股权集中度、制衡度与公司绩效关系的实证研究——基于我国创业板上市公司的经验数据-会计学专业论文.docxVIP

I I 摘 要 摘 要 2009 年 10 月才开板的创业板，是我国建立多层次资本市场的重要组成部分，有着 不同于主板和中小企业板的独特性，所以对它进行研究意义重大。而近期电视、报纸等 媒体对它的报道，也把创业板推到了风口浪尖。创业板上市公司正在承受着业绩变幻莫 测、套现取值不断、去泡沫化过程艰辛等种种煎熬。另外，资金超募、变相挪用、财务 报表造假等问题在创业板也是层出不穷，而这些问题的根源都与创业板上市公司的绩效 有直接关系。 与主板相比，创业板的上市主体一般是具有高成长潜力的中小企业，股票是全流通 的，创业板上市条件较为宽松，信息披露较为严格，风险波动很大。创业板上市公司的 行业分布与主板有很大不同，大多数上市公司处于生命周期的成长阶段。创业板上市公 司以民营企业为主，股权相对集中于第一大股东，高度集中于前五大股东，股权制衡度 较低，实际控制人以自然人和家族为主，部分上市公司实际控制人的控制权和现金流权 出现了分离。 通过实证分析，发现股权集中度与公司绩效显著负相关，股权制衡度与公司绩效正 关系，实际控制人控制权与现金流权分离与公司绩效负相关。最后提出了自己的优化建 议，创业板上市公司方面：保持股权的相对集中，合理利用股权制衡。国家法规制度方 面：增加对中小股东的法律保护，增加信息披露的透明度，培育机构投资者。 关键词 创业板 股权集中度 股权制衡度 公司绩效 II II Abstract Abstract The GEM board, which was held in October 2009, is an important part of our establishment of a multi-level capital market, there are many different from the main board and the board of small and medium-sized enterprises, so it is significant to study. Now the GEM is pushed in the teeth of the storm by the television, newspapers and other media reports. The listing companies of the GEM are suffering many problems, such as performance change unpredictably, extracting money continuously. Also it is hard to root out the bubble in the GEM. In addition, super funds raise, embezzlement, fraud in financial statements in the GEM emerge in an endless stream. Compared with the main board, the GEM is mainly served for the high growth potential of small and medium enterprises, and the stock is the full circulation. The GEM listing conditions are loose, but it is more strict in the information disclosure. The industrial distribution of the GEM is different from the main board,and most listing companies lies in the growth stage of the life cycle. The listing companies of GEM mostly are private, whose ownership is relatively concentrated in the first shareholder, highly concentrated in the top five shareholders, the equity restriction ratio is low. The most actual controller of the GEM’ listing companies are natural person or family. And it is common that the control rights are