【作者】 任薇；

【导师】 付磊；

【作者基本信息】 首都经济贸易大学 ， 会计学， 2007， 硕士

【摘要】 2005年4月30日,中国证监会发布了《关于上市公司股权分置改革试点有关问题的通知》,正式启动股权分置试点工作,开启了中国政府决策者从制度层面解决中国资本市场历史遗留问题的新局面。然而是否只要实行了“全流通”和“国有股减持”就一定能够提高上市公司质量、完善上市公司治理呢?答案是否定的。发达国家成功的公司治理经验表明,集中股权与对投资者利益的法律保护是构建一个有效的公司治理体系所必须的二元素。股权结构与治理绩效之间的关系是相当复杂的,需要作进一步的理论探讨。我国资本市场历史发展原因而形成的国有股一股独大、股权分置等特殊股权结构被认为是造成目前我国上市公司治理效率缺失、绩效表现不佳的重要原因。我国特殊股权结构与公司绩效是否有相关性,有怎样的相关性?弄清楚这些问题不仅有助于发现我国公司治理结构中的缺陷,也能够为改进公司治理、优化我国股权结构、提升公司绩效提供有益建议。因此本文在中国现有资本市场上探讨股权结构对公司业绩的影响,以探讨我国股权结构治理效应。本文在现有文献资料的基础上,分析了以往学者的研究成果及不足之处,进一步分析了股权结构对公司绩效的影响机制;以我国现阶段上市公司为研究对象,选择2001--2005年的上市公司为研究样本,运用描述性统计、平均数据横截面分析法、主成分分析等数量分析方法,利用各上市公司对外公布的股权数据、财务数据及其他相关资料,从主成分分析入手,把衡量上市公司业绩四个方面的11个相关指标进行主成分分析并根据各成分的贡献率构造了衡量上市公司的综合业绩指标H。在此基础上,进而分析综合业绩指标H与股权结构的两个方面股权构成和股权集中度的相关性。实证结果表明不同的股权构成和股权集中度对公司综合绩效的影响不尽相同。本文最后根据前面的理论分析和实证检验结果,结合我国现代企业制度建立的历程和目前公司治理环境、治理机制的特点,对我国股权结构的优化提出了政策和建议。更多还原

【Abstract】 The Chinese Security Regulatory Commission announced the notice about the experiments of Share Structure Reform in listed company on April 30, 2005, which started the Reform formally. It opens the governor resolving Chinese capital market problem from system lever. However, will it be bound to be able to improve the quality of listed company and perfect the corporate governance as long as having carried out "entire circulation of stock "and "cutting of state-owned shares "? The answer is to deny. The successful experience in developed country indicates stock concentration and the legal protection to investor benefit are two elements in an effective governing. It is very complicated between equity structure and corporate performance, which needs further investigated.The equity structure shows intense route dependence in our listed companies stock. The state-hold share being alone big and peculiar equity structure such as structure being placed separately resulted from the capital market history are considered as the important cause why the listed companies’ governance lack for efficiency and why the achievement shows not so nice.Whether equity structure of the listed companies in China have correlation on corporate performance and how? Studying these problems could help us discover the defects in our corporate governance and give the suggestion on how to promote the performance and perfect the equity structure. The paper discusses the correlation of equity structure on corporate performance so as to study the effect of corporate governance.Based on the review of related literature, the mechanism of stock structure on corporate performance has been studied further. Totally 2001-2005 listed companies were chosen as samples. The empirical study of equity structure and corporate performance was carried out through combining the descriptive analysis, principal component analysis, and using cross-sectional mode based on financial data and SPSS. Then after creating synthetical corporate performance model H on four aspects of performance, several models of the relationship between equity structure and corporate performance were creatively established. Based on all the above, the paper discusses the correlation between the stock composition and stock concentration and the corporate performance separately.The empirical study demonstrates that the impact of stock composition and stock concentration over synthetical corporate performance is unable completely identical. Final, based on the above theoretical analysis and empirical results and characteristics of the environment of corporate governance, the paper has put forward some political suggestion to the improvement our stock market.更多还原