文档介绍：山西财经大学
硕士学位论文
我国上市公司股权结构与经营效益关系的实证分析
姓名:翟倩
申请学位级别:硕士
专业:统计学
指导教师:王建华
2006-09-25
摘要
近几年来,随着我国经济的发展,股票市场也不断的得到完善,
上市公司的数量呈几何数增长,因此,国内越来越多的学者开始把目
光投入到上市公司经营效益的研究上面,他们在研究中发现,股权结
构对上市公司经营效益有着很大的影响,然而,股权结构是如何来影
响上市公司经营效益的,不同的学者研究出来的结论并不是统一的。
本文共分五部分,第一部分介绍股权结构的概念以及一些相关文
献的综述,第二部分从理论上分析股权结构对公司经营效益的影响,
第三部分分析我国上市公司股权结构的现状,第四部分通过建立计量
经济模型来从实证的角度上分析股权结构是如何影响公司的经营效
益的,最后一部分是根据实证的结果对公司的股权结构治理提出些政
策建议。
实证的结果表明,我国上市公司的股权构成与公司经营效益之间
并不是简单的线性关系,而是存在二次曲线关系。股权集中度与公司
的经营效益是正相关关系。在非竞争行业里,国有股比例越大,公司
的净资产收益率就越高,而在竞争性行业里,法人股比例越大,公司
的净资产收益率越高。
鉴于实证的结果,本文提出如下政策建议: 在非竞争行业里
保持国有股比例,在竞争性行业里适当降低国有股比例,逐步增大法
人持股比例; 保持一定的股权集中度。
关键词:中国上市公司股权结构经营效益面板数据模型
III
ABSTRACT
Recently, with the development of the economy, the stock
market also develops rapidly. The number of the listed
companies increases quickly. The research of the relation
between ownership structure and corporate performance is a
field which is more and more interested by scholars. The
research indicates that ownership structure has influence on
corporate performance. But how ownership structure
influences on corporate performance, different scholars have
different results.
In this paper, the first part introduces the theory of
ownership structure and reviews on relevant researches. In the
second part, we analyze the relation between ownership struct-
ure and corporate performance based on theory. The third part
analyzes ownership structure of Chinese listed firms. Through
the regression analysis, the forth part studies how ownership
structure influences on corporate performance. Finally, based
on the results, we put forward some proposals.
The conclusion: there is not a simple linear relation between
ownership structure and corporate performance, but a
quadratic curve relation. Ownership concentration has a
positive influence on corporate performance. In petitive
industry, the corporation shares ratio is positively related to
corporate performance