基于企业性质的股权结构与绩效关系的研究

【作者】 吴风来；

【导师】 袁利金；

【作者基本信息】 浙江大学 ， 管理科学与工程， 2003， 硕士

【摘要】 随着市场经济的发展，资本市场作为资源配置的一种有效手段，其重要性越来越凸显。然而，目前我国上市公司绩效普遍比较低下，严重制约了资本市场的发展。因此研究影响上市公司绩效的因素具有非常重要的现实意义。而公司绩效影响因素的研究是一项复杂的系统性工程，理论界对公司绩效的研究多关注于公司治理因素，很少有基于企业性质探讨股权结构与绩效的关系。因此，本文以企业性质为切入点，通过理论和实证研究上述关系，并提出完善股权结构的建议，以提升上市公司的绩效。 本文回顾了股权结构与企业绩效相关的文献，结合我国上市公司的实际情况，从企业产权性质，最终股权结构和市场结构三个方面探讨了我国上市公司股权结构与绩效的关系。首先，从静态和动态的角度研究了企业产权性质对企业绩效的影响，在此基础上以企业产权性质为出发点对公司股权结构与企业绩效关系进行了实证研究，建立了民营上市公司股权结构与企业绩效的关系。接着，本文详尽分析了我国上市公司股权结构的内在特征，提出了最终股权结构概念，分析了不同最终产权所有者对绩效的影响，最终股权结构下的控股模式对绩效的影响，并建立了国有上市公司最终产权所有者下的股权结构与企业绩效的关系。最后，根据我国转轨经济的特征，把市场结构引入到研究的领域。系统分析了股权结构、市场结构与企业绩效的关系，在此基础上最终建立了我国民营与国有上市公司股权结构与企业绩效内在统一关系。 本文在前面的研究基础上，先后解剖了四通、夏利和天发公司，以案例研究的方法分别从三个角度实证了股权结构与企业绩效的关系，这样较好地支持了本文的研究结论。更多还原

【Abstract】 The development of market economy has brought the capital market into prominence which is regarded as an efficient measure to allocate resources. However, the listed companies in China are universally of low firm performance, which to a great extent restricts the development of capital market. Hence, it is of great practical significance to study the factors that influence the firm performance of the listed companies. Generally speaking, in theory world much more attention has been attached to studying the management of companies than to exploring the relationship between the ownership structure and the firm performance according to the firm nature. Therefore, Based on firm nature, this thesis studies the above-mentioned relationship through related theories and examples and forwards suggestions to improve ownership structure so as to improve the firm performance of listed companies.By consulting the documents concerning ownership structure and firm performance and studying the reality of the listed companies in China, the thesis explores the relationship between ownership structure and firm performance of those listed companies in the following three aspects. First, it studies the influence of firm property right nature on the firm performance from the static and dynamic angles and on the basis of it establishes the relationship of private ownership structure and firm performance. Then, this thesis by analyzing in detail the internal features of the ownership structure of the listed companies in China puts forward the concept of ultimate ownership structure and by analyzing the influence on firm performance brought by different ultimate property owners sets up the relationship of ultimate property owners of the national listed companies and firm performance. Finally, this thesis proposes that according to the characteristics of China transition economy, market structure should be introduced to the research field and with the systematic analysis of the relationship among ownership structure, market structure and firm performance; it eventually builds the inner relationship mode between ownershipstructure and firm performance of listed companies in China.In addition to what has been discussed above, this thesis also analyzes three famous companies: Stone Co., Xiali Co. and Tianfa Company to exemplify the relationship mode between ownership structure and firm performance, which gives a solid support to the conclusion this thesis draws.更多还原