【作者】 孙倍毓；

【导师】 方世建；

【作者基本信息】 中国科学技术大学 ， 管理科学与工程， 2011， 硕士

【副题名】以S公司为例

【摘要】 国有股权是国有资产的重要组成部分,在国民经济战略调整中扮演重要角色,随着国有资产管理制度改革的不断深化,科学有效的股权管理对国有资产的安全和收益具有显著的保障作用。本文以S公司为例,分析了S公司当前股权管理中存在的问题,对产权理论、公司治理理论、契约理论等股权管理的相关理论进行分析思考,一方面,从机构投资者参与公司治理的原因、途径和绩效等方面进行三维度解析,阐述机构投资者参与公司治理对提高公司绩效具有一定的积极影响;另一方面,采用统计学的实证研究方法,通过量化分析,检验机构投资者、股权结构与上市公司绩效之间的关系,建立机构投资者持股比例、股权集中度与上市公司绩效的相关性模型,运用Eviews6.0进行回归分析,结果表明:机构投资者的持股比例高有助于提高上市公司的绩效,股权的集中度高有助于提高上市公司的绩效。在实证检验的基础上,就如何规范和完善S公司股权管理有针对性地提出了建议,建议一方面应在原有的静态投资指标中增加股权结构等动态指标,构建有利于目标公司股权结构趋向集中的管理策略;另一方面,建议考虑引进积极的机构投资者,变被动消极的管理策略为积极主动的管理策略,从而实现股权管理的目标。更多还原

【Abstract】 State ownership is the main component of state-owned asset, in the national economy plays an important role in the strategic adjustment of the state-owned assets management system, with the deepening of the reform, the scientific and effective management of state owned shares of state-owned asset safety and income has a significant role in safeguarding the. This paper takes S company state-owned equity management present situation as a foundation, analysed S company of current and state-owned equity management problems, the use of property rights theory, corporate governance theory, contract theory and other state-owned equity management related theory, the institutional investors participating in the corporate governance of the reason, way and performance aspects of dimensional analysis, elaborate organization investors to participate in corporate governance mechanism. Using empirical research method, inspection institution investors, the listed companies’ ownership structure and performance relationship, establish institutional ownership, ownership concentration and firm performance of the listed companies of the correlation model, the use of Eviews6.0 regression analysis, the results show that : the institutional investors is positively correlated with corporate performance, and this correlation hypothesis. Consistent. At the same time, also confirmed the ownership of proper concentration can improve company efficiency and save the cost of transaction monitoring. In the empirical test based on, how to standardize and improve the S company state-owned equity management puts forward the proposal, think should be in on one hand the original static investment index increased equity structure dynamic index, build the target of company equity structure towards centralized management strategy; on the other hand, should consider the introduction of positive institutional investor, become passive management to active management strategy, so as to achieve the goal of state-owned equity management.更多还原