【作者】 樊丽红；

【导师】 罗朝晖；

【作者基本信息】 西南财经大学 ， 会计学， 2008， 硕士

【摘要】 股权结构与公司绩效的关系问题是近几年来学术界一直关注的问题,同时也是一个难点问题。股权结构是公司治理的基础,其设置的优劣直接影响到公司治理效果的发挥,这会直接影响到公司绩效的表现。而目前有关股权结构与公司绩效的研究主要是从单一的一个方面进行研究的,即从股权集中度、股权制衡度等某一个孤立的方面进行研究,这样来研究股权结构与公司绩效问题未免有些片面,从而得出的一些结论也都是肯定了某一个方面而否定了另一个方面,所以能够以研究样本为主体,多角度多侧面的来研究股权结构与公司绩效关系的文章还极为少见。以往有关股权结构与公司绩效的研究主要针对的是主板市场的上市公司,其研究结论具有一定的局限性,而至今尚未有针对我国2004年新成立的中小板块上市公司股权结构与公司绩效的现状进行研究的。中小企业板上市公司在股权结构上和主板市场的最大区别就是股权集中在自然人手中,即自然人作为最终控制人通过金字塔型股权结构或交叉持股的形式来控制公司。此外,以往的研究中都是按照国有股、法人股、流通股等分类进行的,而没有特别的考虑自然人股东情况,这也是以前研究的不足之处。本文研究的目标是在现有研究的基础上,以中小板企业为中心,分别从股权结构属性、股权集中度、股权制衡度以及最终控制权人几个方面,多角度来诠释中小企业板股权结构与公司绩效的关系,以期为优化中小企业板股权结构提出良好的政策建议。本文的研究思路是,首先进行文献综述,指出了现有国内外有关股权结构与公司绩效的三大主流研究方向:即股权集中度及其对公司绩效的影响,股权制衡对公司绩效的影响,最终控制人利用各种不同的控制机制对公司绩效产生的影响;其次,从理论与现实两个角度出发,分别阐述了股权结构与公司绩效关系的理论基础以及现实状况;接着,依据前面理论与现状为本文研究股权结构与公司绩效提出了假设及模型;再在此基础上对股权结构与公司绩效的关系进行了实证分析,并考察了股权结构的内生性问题,通过实证分析指出了中小企业板上市公司股权结构不存在内生性问题;最后对前述的分析进行了总结归纳,并就股权结构问题提出了政策建议。本文在分析过程中采用规范分析的方法,综合运用委托-代理理论和控制权理论从理论上阐述了股权结构问题的理论基础及以公司治理为枢纽阐明了股权结构与公司绩效的关系。此外,采用数理统计描述及财务指标分析的方法对中小企业板块股权结构及公司绩效的现状进行分析;还通过实证分析的方法建立计量模型来考察中小企业板股权结构与公司绩效的关系。本文共分为六章。第一章绪论主要介绍了本文的研究背景、选题的目的和意义、本文的研究思路及逻辑结构、最后介绍了本文的研究方法和文章的创新所在。本文认为中小企业板上市公司成立刚三年的时间,具有明显的民营及家族企业特征,对于中小企业成为公众公司广大投资者对其股权结构与经营绩效倍感关注。在这样的背景下,本文试图通过研究股权结构与公司绩效的关系,为改善股权结构、优化公司治理提出政策建议。第二章文献回顾在这一章中,笔者分别介绍了国内外有关股权结构与公司绩效的研究现状。并将股权结构从股权集中度、股权制衡、最终控制人与公司绩效的关系三个方面来做具体的综述,接着指出了国内有关股权结构与公司绩效的研究存在如下不足之处:首先,在股权属性的分类上没有考虑到自然人股份,其次,在公司绩效的指标选择上都没有考虑过现金流指标,再次,上述研究没有结合所选样本自身的特点设定控制变量,最后,很多文章对股权结构的内生性考虑不够。最终笔者确定了自己的研究方向。第三章中小企业板股权结构与公司绩效的理论基础及现状分析在这一章中,笔者首先介绍了本文研究的理论基础,然后对股权结构与公司绩效的关系进行了系统的阐述,最后对中小企业板股权结构与公司绩效的现状做了描述性统计分析和财务指标分析。通过对前述股权结构现状的分析,笔者得出:中小企业板上市公司股权结构表现出股权集中的现状,而股权制衡则不明显;从股权属性来看,中小企业板主要以法人股为主;从最终控制人来看,大多数公司的最终控制人是通过金字塔型股权结构来控制其下属公司的。第四章中小板企业股权结构与公司绩效关系的研究假设及变量确定在这一章中,笔者首先通过对股权结构的重新分类,从国家股、法人股、自然人股几个方面提出与股权结构的假设关系,接着从股权集中度、股权制衡、最终控制人三个方面提出了与公司绩效的假设关系。随后,又分别对因变量、自变量和控制变量做了定义,最后通过前面的假设分析定义了本文研究问题的模型。第五章中小企业板股权结构与公司绩效关系的实证分析在这一章中,笔者首先对前述的基本变量进行了描述统计,然后依据模型回归的结果对前面提出的几个假设进行实证分析,得出如下结论:首先法人股和自然人股对公司绩效都有正向影响,国家股和公司绩效是负相关的关系;其次从控制变量来看,成长性、财务杠杆和上市时间对公司绩效也有显著的影响并且是显著的正相关关系,这也和中小企业板块高成长型、高科技型企业特点相符;再次股权集中与公司绩效成正相关关系、股权制衡与公司绩效成负相关关系、最终控制权分离系数与公司绩效成负相关关系;最后讨论了股权结构的内生性问题,笔者通过对中小企业板股权结构内生性的分析,得出就中小企业板上市公司而言不存在股权结构内生性问题,并分析了这主要是由于制度因素造成的。第六章结束语这一章主要分为两个部分,第一部分对全文的研究做了总结归纳,第二部分针对文章研究的结论提出了相关的政策建议:首先,要在股权制衡的基础上保持适当的股权集中度;其次,要适度保持法人股与自然人股的持股比例;最后,尽力压缩金字塔型或交叉持股型股权结构的级次。纵观上述研究,本文主要在以下几个方面具有自己的特色:1.在实证研究部分,本文首次采用反映公司赚取现金能力的财务指标作为衡量公司绩效的变量。2.本文突破了以往学术研究中没有考虑到自然人股东的局限,将股权结构进行重新分类。3.在结论部分中,笔者提出了突破现有研究的结论,即认为股权集中与股权制衡是可以兼容共存的观点。4.在文章的最后部分,笔者从中小企业板上市公司股权结构特点出发,提出了尽力压缩股权结构级次的观点。同时,本文研究也存在不足之处:1.样本量选取的有些少,主要是因为在论文写作时期全部完成股改的中小板上市公司只有这50家,而且这50家上市公司具备所选择数据的各种信息,从信息资源上比较完整,因而实证结果的稳定性有待进一步验证。2.由于本文研究的对象是中小板上市公司,所以其研究结论更多的是针对中小企业板上市公司,并不能涵盖整个资本市场的上市公司,研究的结论也只供参考。3.在控制变量的选择上本文没有考虑行业因素,这主要是由于样本量比较少而无法区分。随着中小企业板上市公司数量的逐步增加,建议在以后研究控制变量的选择中将行业因素考虑进去。更多还原

【Abstract】 The relationships between ownership’s structure and the corporation performance are the questions that academic attends all the times, are also difficult. The ownership’s structure is a foundation of the corporation governance, which directly affects the corporation governance, affects the performance of corporation governance at the same time. Moreover, at present the research on them is mainly done from a sole aspect, namely the research on some isolated aspect such as ownership centralization,ownership controlling balance, which is somewhat one-sided. So some conclusions also affirm an aspect and deny another aspect. Therefore, the articles which take studies the sample as the main body and research on the relationships between ownership’s structure and corporation performance by the multi-angles and multi-sides are also rare.Formerly the research on the relationships between ownership’s structure and the corporation performance mainly aims at the listed company of the motherboard market. And the research conclusion has the certain limitation, but not yet has the research on the relationships between ownership’s structure and the corporation performance based on Small-and-Middle-Sized Board that newly have been established in 2004. But the biggest difference in the ownership’s structure between Small-and-Middle-Sized Board and the motherboard is that the natural persons control the ownership. Namely the natural persons as the ultimate controlling persons control the company by pyramidal ownership or cross-holding. In addition, the former research was done according to state-owned shares, corporation-owned shares, circulating shares. They don’t consider the natural persons, which is formerly deficiency.The research goal of this article is that it bases on the existing research foundation, separately explains the relationships between ownership’s structure and the corporation performance from several aspects such as the attribute of ownership’s structure, ownership centralization,ownership controlling balance and so on, and expects that this text can put forward some good policies to optimize the ownership structure of Small-and-Middle-Sized Board.The basic clue of the article is as follows: Firstly reviewing the available literatures and pointing out three mainstream research directions about the relationships between ownership’s structure and the corporation performance, Namely the corporation performance affected by ownership centralization, ownership controlling balance and kinds of controlling mechanism used by ultimate controlling persons. Secondly explaining the theory and realistic condition about it. Thirdly according to the above, bringing forward the supposition and model. Forth carrying on the empirical analysis based on it. Fifth demonstrating the endogeneity of ownership structure and pointing out there is no endogeneity of ownership structure among the listed companies of Small-and-Middle-Sized Board . Finally summarizing the above analysis and putting forward the proposal on the ownership structure question. This article uses the method of the theoretical analysis , and explains the theoretical basic of ownership structure and the relationships between ownership’s structure and the corporation performance by using the principle-agent theory and the controlling rights theory. In addition, analyzing the present situation of ownership structure and corporation performance on Small-and-Middle-Sized Board by using the method of the mathematical statistic description and the financial index analysis. Also establishing model to validate the relationships between ownership’s structure and the corporation performance by empirical method.The article consists of six chapters.Chapter 1 The prefaceChapter one is the preface of the article: Firstly introducing the research background of this article. then demonstrating the goal and the significance of the selected topic. Secondly explaining the research clue and the article frame . Finally introducing the research method and the innovation of this article.This article thinks it is three years since the Small-and-Middle-Sized Board was built, and this board has characters of private or family, which attracts attention of many investors. Under such background, this article attempts puts forward the policy and proposal through the research on the relationships between ownership’s structure and the corporation performance.Chapter 2 Literature reviewChapter 2 is literature review: the author separately introduces the present research situation of the domestic and foreign. And the author demonstrates the relationships between ownership’s structure and the corporation performance by the reviews of ownership centralization, ownership controlling balance and the ultimate controlling persons. Then the author points out the deficiency of the domestic related the relationships between ownership’s structure and the corporation performance. Finally the author determines their research direction. Charter 3 The analysis of the theoretical basic and present situation about the relationships between ownership’s structure and the corporation performance based on Small-and-Middle-Sized Board.Firstly the author introduces the basic theories of this article, then demonstrates the relationships between ownership’s structure and the corporation performance. Finally the author makes the analysis of statistical description and the financial index. The author thinks that the ownership structure of Small-and-Middle-Sized Board is concentrative, while ownership controlling balance is not distinct, reviewed from the former ownership structure analysis.And looking from the ownership structure attribute, there are more corporation-owned shares on the Small-and-Middle-Sized Board. And looking from the ultimate controlling persons, lots of companies’ultimate controlling persons control their subordinate companies through the pyramidal ownership.Chapter4The hypothesis of research and the definition of the variable about the relationships between ownership structure and corporation performance of the Small-and-Middle-Sized BoardIn this chapter, firstly, the author reclassifies the ownership structure and illustrates hypothesis related the ownership structure from state-owned shares, corporation-owned shares and natural persons-owned shares. Secondly, the author illustrates hypothesis related the performance from ownership centralization, ownership controlling and ultimate controlling persons.Thirdly, the author definites the dependent variable, independent variable and control variable. Finally ,the author definites the model based on the former hypothesis analysis.Chapter 5 The empirical analysis between ownership structure and corporation performance of the Small-and-Middle-Sized BoardIn this chapter, firstly, the author carrys out a statistics analysis. Secondly, the author carrys out a empirical analysis of the former hypothesis based on the model’s regression. Finally, the author discusses the endogenous question of the ownership structure.Chapter 6 The endingThis chapter contains two parts. The first part does a summary for this paper’s research. The other part illustrates policy suggestions referred to the former outcome——Firstly, keeping the right ownership centralization degree based on the ownership controlling balance. Secondly, keeping the right proportion between corporation-owned shares and natural persons-owned shares. Thirdly, trying to compress the rank of the pyramidal and crossing-holding ownership structure. Looking over the above research, this article mainly has its own characteristic as follows:1.This article uses the financial index which reflects the ability that company earns the cash to take the weight corporation performance for the first time.2.This article breaks through formerly in the learning research not to considering the natural person shareholder’s limitation, and carriys on the ownership structure reclassifies.3.In the conclusion part, the author proposes a conlusion that breaks through the existing research, namely thinking the ownership centralization and the controlling balance could coexist, which is a new viewpoint .4.Finally, the author proposes the own viewpoint, namely reduces the ownership structure levels with efforts, according to the feature of Small-and-Middle-Sized Board.At the same time, the research of this article also has the deficiency.1.There are a few of samples, because it only has 50 companies that complete the reform of split share structure during writing on Small-and-Middle-Sized Board. And the 50 companies have more integrity information, So the stability of the result needs further confirmation.2.The object of this article is the listed company on the Small-and-Middle-Sized Board, So the conclusion is more suit for the listed company on the Small-and-Middle-Sized Board, and not to covering the entire capital market. So, the research conclusion also only supplies the reference.3.There is no considering the industry factors, because the amount of sample is little. With the increasing of amount of the listed company on the Small-and-Middle-Sized Board, the author suggests consider industry factors in later study.更多还原