中小板上市公司终极股权结构与公司绩效关系的分析——基于机械设备行业的实证分析-an analysis of the relationship between the ultimate ownership structure and corporate performance of small and medium - sized listed companies —— an empirical analysis based on mecha.docxVIP

II II 关关系，本文关于两权分离度与公司绩效的假设没有得到支持。两权 分离度与公司绩效在相关性分析、多元线性回归分析中没有通过显著 性检验，在曲线估计分析中二次方模型和三次方模型的拟合优度都非 常小而且没有通过显著性检验。因此，本文实证分析得出两权分离度 与公司绩效不相关的结论。（4）本文还检验了公司规模、资本结构 对公司绩效的影响。公司规模对绩效的正向影响不显著，说明公司的 规模效应在样本公司中没有体现出来；资产负债率与公司绩效显著负 相关，杠杆效应没能促进公司绩效的提高反而发挥了阻碍作用，说明 我国中小板机械设备行业的很多公司资本结构不合理。最后，结合本 文的研究结论，根据我国中小板上市公司的特点，提出了一些有针对 性的建议。 关键词： 中小板上市公司，终极控制权，现金流权，两权分离 度，公司绩效 III III ABSTRACT La porta, Lopez-de-Silanes and Shleifer (1999) firstly proposed the concept of ultimate controlling shareholders, thought we should trace the companys equity control chain to find the ultimate controlling shareholders in the study of ownership structure. They found that ultimate controlling shareholders exist in many listed companies of developed countries and tend to through the pyramid shareholding structure, cross-shareholdings and multiple stock to achieve the goal of obtaining more control rights by less cash flow. La Porta et al also analyzed the relationship of the ultimate controlling shareholder and corporate performance and found when control rights deviate from the cash flow rights , the ultimate controlling shareholders have a strong incentive to seek control private benefits which damaged the interests of minority shareholders and thus affect the corporate performance. La Porta et als research has created a great impact in the academic community. Since then, the domestic and foreign scholars began to study the relationship of ownership structure and corporate performance from the perspective of ultimate control right. Based on the above background, This article uses La Porta et al’s research method for reference, selects the data of 30 listed machinery and equipment companies of SME board in 2009-2011 as research samples, and finds the ultimate controlling shareholder of the 30 samples by PAGE PAGE IV tracing the equity control chain. After that, using descriptive statistical analysis, factor analysis and multiple regression analysis to empirical research the relationship