【作者】 王志伟；

【导师】 杨绮；

【作者基本信息】 厦门大学 ， 会计硕士（专业学位）， 2020， 硕士

【摘要】 随着公司制的发展和资本市场的日益完善,我国上市公司的股权结构呈现出多元化的特点,很多公司进入了“分散股权时代”,由此也引发了不少控制权纷争的现象。股东为了实现或者巩固对上市公司的控制权,其方式已经不再局限于传统的增持股份,一致行动协议等相关的特殊安排已经成为影响股权结构的新形式。普遍出现的一致行动协议究竟是乱象还是合理调整股权结构的新方式?一致行动协议的签署和废除分别会对公司的绩效表现产生怎样的影响?虽然这些问题在实践中已经受到越来越多的关注和讨论,但是目前还尚无被广泛接受的研究结论,各方对一致行动协议可能产生的效应褒贬不一。在学术界中,有关一致行动协议对企业绩效影响的研究还相对匮乏。基于此,本文以我国创业板上市公司为样本,手工收集了 2011-2018年739家创业板公司有关一致行动协议的数据,构建多元线性回归模型,实证检验一致行动协议的签署与废除对上市公司财务绩效表现的影响。本文研究发现:(1)股东之间一致行动协议的存在对上市公司的财务绩效具有促进作用,并且当公司原有股权集中度较低时这种作用更加明显;(2)一致行动协议的废除会对财务绩效表现产生负面影响,这种影响在协议废除的第二年较为显著,在当年表现不明显;(3)一致行动协议的不同特征所带来的影响效果不同,涉及股份较多、协商一致和明确规定协议期限的一致行动协议对公司财务绩效具有促进作用。现有的研究往往集中于公司收购领域中的一致行动关系,对上市公司绩效影响因素的研究也大多忽视了一致行动协议的存在。因此,本文的主要贡献在于:其一,以创业板上市公司为研究样本,研究一致行动协议的签订对公司财务绩效表现的影响。其二,有别于现有研究,本文还研究了一致行动协议的废除对公司财务绩效表现的影响。其三,进一步地,对一致行动协议的特征进行了更加细致的刻画,并探究了其对公司财务绩效产生影响的内在逻辑关系。本文的研究结论预期将为上市公司尤其是创新创业类公司合理调整股权结构提供借鉴意义,同时也为进一步加强一致行动协议相关的法律约束、完善相关规则提供参考依据。更多还原

【Abstract】 With the development of the corporation and the improvement of the capital market,the ownership structure of listed companies in China has shown diversification.Many companies have dispersed ownership structures,which caused lots of disputes over control rights.In order to realize or consolidate the control over the listed companies,the shareholders are no longer limited to the traditional way of increasing their shares,the special arrangement such as the agreement of action in concert has become a new method.Is the agreement of action in concert a chaos or a new way to adjust the ownership structure?How will the signing and rescission of the agreement affect the company’s performance?Although these issues have brought more and more attention and discussion in practice,up to now,there is still not a widely accepted conclusion.People have different opinions on the possible effects of agreement of action in concert.In the academic field,there are few researches related to the impact of agreement of action in concert on enterprise performance.Because of this,this paper takes listed GEM companies as samples,and then collecting the data of agreement of action in concert that comes from 739 GRE companies from 2011 to 2018.In order to Examine the impact of agreement of action in concert on the performance of listed companies,we finally construct multiple linear regression models.The findings of this paper are as follows:(1)The agreement of action in concert between shareholders promotes the performance of listed companies,and the promotion is more significant when the company’s original ownership concentration is low.(2)The abolition of the agreement of action in concert have a negative impact on the company’s performance,which is more obvious in the second year after the agreement’s abolition,instead of the current year.(3)Different characteristics of the agreement of action in concert have different effects:the promotion is more effective when it involves more shares,the shareholders reach consensus through consultation and the agreement clearly sets the period of validity.The existing research often focuses on the relationships of action in concert in the field of corporate acquisitions,and the agreement of action in concert is mostly ignored when studying the factors that affect cooperate performance.Therefore,the main contributions of this paper are as follows:First,this paper takes GEM companies as samples to study the impact of the agreement on corporate performance.Second,different from the existing research,this paper also studies the impact of the abolition of the agreement on corporate performance.Thirdly,this paper makes a more detailed description of the characteristics of the agreement in order to explores the internal logical relationship of its impact on corporate performance.The conclusion of this study will provide reference for listed companies to adjust their ownership structure,especially for those innovative companies and entrepreneurial companies.What’s more,it can provide theoretical basis for strengthening legal constraints and perfecting relevant rules.更多还原