股权结构、公司治理与经营绩效的实证研究——以IT类上市公司为例.pdfVIP

摘 要 IT 产业是我国重点发展的战略产业，研究我国 IT 产业在股权结构、公司 治理和经营绩效方面的特征，以及它们之间的关系，对于优化我国 IT 类上市 公司的股权结构和公司治理结构是有重大的理论和实践意义的。 本文按照理论研究—实证分析—对策建议的研究思路展开论述。首先介绍 了公司治理的基本理论。然后分别从股权性质、股权集中度、管理层持股三个 层面详细分析了股权结构、公司治理与经营绩效的关系。理论分析表明，股权 结构、公司治理与经营绩效有着密切的关联。 在理论分析的基础上，本文对中国 IT 类上市公司的股权结构和公司经营绩 效进行了一系列实证分析。分别从股权性质、股权集中度、管理层持股三个方 面建立与经营绩效的多元回归模型。模型很好的验证了提出的假设，并辅以实 例进行了详细的解析。实证结果表明：国有股和流通股的持股比例与经营绩效 负相关，法人股的持股比例与经营绩效正相关；股权集中度与经营绩效呈倒 U 型关系；管理层持股比例与经营绩效正相关。 本文最后就提升 IT 类上市公司的治理绩效提出了一些对策建议。 关键词: 股权结构 公司治理 经营绩效 I Abstract China has take great stress on developing IT industry as a strategic industry. It has great theoretical and practical meaning to study the characteristics and relation between ownership structure, corporate governance and corporate performance of IT listed companies, which help to optimize the ownership structure and corporate governance structure of IT companies. This dissertation is based on research ideas, such as theory research, empirical testing, and countermeasure suggestions. At first, it introduces the fundamental theory of corporate governance. Then it is followed the detail analysis on the relation between ownership structure, corporate governance and firm performance from three aspects like the property of ownership, the concentration of ownership and top management shareholding. Analysis suggests that firm performance is closely correlated with ownership structure and corporate governance. On the basis of theory analysis, a series of empirical analysis have been conducted on IT listed companies for the relation between ownership structure and firm performance. Three groups of multi regression analytical models have been built in three aspec