创业企业股权集中度对企业成长影响的实证研究.docVIP

PAGE PAGE 22 创业企业股权集中度对企业成长影响的实证研究 ——以中国创业板公司为例 摘要：股权集中度是公司股权结构中的一个重要指标。所以国内外很多学者研究股权结构与企业治理的关系时，都是从股权集中度着手研究的。本文则站在前人的基础上进行更具针对性的研究，首先通过搜索和整理前人所做出的成果，并将部分观点陈述出来。经过整理发现，无论是国内还是国外，对股权集中度的研究都比较优秀和深入，但是针对其与企业成长的关系时，尤其是其对国内创业企业的影响，几乎没有学者深入地去研究过，而创业企业在国内又是受到人们如此的关注，所以通过研究股权集中度与国内创业企业的关系来进一步了解创业企业是非常有必要的。本文则以创业板中2012年12月31日之前上市的355家公司为例，对创业企业股权集中度与企业成长性的关系进行实证分析。首先通过对其数据的收集和整理，再利用EXCEL和SPSS软件对数据进行分类、相关和回归分析，得出中国创业板企业成长性与股权集中度之间存在着二次方程的曲线关系，进而得出企业成长性会随着股权集中度的提高先升后降的一个变化过程。 关键词：股权集中度；公司治理；创业板；企业成长 On the impact of entrepreneurial companies ownership concentration on firm growth empirical research ——Taking an example of the gem of China Abstract: Ownership concentration is an important index of ownership structure. Many scholars at home and abroad to study the effect of ownership structure on corporate, start a research from the ownership concentration. This article stands on the basis of predecessors more targeted research, first of all, through the search and arrangement of achievement, and will be part of the point of view. After finishing found, both at home and abroad, the research of ownership concentration are excellent and in-depth, but according to its relationship with the enterprise growth, especially its influence on domestic start-ups, almost no scholars to deeply studied, and entrepreneurial enterprises in domestic is attracting the attention of people so, so by studying the ownership concentration and domestic enterprises to further understand the relationship between entrepreneurial enterprises is very necessary. In this paper with the gem before December 31, 2012, 355 companies listed, for example, the business enterprise ownership concentration and the relationship between enterprise growth and the empirical analysis. First of all, through the data collection and sorting, using EXCEL and SPSS software for data classification, correlation and regression analysis methods were analyzed, and the firm growth and equity concentration, there is a quadratic fun