我国上市公司股权结构与多元化关系的实证研究.pdfVIP

摘 要 我国上市公司从上世纪 90 年代初开始掀起了多元化高潮，企业的多元化战 略也开始成为理论研究的重点。本文首先介绍了股权结构及公司治理理论，结合 了国外的股权结构模式对我国上市公司的股权结构进行分析。然后本文从委托代 理关系出发探求公司多元化动因及其对公司价值的影响。 本文以 2006 年的 300 多家上市公司为样本，然后对股权结构和多元化经营 之间的关系进行了回归分析，发现国有股比例和股权集中度和对公司多元化程度 有显著的负相关性，法人股比例对公司多元化程度影响则不够显著，并对相关实 证结果进行了解释。本文的实证分析表明，国有股比例过高和股权过于集中是我 国上市公司股权结构中亟待解决的问题。在此基础上，本文提出通过逐步减持国 有股，降低股权集中度，进行股权结构改革，建立合理的股权结构。同时进一步 完善公司治理结构，发挥法人和机构投资者在公司治理中的作用，才能有效实施 多元化战略，提高企业绩效。 关键词： 股权结构 公司治理 代理理论 多元化 I Abstract From 90th age of last century, many companies began to pursue diversfication in China. As well diversification became a hot concern in theory research. This dissertation introduces the equity structure and corporate governance theory, then compares the listed companies’ equity structure differences between China and other countries. After that, we search into the motivation of diversification at the level of agency relationship, and discuss the diversification effect on firm performance. This dissertation tries to conduct multi-variable regression analysis on the relation between equity structure and diversification by collecting the related data from listed companies in 2006. We find: diversification level is negatively related to state shares and the first big shareholding ratio. And it has no significant relationship to legal person shares. These Empirical findings show that state shares are big problems in listed companies’equity structure. As conclusion of this paper ，we suggests that reducing state shares appropriately to build more reasonable equity structure. Also we need to further consummate corporate governance, and mak