我国上市公司股权结构与企业绩效研究

【作者】 何罡；

【导师】 肖广牧；

【作者基本信息】 西南财经大学 ， 统计学， 2004， 硕士

【摘要】 经过短短十多年的发展，我国证券市场已初具规模，上市公司从最开始的八家发展到目前的一千多家，市值占国内生产总值（GDP）的一半以上，超过了香港成为亚洲第二大股市，证券市场在国民经济中扮演着越来越重要的角色。但是近两年，我国股市持续低迷，上市公司业绩逐年下滑。证券市场在发展中也存在着许多问题，如内部人控制、操纵利润、会计信息造假等现象时有发生，中小股东权益屡屡受到侵害。究其根本，我们认为，不合理的股权结构是其中的重要原因之一。股权结构是产权制度中最核心的内容，是公司治理的核心和基础，它决定了公司的权力在各利益主体间的分配，决定了公司治理的各个方面，可以说解决股权结构问题是提高公司治理效率的前提和基础。我国目前的股权结构的缺陷，主要表现为非流通股尤其是国有股比重过大，以及由此带来的所有者缺位，致使产权虚置，无法形成人格化的产权主体，造成公司治理效率低下；而这种一股独大的局面也使得公司内的其它股东无法与之抗衡，公司里的决策实际上都由第一大股东完全决定；法人股虽有能力有动力参与公司的治理，但持股相对较少，在关键问题上没有决策权；高度分散的流通股使得中小股东难以参与公司治理，权益无法受到保障。基于此，本文的研究按如下章节展开： 第一章：股权结构的相关概念。主要涉及股权结构的定义，股权结构与公司治理的关系，股权结构如何影响公司治理，以及股权结构的分类，各股东的行为特点等等。在第一节中，我们对股权结构的含义作了较为详细的介绍，并明确提出股权结构就是指公司股份在各股东之间的分配，并由股份集中程度的不同以及持股人行为方式的不同而产生的对公司治理和绩效的不同影响，本文以后的分析都是围绕这个定义展开。在第二节里，主要就股权结构与公司治理关系展开说<WP=4>明，股权结构是公司治理的基础和核心，因此，本节主要论述股权结构是如何影响公司治理。第三、四节则是对股东进行了分类，并对分类后的股东行为进行了剖析，其目的在于说明不同的股东可能的行为方式，而这将决定他们在公司中起什么样的作用和如何起作用。第二章：相关文献综述。通过对国内外已有的相关问题研究成果的借鉴和比较，我们发现，中外学者在股权结构与公司绩效的研究方法上大体相同，但对于股权结构的理解上却有明显不同：国外学者的研究多是从股权集中度来考查其对公司绩效的影响，而我国学者除了考查集中度外，更加注重股权属性是如何影响公司绩效的，这主要是由我国现实的股权结构决定了的。并且，我们还发现，虽然众多学者对股权结构问题做了深入的研究，却没有在这一问题上达成一致意见，有的甚至得出截然相反的结论，对于这样的现象，除了在样本选取和研究角度不同外，样本所处的经济环境不同或相同样本所处时间的变化都可能造成结果出现差异。第三章：股权结构的国际间比较。不同国家经济制度、历史传统、市场环境、法律观念、发展阶段以及价值观的不同，决定了各国公司股权结构的多样性。但归结起来，有代表性的股权结构可以分为以下两类：一是以英美为代表的股权较为分散的市场监控模式，以个人、机构持股为主，流动性较强；另一种是以德日为代表的股权相对集中的股东监控模式，以法人相互持股或银行机构持股为主。两种股权结构都有与之相匹配的公司治理模式，并且正常而有效的在各自的环境里发挥着作用。通过对美日公司股权结构的分析，有助于我们明白股权结构本身没有优劣之分，关键是要适合本国本企业的实际情况，同时也有助于我们在借鉴的基础上构建适合我国国情的股权结构。第四章：我国上市公司股权结构现状。在上一章对世界主要股权结构有所了解后，在本章着重介绍我国公司的股权结构。第一节对我国公司现有的股权结构特点作了详细的说明，总结出了我国上市公司股权结构的五大特点：股权结构极其复杂；非流通股在总股本中所占比重大；股权高度集中，第一大股东持股比重畸高；国有股一股独大；法人股比重偏低，流通股过于分散。在第二节指出这种股权结构的弊<WP=5>端所在：非流通股和流通股的划分人为的剥夺了国家股和法人股一部分权利，造成了“同股不同权”，为了补偿非流通股的流通权，在定价上使非流通股大大低于流通股，由此又产生了“同股不同价”，违背了证券市场的基本原则；国有股一股独大，不可流通以及由此造成的所有者缺位和产权虚置，使得国有股持股主体不能真正行使控股股东的权能，难以对经理人员进行有效的监督和管理，而约束机制的失效使得经理人员机会主义行为严重；法人股比重偏低，使法人股东作用的发挥受到限制；流通股过于分散，流通股东的力量得不到集中，在股东大会中没有发言权，使得流通股的主要持有者—中小股东的利益得不到保障等。这些弊端已对我国的证券市场造成了极大的影响。第五章：实证分析。在本章的第一节里，主要运用T检验、Wilcoxon检验以及描述性统计方法对股权结构的相关指标进行了比较，并在第二节从实证的角度研究了我国的国有股、法人股和流通股比重以及国有控股公司、法人控股公司和股权分散型公司对公司绩效的影响。得出的结论是：法人股对公司绩效更多还原

【Abstract】 After more than ten years of fast development, the stock market of our country has begun to take its shape. Now the number of the listed companies has reached more than 1000, and the market value is about over half of the GDP. It has been the second largest stock market in Asia exceeding Hong Kong’s and playing a more and more important role in national economy. However, in recent years, the market has been in its low tide, and the performance of listed companies has glided yearly. And there are some problems in the development of stock market, such as internal control, manipulation profits，and the minority shareholders will be the casualty. Why do these happen? The author thinks the unreasonable ownership structure is one of the most important reasons.Ownership structure is the core of property system, and it is also the core and basis of corporate governance. It determines how to distribute the corporate right among interest groups. So the ownership structure is the key to promoting the corporate governance, and then the performance. On the basis of the background, this thesis goes on as the following: Chapter One: About the ownership structure. It includes the concept of the ownership structure and some theories about it. In this chapter, the author firstly expounds the definition of the ownership structure, which is the basis of the whole thesis. Then the relationship between ownership structure and corporate governance is discussed. Later the author analyzes how the ownership structure influences the corporate governance. Last the author classifies the ownership structure and analyzes the characteristic behavior of each shareholder group. The author thinks these characteristics will help us to recognize what role these shareholder play in corporate governance.In chapter two, the author reviews some relevant papers written by <WP=8>other scholars. By reviewing them, the author finds that we have the same method to probe into the relationship between ownership structure and corporate performance with foreign scholars. But we have difference in the meaning of ownership structure: the foreign scholars think it is the ownership centralization, which we regard it as stock’s attribute. It is decided by the reality. And the author also finds that though many scholars have done much research on the ownership structure, there isn’t agreement on it. The author thinks maybe different samples are used, and also the problem is so complex that each one has different understandings.In chapter three, the author compares the ownership structure among nations. With the different economic systems, different history, different law systems and different value viewpoints, the ownership structure is not same in each country. But there are two representative ownership structures in the major western countries. One is loose in stock right, and the other is some close. Though they are not same, they work well under their own environment. So we should understand that there isn’t good ownership structure or weak one. If it fits, it is good.Chapter four analyzes the ownership structure’s characteristics of listed companies in our country: the stock is divided to negotiable stock and non-negotiable stock; the proportion of non-negotiable stock, especially state shares is too big; the ownership structure is too concentrated, and the stock hold by individual is too few. Then the author analyzes the shortcomings of them by corporate governance, such as they induce free rider, insider control, ignoring the voice and right of minority shareholders, job consuming, and so on. In chapter five, the author applies some statistical method to detect the relationship between ownership structure and corporate performance. The author draws this conclusion: the corporate stock does good to the performance, the state stock plays the reverse role in corporate <WP=9>performance, and the individual stock has nothing to do with it.In the last chapter, a brief summary to the full thesis has done on the basis of the above analyses. Direc更多还原