股权结构与民营上市公司经营业绩研究

论文总字数：21305字

摘 要

一直以来，学术界对于企业在股权结构和市场营销业绩方面的研究始终络绎不绝。股权结构作为在民营企业日常运营过程中，股东对其控制权分配的主要依据之一，它决定了企业在日常运营、重大决策、以及市场定位等诸多方面的结构布局。合理的股权结构是民营上市公司治理的基础，也是民营企业获取良好经营业绩的前提。随着我国资本市场的不断完善发展，民营企业在促进我国国民经济、提高我国国民收入、增加就业机会等方面起到了不可替代的作用。但是我国民营企业普遍存在寿命较短、存续时间短、数量较多的情况。在此背景下，探究我国民营上市公司股权结构与经营业绩的关系是非常迫切和必要的，它对保证我国民营上市公司保持良好势头，继续健康、稳定的发展具有重大的理论意义和现实意义。

本次论述将充分利用我国在2017年前后的782家民营上市公司的相关数据为研究依据，结合学术界相关研究理论，深入剖析企业股权结构与市场及业绩之间所存在的关联关系。同时结合我国民营上市公司的特点，对我国民营上市公司的股权结构进行描述性统计。实证部分以 2013-2017年连续5年发布的财务数据为研究样本，为保证数据的准确性与可靠性，先将股票市场上的一些无关数据和干扰因素除去，同时对国泰安数据库的一些不完整财务数据进行清空。本文共选取 2017年782家民营上市公司作为研究样本，基于稳健性考虑，选取净资产收益率作为衡量民营上市公司业绩的财务指标，同时从股权集中度（CR1、CR5）、股权制衡（Z指数）以及股权属性（流通股持股比率）等三个大方面进行深入剖析，实证民营上市公司股权结构与经营业绩的关系。

通过理论分析与实证检验，本文得出结论：民营上市公司股权集中度与经营业绩显著正相关，即股权越集中，经营业绩越好；股权制衡对民营企业经营业绩的影响效用不明显；民营上市公司流通股与企业经营绩效显著负相关。为了更好的发展我国国民经济，必须从适度降低民营企业流通股比率、保持民营企业适度的股权集中度以及发挥民营企业高管持股优势这三个角度着手，优化民营企业股权结构、提高企业治理效率和改善民营企业绩效。

关键词：民营上市公司；股权结构；经营绩效

Research on Ownership Structure and Operating Performance of Listed Private Enterprises

Abstract

The relationship between enterprise ownership structure and business performance has always been a hot topic in academic research. The ownership structure is the basis of the shareholder"s distribution of the control right of the private enterprise, determines the organization structure layout of an enterprise, and carries on the effective supervision and the incentive measure to the management through the governance mechanism, then affects the enterprise"s market value and the operation performance. Reasonable ownership structure is the basis of the governance of listed private enterprises, and it is also the premise for private enterprises to obtain good business performance. With the continuous improvement and development of China"s capital market, private enterprises in promoting China"s national economy, improve China"s national income, increase employment opportunities and other aspects have played an irreplaceable role. However, China"s private enterprises generally have a short life span, short survival time, a large number of cases. Under this background, it is very urgent and necessary to explore the relationship between the ownership structure and the management performance of listed private enterprises in China, which is of great theoretical and practical significance to ensure that the listed private enterprises in China maintain good momentum and continue to develop healthily and stably.

Setting the listed starting from the basic theory of ownership structure and enterprise performance, combined with the characteristics of China"s listed private enterprises, this paper makes descriptive statistics on the ownership structure of 342 manufacturing enterprises and 87 information technology enterprises in 490 private enterprises in 2017. The empirical part takes the financial data released in 2013.1.1-2017.12.31 eliminate the lack of financial data related to the China Taian database and the enterprise data of ST and ST*. This paper and carries on the effective supervision and the incentive measure to the management through the governance mechanism, then affects the enterprise"s market value and the operation performance structure of listed private enterprises into equity concentration, Equity balance and Equity attribute three dimensions explore the relationship between ownership structure and the management performance of listed private enterprises.

Through theoretical short survival time, a large number of cases. Under this background, it is very urgent and necessary to explore the relationship between the ownership structure and the management performance is positively correlated with the management performance, that is, the more concentrated equity, the better the management performance, the impact of equity checks and balances on the management performance of private enterprises is not obvious; the circulation shares of listed private enterprises are significantly negatively correlated with the management performance of enterprises. In order to develop our national economy better, we must optimize the ownership structure of private enterprises, improve the efficiency of enterprise governance and improve the performance of private enterprises from the three angles of moderately reducing the proportion of private enterprises in circulation shares, maintaining the moderate concentration of equity in private enterprises and giving full play to the advantages of executive shareholding of private enterprises.

Keywords: Listed private enterprises; Ownership structure; Operating performance

目 录

摘 要 I

Abstract II

第一章 绪论 1

1.1研究背景 1

1.2研究的目的和意义 1

1.3研究的内容与方法 1

1.4论文框架 2

第二章 文献综述 3

2.1国外研究现状 3

2.2国内研究现状 3

2.3文献评述 4

第三章 股权结构与上市民营民营企业经营业绩的理论分析 5

3.1相关概念的界定 5

3.1.1股权结构 5

3.1.2民营企业 5

3.1.3经营业绩 5

3.2股权结构的基础理论 5

3.2.1企业治理理论 5

3.2.2两权分离理论 5

3.2.33利益相关者理论 5

3.3民营上市公司经营业绩的相关概述 6

3.4股权结构对经营业绩的影响机制 6

3.4.1 股权集中度与经营业绩 7

3.4.2 股权制衡与经营业绩 7

3.4.3 股权属性与经营业绩 6

第四章 民营上市公司股权结构与经营业绩的实证研究设计 8

4.1研究样本的选取 8

4.2研究假设 8

4.2.1 股权集中度与经营绩效的相关性假设 8

4.2.2 股权制衡与经营绩效的相关性假设 8

4.2.3 股权属性与经营绩效的相关性假设 8

4.3变量的设计 9

4.3.1 解释变量 10

4.3.2被解释变量 11

4.3.3控制变量 11

4.4建立模型 16

第五章 股权结构与民营上市公司经营业绩的实证分析 14

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