我国上市公司权利结构与经营绩效研究——基于长株潭上市公司的实证分析-research on rights structure and operating performance of listed companies in china - based on empirical analysis of listed companies in changsha, zhuzhou and xiangtan.docxVIP

PAGE 3 PAGE 3 万方数据 摘要 上市公司权利结构主体主要包括股东、经理人、普通员工和消费者等，长期以来学 者对于上市公司股权结构等因素分别与公司经营绩效相关指标的研究文献较多，但是从 上市公司权利结构的角度，分别研究各个权力结构主体对上市公司经营绩效的影响的相 关文献较少，理清上市公司权利结构主体，研究上市公司权利结构与经营绩效的相关关 系对完善公司治理理论和帮助上市公司提高经营绩效将具有重大理论与现实意义。 本文从盈利能力、偿债能力、营运能力、成长能力和现金管理能力 5 个维度综合分 析上市公司经营绩效的各项指标，选取长株潭地区上市公司财务数据，运用主成分分析 法得到上市公司经营绩效 5 项综合评价指标，然后分别对包括股东、经理人、普通员工 等不同权利主体与公司经营绩效各综合指标之间的相关关系进行实证分析，并进一步对 实证研究的结论和原因进行分析探讨。 文章最后，根据这些原因，针对公司管理层、政府部门提出相应的对策建议，比如 发展综合考虑上市公司经营绩效、根据不同上市公司特征分析权利结构、改善管理层激 励机制以及完善促进上市公司发展和监管的政策法规等等，以期对提高我国上市公司的 经营绩效有所指导和帮助。 关键词：上市公司；权利结构；经营绩效；长株潭地区 Abstract Right structure of listed companies by shareholders, managers, employees and consumers, and so on，the research literatures for researching on the correlation between the listed company ownership structure factors and the companys performance index is more for a long time, but from the perspective of the power structure of listed companies, related literature about respectively study on the power structure of main bodys influence on the operating performance of listed companies is deficient at present. Making a research on the correlation between the power structure and operating performance of listed companies is of great theoretical and practical significance for optimizing corporate governance theory and improving company operating performance of listed companies. In this paper, from five dimensions of operational performance of listed companies: earning capacity, debt paying ability, operation ability, growth ability and cash management ability, comprehensive analysis operating performance of the indicators, selection of chang-zhu-tan regional financial data of listed companies, using the principal component analysis to get the five comprehensive evaluation index of operating performance of listed companies, and then investigated subject of right including shareholders, managers, employees of listed companies. Then, make empirical analysis about indicators of subject of right structure and operating performance, and furt