【作者】 方亮；

【导师】 徐琤；

【作者基本信息】 华东理工大学 ， 工商管理， 2011， 硕士

【副题名】基于股权分置改革的角度分析

【摘要】 本文主要研究了上市公司股权结构与公司经营绩效之间的关系。我国上市公司的股权结构具有特殊性,即流通股与非流通股并存,国有股一股独大,“同股不同价,同股不同权”现象很普遍。而从2006年之后,由于股权分置改革的深入,这种状况有所好转。在此背景下,本文着重研究股改前后上市公司股权集中度的变化,考察其对经营绩效的影响,特别关注了股权分制改革是否通过股权结构的改善从而提高经营绩效。本文选取了深圳证券交易所2003-2010年的面板数据,通过固定效应分析方法,在考虑到了变量的内生性问题之后,得到的结论是股权集中度与公司经营绩效呈U型相关,其主要影响机制分别是监督效应和堑壕效应；我国的股权分置改革一定程度上改善了股权结构和经营绩效,但是其长期影响还有待提高。更多还原

【Abstract】 This paper does a study on the relationship between ownership structure and performance of listed companies. The ownership structure of listed companies in China has some special features:a large portion of equity is not circulated in the market; state owned equity dominates; the phenomenon of "same equity with different price" is prevalent. Since 2006, the reform of non-tradable shares has mitigated this situation. In this background, we focus on the ownership structure change before and after the reform, examining whether it has improved the firm performance or not. In particular, we pay attention to the effects of reform to the performance through ownership structure. We selected a sample from SZSE with a 2003-2010 panel data. Using fixed effect method and considering the endogeneity problem, we found that ownership concentration has a U shape correlation with firm performance, majorly through the monitoring effect and expropriation effect. We also found that the reform of non-tradable shares has improved the performance to some extent, but the long term effect is still ambiguous.更多还原