上市公司股权结构与公司绩效的实证研究——以港口行业为例.doc

PAGE PAGE 23 上市公司股权结构与公司绩效的实证研究 ——以港口行业为例 摘要：在中国，上市公司发展的背景和体制的组成比较的特别，与国外的上市公司有很大的差别。比如说，由于我国早年是计划主义经济，到现在仍有许多上市企业中国有股份占据了控股比例。同时，我国证券市场上还存在流通股和非流通股一起出现的情况。这会导致公司里出现一家独大、投票盲目等问题，直接导致公司的经营效率降低。 本文中以上市的港口企业为样本，先对相关的概念进行了简单的介绍，然后采用描述性统计分析，相关性分析和多元回归分析，来分别说明不同的股权比例对绩效的具有正相关还是负相关的关系，从而比较出了企业绩效与国有股比例、第一控股股东持股比例、法人股持股比例正相关，与自然人持股比例负相关。并给出了合适股权结构优化方法。 关键词：股权结构；公司绩效；港口上市公司 Analysis of Chinese Companies’ Ownership Structure And Comprehensive Performance ——In The Case Of Port Industry Abstract: Listed companies in China, the development of the background and the system composition is special, with foreign listed companies have a very big difference. For example, because our country is a planned socialist economy in his early years, up to now there are still many listed companies in China have a shares account for holding proportion. At the same time, Chinas securities market is the emergence of tradable shares and non-tradable shares together. This will lead to dominance in the company, the problem such as vote blindly, directly results in the decrease of the companys operating efficiency. This article at port listed companies as samples, first has carried on the simple introduction of relevant concept,?and then descriptive statistical analysis, correlation analysis and multiple regression analysis,?to illustrate different equity ratio on performance has positive correlation or negative correlation relationship, which is out of the business performance and the proportion of state-owned shares, the controlling shareholders ownership and legal person share ownership are related, is negatively related to the natural person holding. And appropriate ownership structure optimization method is presented. Keywords: Ownership structure;Comprehensive performance;Port listed companies 一、绪论 (一)选题背景及研究意义 股权结构问题是我们对一家上市公司进行研究时首先会关注的问题，因为股权结构的不同，直接导致上市公司的效益和效率的不同。它可以通过影响财务和决策来影响一家公司。因此，一家上市公司的业绩想要有好的表现，一个必要的前提就是优化它的股权结构，我们对证券市场进行研究之前，必须做好对股权结构和公司绩效的相关研究。 2000年以后，我国开始了对港口企业管理结构的改革，目的是将由中央