多元化、股权集中度对企业绩效的影响-管理科学专业论文.docxVIP

摘要 摘要 I I 摘要 由于我国上市企业股权分布存在一股独大、股权过于聚集的背景，本文将 影响企业多元化选择的股权集中度要素考虑进来，形成了多元化战略、股权集 中度和企业绩效的分析框架。选择 2013 年上海证券交易所 A 股上市企业共 886 家作为分析对象，把多元化、股权集中度作为主要解释变量，企业绩效作为被 解释变量。就多元化对企业绩效的作用、股权集中度对企业绩效的作用进行了 验证，并重点探讨分析了多元化同股权集中度的交互作用对企业绩效的影响。 在此基础上，运用主成分分析法构造出综合绩效指标对成果做了稳健性检验。 研究结果表明：（1）多元化水平对企业绩效存在显著的负向影响，该结论 同此前许多学者提出的多元化会折损企业绩效的论断相符。（2）前五大股东持 有股份比重平方和会对企业绩效带来显著的正向作用。这表明前五大股东持有 股份比重方和的提高会对企业绩效产生正向效应，控股投资者将会积极的去监 督经理层，降低代理费用，从而提高企业绩效。（3）前五大股东持有股份比重 平方和同多元化水平的交互作用会对企业绩效产生显著地积极作用。这表明前 五大持有股份比重平方和越高，其多元化企业绩效越好。 最后，根据得到的成果提出了：多元化企业应控制好多元化运营的水平、 提倡适中的集中股权分布、建立完备的内部治理体制、积极建立与发展经理人 市场等建议。 关键词：多元化 股权集中度 企业绩效 华侨大 华侨大学硕士学位论文 II II Abst Abstract PAGE PAGE VI Abstract As the fact of high ownership concentration, this article takes ownership concentration which affects the diversification decision into account, establishing a unified framework. It selects the Shanghai a-share listed companies with a total of 886 in 2013 as the research sample. Diversification and ownership concentration are taken as the key explanatory factors and corporate performance are considered as explained factor. The correlation between the ownership concentration and enterprise achievement and the correlation between diversification and enterprise achievement are verified, and it analyzes the interaction of the ownership concentration and diversification on the corporate performance. On the basis of this, it uses principal component analysis to build performance indicators for the robustness test results. Some research conclusions show that: (1) The obvious negative correlation exists between diversification and corporate performance, which is consistent with the conclusion put forward by the former. (2) The square of the proportion of the top five shareholders is positively relative to corporate performance，which suggests that the improvement of the proportion of the top five shareholders has positive promoting effect on corporate performance. The controlling shareholder will be positive to monitor managers and