创业板上市公司股权结构对其绩效的影响-会计学专业论文.docxVIP

摘 要 创业板自 2009 年成立后发展迅速，截止到 2011 年 5 月 31 日，创业板上市 公司数量已经由首批的 28 家增加到 218 家。创业板上市公司是我国企业的新生 发展力量，其股权结构对公司绩效的影响吸引了社会各界的关注。 本文以这 218 家创业板上市公司为研究样本，本文选择了样本公司偿债能 力、盈利能力和营运能力的七个财务指标，并对其进行主成分分析，然后根据主 成分分析得出的综合绩效，将其与股权结构相关变量进行多元回归分析，研究了 股权结构对绩效的影响。 研究发现：1.创业板上市公司第一大股东持股比例与其绩效显著负相关； 2.第二至第五大持股比例和与公司绩效显著正相关；3.Z 值与公司绩效负相关， 但不显著；4.国有股比例与公司绩效呈显著 U 型关系；5.法人股比例与公司绩效 显著负相关；6.流通股比例与公司绩效负相关。 针对研究结论本文提出了优化创业板上市公司股权结构、提高经营业绩的 几点对策，包括 1.控制过高的第一大股东比例，增加其他大股东持股比例；2. 优化国有股比例；3.构建相互制衡的股权结构，形成多元股权结构；4.保护中小 投资者的利益，“用脚投票”代替“用手投票”；5.加强创业板市场监管 【关键词】创业板 股权结构 绩效 Abstract GEM board has developed rapidly after its establishment, the number of the GEM board listed companies has increased from the original 28 to 218 by May 31st, 2011. GEM board listed companies represent the new and energetic power in China, and the society pay a lot of attention to the impact of ownership structure on the performance of it. We choose those 218 GEM board listed companies as our sample, use 7 financial indexes such as the debt ability、the profit ability、the property management ability of those companies. With the comprehensive performance using principle component analysis method, we can make regression analysis to research the impact of ownership structure on the performance of GEM board listed companies. The following conclusions is what we found in our paper:1.The company’s performance is significantly and negatively related to the largest shareholder’s share;2.There is significant and positive relationship between the 2nd to 5th largest proportion of shareholding and the company’s performance;3.The company’s performance is negatively related to the index Z, however, it’s not negative;4.There is U relationship between the ratio of state-owned stocks and the company’s performance;5. There is significant and positive relationship between the ratio of legal stocks and the company’s performance;6. There is significant and positive relationship between the ratio of circulating stocks and the company’s performance. Bas