创业板上市公司股权结构对公司绩效影响研究.pdf

中文摘要 在公司规模、业务范畴与发展模式方面，创业板上市公司与主板、中小板 上市公司具有显著的差异。在股权结构对公司绩效影响上，创业板上市公司具 有其自身特点。 为了探索创业板上市公司股权结构对公司绩效产生的影响，本文以国内创 业板上市公司在 2013 年的数据为样本，以净资产收益率、每股收益和由主成分 分析法得到的综合性指标作为被解释变量共同表征创业板上市公司绩效，以第 一大股东持股比例、高管持股比例、国有股比例、法人股比例和流通股比例共 同作为解释变量来表征创业板上市公司的股权结构，建立模型并通过回归分析 进行实证研究。为了避免单组数据可能存在的偏差，本文选取了三组被解释变 量进行回归。综合三组回归的研究结果可以得出：创业板上市公司绩效与第一 大股东持股比例以及高管持股比例成较为显著的正相关关系，与流通股比例成 较为显著的负相关关系，国有股比例和法人股比例对公司绩效的影响不显著。 而此结论与之前学者对上市公司股权结构与公司绩效的相关结论略有不同，本 文认为这与创业板上市公司所处的发展特定阶段和自身的特点有关。在分析验 证创业板上市公司股权结构对公司绩效影响的基础上，本文给出了针对创业板 上市公司股权结构优化以及公司绩效提升的合理化建议。 关键词：创业板上市公司；股权结构；公司绩效 ABSTRACT In company size, business scope and development mode, the GEM listed companies are quite different from main board listed and SME board companies. On the relationship between equity structure and corporate performance, GEM listed company has its own characteristics. In order to research the impact of equity structure on the corporate performance of listed companies on GEM, this paper takes the data of GEM listed companies in 2013 as a sample，uses ROE, EPS and integrated index which is got from the principal component analysis represent corporate performance, and uses the shareholding ratio of first major shareholder, the proportion of executives shareholding, the proportion of state-owned shares, the proportion of legal person shares and the proportion of circulation stock as explained variable represent equity structure of GEM listed companies, then builds the model to do the empirical research in regression analysis. To avoid the deviation derived by single data, this paper chooses three groups of variables to regress. Comprehensive study of three groups of regression results, it shows that the shareholding ratio of first major shareho