【作者】 淳伟德；

【导师】 胡培；

【作者基本信息】 西南交通大学 ， 企业管理， 2010， 博士

【摘要】 本文紧密围绕股权分置改革这一中国资本市场上的历史性变革活动,以股权分置改革的对象——国内上市公司为研究目标,试图深入解析我国上市公司的股权分置改革效应影响,即上市公司在完成股权分置改革之后,其内部治理层面的各方面会产生那些新的变化,这些变化又会对上市公司的股东、债权人及外部投资者等相关利益体造成何种影响。通过对这些问题的研究,可以对我国上市公司在股权分置改革之后的走向有更清醒的认识,也会了解到在全流通市场下,上市公司会遇到哪些新的问题,以及面临哪些新的机遇与挑战,从而为今后更好的发展提前打下坚实的基础。因此,本文以2005-2008年间深、沪两市A股上市公司为样本,采取规范研究及实证研究相结合,并以实证研究为主线的研究方法,综合运用了公司治理领域中的股权结构、委托代理以及债务治理等相关理论,对我国上市公司的股权分置改革效应进行深入研究。本文主体结构分为六部分。第一部分是绪论,简扼回顾了股权分置改革的历程,并阐述了本文研究的目的、意义、理论基础、逻辑方法及内容。第二部分对研究所涉及到的股权分置改革、代理冲突、债务治理等领域的国内外研究文献进行综述,并简要评论了这些文献,在此基础上提出了本文将要研究的问题。第三至第五部分是本文研究的核心,分别从公司业绩、股权结构与代理成本、自由现金流与债务治理等方面实证检验股权分置改革对我国上市公司内部治理结构的影响作用。其中第三部分检验了股权分置改革对上市公司业绩的影响作用；并分析了不同对价支付方式的选择会对公司业绩造成何种影响。实证结果表明股权分置改革对于我国上市公司的业绩有显著的促进作用；而在股改进行之时,采用股本调整对价支付方式的上市公司业绩有显著提高,其他的方式如现金对价和权证对价对提升公司业绩的效果并不显著。第四部分着重考察股权分置改革以后,我国上市公司的股权结构及代理成本会的变化趋势,并检验了股权结构对代理成本的影响作用。结果表明上市公司在完成股权分置改革以后,其代理成本呈逐步下降的趋势；股权集中度呈上升趋势；股权制衡度呈下降趋势；机构持股比例呈上升趋势。而在我国特殊的制度环境下,上市公司股权集中有利于抑制代理成本的产生,股权制衡却未能起到其应有的制衡作用,机构持股者对代理成本有显著的抑制作用。以上结果表明,上市公司正是在股权分置改革的作用下,从股权集中、股权制衡以及机构持股者三方面优化了自身的股权结构。优化后的股权结构加强了控股大股东对代理人的控制,并加强了外部股东对公司行为的监管力度,缓解了股东与管理层之间的代理冲突,从而有效抑制了代理成本的产生。第五部分探讨了股权分置改革对我国上市公司自由现金流及债务治理的影响作用；随后检验了自由现金流对上市公司债务治理结构的影响；并分析这种变化对我国上市公司债务治理结构所造成的影响。检验结果发现进行股权分置改革的公司其财务杠杆水平成下降趋势,而长期负债比例则呈上升趋势,由此表明股权分置改革的实施改善了我国上市公司自身的债务治理环境,并表现为上市公司资本结构得到优化；完成股改的上市公司其自由现金流量呈增长趋势,且股改完成时间越早的公司,其自由现金流量增加的幅度就越大；但是关于自由现金流对公司资本结构影响的实证结果却发现,自由现金流量的增加虽然降低了上市公司的总负债水平,但同时也降低了上市公司的长期负债和长期银行借款水平,由此表明自由现金流的增加反而恶化了我国上市公司的债务治理环境,因此有必要在今后经营活动中加强对自由现金流的管理。第六部分在前文各项研究结论的基础上,从控股大股东行为约束化、董事会及监事会监管有效化、职业经理人市场完备化、公司信息披露机制透明化、资本市场融资渠道多样化、法律保障投资者权益健全化等六方面提出相关的政策建议,涵盖了公司治理、资本市场及法律制度等领域,以期中国资本市场在恢复正常的自由流通之后得到更好的完善,同时确保参与市场行为的各利益主体也能在健全的法律制度监管及保护下共谋发展。更多还原

【Abstract】 This article focusing on the non-tradable share reform, one of the China’s capital market activities in the historic changes, in order to target the domestic listed companies as an attempt to in-depth analysis of listed companies in China non-tradable share reform effect. That a listed company after the completion of share reform, the various aspects of internal governance level will have some new changes and these changes will make what effects to the public shareholders, creditors, outside investors and other relevant interest groups. Through study of these issues can be make a more clear understanding to listed companies after the split share structure reform, also will understand on the full circulation market, the listed companies will face which new problems, and facing which new opportunities and challenges, so as to advance the development of a better future and lay a solid foundation. Therefore, this article chose the Shanghai and Shenzhen A-share listed companies between 2005 and 2008 as the sample, combined standardize research and empirical studies, and empirical research as the main line of methods, comprehensive use of the relative theories of corporate governance, such as ownership structure theories, agency costs theories, and debt governance theories, in-depth research of listed companies in China non-tradable share reform effect.This main structure is divided into six sections. The first part is an introduction; brief reviews the split share reform process, and explained the purpose of this study, significance, rationale, logic methods and content. The second part of the research related to the non-tradable share reform, agency conflicts, debt governance of domestic and foreign research literature review, And briefly comment on these documents, on this basis raised the questions will be studied of the issue. Third to the fifth part is the core of this paper, separately empirical the non-tradable share reform influence on the internal governance structure of listed companies in China from the aspects of company performance, ownership structure and agency costs, free cash flow and debt management. The third section examines the non-tradable share reform influence the performance of listed companies; with different payment options on the price performance of the company will be implications. The empirical results show that the share reform perform a significant role in promoting for the performance of listed companies; in the course of the non-tradable share reform, the performance of listed companies which use of capital adjustment payment on the price with a significant increase; other ways, such as cash on the price and the price of the warrants on the effect of enhancing company performance is not significant.The fourth part focuses on how the equity structure of listed companies and the agency cost will be the trend after the non-tradable share reform, and examining the influence of equity structure on agency costs. The results show that the listed company after the completion of share reform, which showed a gradual decline in agency costs; ownership concentration the rise; equity degree of checks and balances decreased; upward trend in the proportion of institutional ownership. In the special system environment of China, the listed company focused on help inhibit the agency shares the cost of production, stock checks and balances has failed to play its proper checks and balances, institutional holders on the agency costs are significantly inhibited. These results show that the listed company is in the role of non-tradable share reform, and optimized their ownership structure from the three aspects of ownership concentration, shareholder equity, and institutional checks and balances. The optimized ownership structure enhance the the agent’s control ofcontrolling shareholder, and strengthened the company’s behavior outside shareholders supervision, ease the agency conflict between shareholders and the management, which effectively inhibit the production of agency costs.Part V discusses the influence of non-tradable share reform on free cash flow, debt governance of China’s listed companies; then test impact of free cash flow on the the debt governance structure of listed companies, and analysis the impact of such changes on debt governance structure of listed companies. Test results showed that the completion of share reform companies whose financial leverage is on a declining trend, while the long-term debt is on a upward trend. It is suggested that the implementation of non-tradable share reform of listed companies in China to improve its environment of debt governance, and performance to optimize the capital structure of listed companies. To complete share reform of listed companies in its free cash flow was increased, and the earlier completion of share reform companies, its free cash flow, the greater rate of increase. However, free cash flow on capital structure on the impact of empirical results found that, although the increase in free cash flow, reduce total debt levels of listed companies, but also reduces the long-term debt of listed companies and the level of long-term bank borrowings. It is suggested that the increase in free cash flow, but worsened the debt of listed companies’governance environment, it is necessary to strengthen business activities in the future management of the free cash flow.Part VI based on the conclusion of the study of the previous paper, put forward related policies constraints from six proposal, such as the major shareholder of behavior, effective supervision of the Board and the Supervisory Board, professional managers of the market complete, transparent information disclosure system, capital market financing channels diversify, and improve legal protection for investors. Covering the field of corporate governance, capital markets and legal systems, expect China’s capital market will be better improved after the resumption of normal flow. At the same time, ensure all of the stakeholders can be a sound legal system and common development under the better supervision and protection.更多还原