【作者】 孙健；

【导师】 王金玲；

【作者基本信息】 东北大学 ， 会计学， 2008， 硕士

【摘要】 2005年4月29日,中国证监会发布《关于上市公司股权分置改革试点有关问题的通知》,正式启动了股权分置改革试点工作。截至2006年年底,我国上市公司股权分置改革已经基本完成,本文的研究就是紧紧围绕着股权分置改革下公司股权结构与经营绩效的关系变化展开的。本文选取2005年完成股权分置改革的上市公司作为研究对象,通过对比股改完成前2004年与股改完成后2006年公司股权结构与经营绩效来检验股权分置改革的效果。由于这些样本公司已经完成股改一年左右,部分限售流通股已经解禁,其股改效果已经开始显现。同时考虑到即使部分限售流通股解禁但是总体来看我国资本市场仍然没有实现全流通,所以选取净资产收益率ROE作为因变量,充分考虑影响这一公司绩效的种种因素进行单变量和多变量的回归分析。然后,对比2004年与2006年的分析数据,得出结论：股权流通性的增强对于公司经营绩效影响力有限,机构投资者对于公司经营绩效的提高有相当积极的意义,股权分置改革后大股东对公司经营绩效有促进作用。这些结论表明尽管股权分置改革对于公司经营绩效有促进作用,但是股权分置改革还不够深入,效果还不明显。从实证结论上看,股权分置改革对公司经营绩效的提高具有促进作用,同时本文针对股改后仍然存在的问题,提出一些建议,以完善股改后中国上市公司的治理状况,迎接全流通时代的来临。更多还原

【Abstract】 On 29 April 2005, the China Securities Regulatory Commission (CSRC) promulgated the Notice on the Trial Implementation of shareholder structure reform in Listed Companies and Related Questions, starting the pilot program to restructure share capital of listed companies by converting the non-tradable shares (NTS) into tradable shares. It is expected that the share capital segregation reform of listed companies will have basically completed by the end of 2006.In this paper, we did research on stockholders equity structure and corporate governance to compare 2004 and 2006 companies’performance; we chose the corporate which had finished the reform in 2005 as referent. And because these corporate had finished the reform for more than one year, they are now gradually removing the ban on non-tradable shares, and the effects of reform start to emerge. At the same time, considering the stock not full-circulation, we select ROE. We did regression test to the 220 valid samples fully considering all reasons relate to the corporate governance efficiency.After that, by comparing the regression result of 2004 and 2006, we find the newest conditions of stockholders equity and corporate governance:the increasing floating stock promotes’performance of corporate is limited; Institutional investors can help to enhance the validity of Corporate Governance; large stockholders can help to improve corporate governance. Although reform has many advantages, from the empirical result the reform is not deep enough.From the empirical result, the reform of Segregation of Share Capital in Listed Companies has an important effect on improving corporate governance level. And there are still some problems after therefore, at the end of the article, some suggestions are proposed to make the corporate governance of Listed Companies expecting the times of full circulation.更多还原