【作者】 吕娜；

【导师】 吴信如；

【作者基本信息】 华东师范大学 ， 金融学， 2009， 硕士

【摘要】 股权分置一直是困扰我国资本市场健康发展的障碍。2005年5月10日,中国证监会正式启动了股权分置改革的试点工作。股权分置改革的目的是实现股权的全流通。而这一目标的实现是需要假以时日的。在这个过程当中,我国的股权结构仍然比较复杂。本文研究的就是在股权分置改革已启动但尚未完成之时,我国上市公司的股权结构如何变化,以及这种变化对公司治理绩效的影响。本文先从理论上对股权结构、公司治理、公司绩效之间彼此影响的关系做了说明。再以2005年底前参与股权分置改革的中小企业板上市公司为样本,做了描述性统计分析及回归分析。实证结果表明,股权分置改革通过影响股权结构进而影响公司治理绩效。同时,本文的研究只是一个阶段性成果,受所处历史时期的限制,因而为后续的研究留下了空间。更多还原

【Abstract】 The phenomenon of non- tradable shares is a system that holds back China’s capital market from developing healthily. May 5th, 2005, China Securities Regulatory Commission officially started the course of the reform of non-tradable shares. The goal of the reform of non-tradable shares is to achieve the circulation of all shares. However, it will take several years to reach this goal. Before its accomplishment, the shareholder structure of China’s listed companies is complicated. This paper studies due to the reform of non-tradable shares, how the shareholder structure of China’s listed companies changes and how it influences the corporate governance and corporate performance.This paper theoretically illustrates the inter-influence among shareholder structure, corporate governance and corporate performance. And then, this paper takes as sample the small and middle sized enterprises which had started the reform of non-tradable shares before the end of 2005, and makes the descriptive statistical analysis and the regression analysis. The results of empirical analysis show that the reform of non-tradable shares influences the shareholder structure of listed companies and therefore influences the corporate governance and corporate performance. This paper is just a historical phased study, which leaves much room for the follow-up.更多还原