股权结构与上市公司绩效关系的实证研究-金融学专业论文.docxVIP

I I 摘 要 随着经济发展，上市公司在国民经济中的作用日益显著，股权结构与公司绩 效的关系问题也因此而备受关注。 本文首先进行了理论分析，指出股权结构作用于公司绩效的几个主要机制。 实证分析中，我们将 2003-2012 年在沪市 A 股交易的公司作为总体样本，将 ROA 作为上市公司绩效的衡量指标，并收集到如下数据：ROA、国有股比率、法人股 比率、社会公众股比率、第一大股东持股比率、前五大股东持股比率、Z 指数、 资产负债率、总资产周转率、行业分类、企业性质和管理层持股比率，对这些数 据进行描述性统计和 Pearson 相关系数检验后，分别进行单变量回归、多元回归 和非线性关系检验，从而得出结论。 本文的主要结论是：1、国有股比率与公司绩效呈正 U 型关系，法人股有利 于提升公司绩效，社会公众股比率与公司绩效显著负相关。2、当股权分散时， 第一大股东持股比率与公司绩效显著负相关，当股权较为集中时，第一大股东持 股比率与公司绩效显著正相关，前五大股东持股比率与公司绩效的正向关系不显 著。3、股权制衡与公司绩效显著正相关。 最后，在理论和实证分析的基础上，提出了相关政策建议：在国有股减持过 程中应注意避免 U 型低谷，同时要重视法人股东的监督作用，加大证券市场知识 的教育和宣传力度，提高社会公众股东的专业知识水平和决策参与程度，并充分 发挥政府和舆论的监督作用。 关键词：上市公司，公司治理，股权结构，公司绩效，实证研究 II II Abstract With the develpoment of economy, the impact of listed companies on national economy has become more and more significant. As a result, the problem of relationship between ownership structure and corporate’s performance is always concerned by people. This paper firstly introducts relevant theories of ownership structure, pointing out how ownership structure impacts on corporate’s performance. In the empirical analysis, we take the companies in Shanghai stock market between the year 2003 and the year 2012 as the overall sample, take ROA as the measure of listed firm’s performance, and collect data as follows: ROA, the proportion of state-owned shareholdings, the proportion of legal shareholdings, the proportion of public shareholdings, the shareholding proportion of the largest shareholder, the shareholding proportion of the largest five shareholders, Z index, asset-liability ratio, total assets turnover ratio, industry classification, the nature of the company and the shareholding proportion of the management. After analysing these data with descriptive statistics and Pearson correlation coefficient test, the author makes univariate regression, multiple regression and nonlinear relation test, and then get the outcome. The main conclusions of this paper are: first, there is U-ship relationship between the proportion of state-owned shareholdings