王克文；

【导师】 刘冬荣；

【作者基本信息】 中南大学 ， 会计学， 2008， 硕士

【摘要】 合理的股权结构是完善公司治理结构的基础,而良好的公司绩效需要以合理的股权结构和完善的公司治理结构作为保证,股权结构、公司治理和公司绩效三者之间存在着密切的关系。我国上市公司大多是在国有企业改革过程中产生的,由于计划经济的历史背景和转轨经济时期市场环境不完善等特征,跟其他国家相比,我国上市公司股权结构有着明显的不同,而且股权结构作用于公司绩效机制的途径和影响程度也存在差异。本文正是从实际情况出发,通过对我国上市公司股权结构与公司绩效关系的理论与实证分析,从而验证股权结构与公司绩效之间的相关性。论文在回顾国内外对股权结构与公司绩效关系相关理论的基础上,对我国上市公司股权结构与公司绩效关系进行了深入的分析,即通过对一系列的市场整体数据分析,探讨了我国上市公司目前的股权结构现状,分析了股权构成对公司绩效的影响。结合我国上市公司股权结构及我国上市公司治理机制的特点,分别提出了股权集中度与公司绩效关系以及国家股、法人股、流通股的比例与公司绩效关系的理论假设。同时,建立了相应的多元线性数学分析模型,利用SPSS14.0统计软件,对之进行线性回归分析,研究它们之间的回归系数和关联度,并对检验结果进行了分析,最后对实证结论及其理论涵义进行了归纳总结,有针对性地提出相关政策建议。更多还原

【Abstract】 Reasonable ownership structure is the basic of improving corporation governance structure, and good corporation performance needs the guarantee of reasonable ownership structure and perfect corporation governance structure. There are consanguineous relations between ownership structure, corporation performance and corporation governance. Most china listed firms are coming into being in the process of the reform of enterprises. Due to the characteristic of historical background of planned economy and imperfection of market environment in shunt economy period, the ownership structure and the approach or impact of its act on corporation performance mechanism in china listed firms is distinctly dissimilar with other nations. In the light of the actual conditions, the paper validates the relativity between ownership structure and corporation performance through the analysis of theory and demonstration on the relation of them.The thesis is based on the reviews on the research of the relation between ownership structure and corporation performance in domestic and oversea. Then, it embedded analyzes that relation through the analysis of a series market entire data, treats the actuality of ownership structure in china listed firms and analyzes the infection of ownership composition to corporation performance. It put forwards the research hypothesis, which emphasizes the relation between ownership focus degree and the corporation performance, and the relation between the proportion of the state stock, juristic person stork, floating stock and corporation performance. It then establishes the corresponding mufti-linear mathematical analysis model, use statistical software SPSS14.0 to do multivariate regression analysis, investigates the regression coefficient and connection, analyzes the testing result, summarizes the conclusion of demonstration and its meaning and advances policy proposals. It teases and summarizes the paper, and brings forward the expectation.更多还原