文档介绍：南京财经大学
硕士学位论文
上市公司股权结构与公司绩效研究——以房地产上市公司为例
姓名:徐倩
申请学位级别:硕士
专业:金融学
指导教师:陶美珍
20061226
摘要

股权结构作为公司治理结构的产权基础影响着公司外部治理机制的运作和
公司内部治理机制的构成并通过内外部治理机制对整个公司治理的效率发生作
用从而进一步影响公司绩效我国上市公司股权结构又很特殊它与公司绩效
有怎样的相关性弄清这一问题有助于我国发现我国治理结构中存在的问题同
时也为如何优化我国股权结构提高公司经营绩效提供参考建议
本文以2000年底前A股上市的房地产行业71个上市公司2001 2005年间的
355个观测值为样本从股权构成股权集中度和管理层持股三个方面研究了公
司治理中的股权结构对公司业绩的影响本文建立的模型是面板数据模型通过
对样本进行回归得出以下结论在我国外部机制不完善的情况下相对控股的股
权结构对提高公司绩效有益处第一大股东的性质不同对企业业绩的影响也不
同国有股控股不利于公司经营法人控股有利于企业总体盈利能力的提高在
%时净资产收益率达到
最大另外流通股比例与企业绩效之间正相关但不是很显著管理层持股比
重与公司绩效具有正相关关系在上述回归结果的基础上本文提出以下建议
合理配置投资主体的持股比例主要是进一步减少国有股比重加强国有股的
流通性提高法人股比例构建法人相对控股的股权结构提高管理层持股比例
完善对管理人员的激励与约束机制在控制第一大股东持股比例的基础上保
持适当的股权集中度妥善的解决股权分置问题

关键词股权结构公司绩效股权集中股权构成

I
Abstract

As a basic factor of corporate governance, the ownership structure affects the
running for the external mechanism of corporate governance and the constitution for
the internal mechanism of it. Also the ownership structure influences the efficiency of
the external and internal mechanism of corporate governance, and then affects the
running efficiency. In our country, the ownership structure of the pany is
very particular .What is the relationship for the running efficiency and ownership
structure? To be clear about this question will not only help us to find out the problem
existing in the corporate governance, but also provide reference suggestions for the
improvement of the ownership structure and increase of the business efficiency.
We used 355 panel datas of 71 real estate firms which only issuing A shares
during 2001- the perspectives of ownership constitution, ownership
concentration and managerial share to total, we drawn a conclusion as followings
through empirical research: the external mechanism of corporate governance is not
perfect in China, so the ownership structure of relative controlling ownership is
proper; If the character of the cont