我国上市公司股权结构跟公司绩效关系的研究探究.doc

PAGE PAGE １ 我国上市公司股权结构与公司绩效关系的研究 会计32班 康艳 指导老师 王怀明 摘要：股权结构是公司所有权的结构安排，决定着公司投资、经营、治理的有效性，进而影响公司业绩。我国上市公司存在着特殊的股权结构，而股权结构的最大特色是“股权分置”。伴随着2005年我国第二次股权分置改革的进行，本文选取参与股改的33家上市公司为样本，利用其2004、2005年度年报中的相关数据，采用描述性统计、相关分析、回归分析及非参数检验等统计方法，描述了我国上市公司股权结构的现状及特征，通过构建模型进行回归分析，对得出的结果进行检验，并尝试运用非参数检验中两个有联系样本的检验方法来检验股改后公司绩效显著提高这一假设。最后，在所得结论的基础上，提出了相关的建议。 关键词：上市公司；股权结构；公司绩效；股权分置改革 The Empirical Research on the Relationship between Ownership Structure and Company Performance of Chinese Listed Companies Student majoring in accounting Kang Yan Tutor Wang Huaiming Abstract: Ownership structure is the structural arrangement of the company ownership and resolves the effectiveness of investment and management of a company to influence the performance of the company.Sepecial ownership structure exists in the listed companies of China and the characteristic of ownership structure is “separation of ownership”.Advancing with Chinas second non-tradable shares reform in 2005,this paper selects 33 Chinese listed companies which are concerned with non-tradable shanes reform as sampling models ,and uses the data from the annual reports of 2004 and 2005.We adopt approaches ,such as descriptive statistica ,correlation analysis，regression analysis and non parametric test.We describe the present status and characteristic of ownership structure ,contruct model to regression analysis,and test the results.We try to use the approach of Test for two related samples and test the assumption that after non-tradable shares reform the company performance is significant improvement.Finally,based on the conclusion,this paper tries to give relevant suggestions. Key word: Listed Company；Ownership Structure；Company Performance；Non-tradable shares reform 一、问题的提出 股权结构是指股权设置的具体形态，即各种不同出资者所有不同类型的股权在股份公司中的比例及其相互关系。它有两层含义：第一层含义是股权构成，即股东的类型及各类股东持股比例，在我国，就是国家股东、法人股东以及社会流通股东等的比例；第二层含义指股权集中度，即大股东持股比例。股权结构的核心问题是股权结构到底是如何形成对公司价值，即公司绩效的影响，影响多大，以什么方式进行影响，以及是沿何路径起作用的等等。 我国上市公司存在着特殊的股权结构，最大特色是“股权分置”。所谓股权分置是指，上市公司存在着非流通