股权制衡与企业价值——基于江苏省中小型上市公司的经验数据

论文总字数：23337字

摘 要

在我国的上市公司中存在着控制性大股东的隧道效应,这使企业价值受到严重损害,也制约了证券市场的健康发展。那么引入制衡机制是否可以解决大股东控制下的利益侵占成为值得研究的课题。我国中小企业的健康发展有利于繁荣经济，提高创新能力，增加就业率，推动着我国经济社会的发展，但中小企业的股权结构与大型企业相比具有股权集中度高、多由某个家族或自然人控股、高管持股比例高、流通股所占比例较小等的特点。因此研究中小型上市公司的股权制衡与企业价值的关系具有非常重要的意义。

本文回顾分析了国内外学术界对股权制衡的研究文献，并在此基础上以江苏省中小型上市公司为研究对象，对股权制衡与公司价值之间的关系进行实证研究，对股权制衡的作用效果进行探讨，试图找出中小型上市公司股权制衡的效应规律。实证分析的结果表明，江苏省中小型上市公司的股权制衡与企业价值成正向相关关系，即提高股权制衡度能有效提升企业价值。最后本文为构建合理的股权制衡结构提出五个方面的政策建议，为中小型上市公司建立合理的股权结构提供帮助和参考。

关键词：江苏省中小型上市公司 股权制衡 公司价值 实际控制人

Abstract

In our country,there is the controlling shareholders' tunneling effect existing in the listed corporations , which severely damages the enterprise value also restricts the healthy development of securities market. So whether the introduction of power balance mechanism under control can solve large shareholders encroach on the interests is a subject worth studying. The healthy development of small and medium-sized listed corporations in our country is beneficial to promoting economic prosperity, improving the innovation ability, increasing the employment rate, driving China's economic and social development, but the equity structure of small and medium-sized listed corporations compared with large corporations is high ownership concentration holding by a family or a natural person , high executives shareholding, the characteristics of the small proportion of tradable shares, etc. So the research of the relationship between power balance and the corporation value of the small and medium-sized listed corporations has very important significance.

This article reviewed the domestic and foreign academic research literature of power balance, and on the basis of it, this article uses the small and medium-sized listed corporations in Jiangsu Province as the research object to do the empirical research between the ownership balances and the value of the corporation , discusses the effects of power balance, trying to find out the effect regulation of power balance of small and medium-sized listed corporations. The results of the empirical analysis shows that the power balance of the small and medium-sized listed corporations of Jiangsu Province has the positive correlation with corporation value , namely improve power balance degree can effectively improve corporation value. At the end of the paper will build the reasonable structure of power balance and put forward policy suggestions on five aspects, build reasonable equity structure for small and medium-sized listed corporations to offer help and reference.

Keywords:Small and Medium-sized Listed Corporation of Jiangsu Province;Power Balance;Corporation Value;Actual Controllers

目录

摘要 I

Abstract II

第1章 绪 论 1

1.1选题的背景、意义 1

1.2研究目的 1

1.3研究的思路、内容 2

1.4 论文的研究方法 3

1.5 本文的创新点 4

第2章 理论基础与文献综述 5

2.1国外文献研究部分 5

2.2国内文献研究部分 6

2.3文献综述述评 7

第3章 研究设计 8

3.1样本选择与数据来源 8

3.2变量的设计 8

3.3研究假设 10

3.4模型的构建 10

第4章 实证研究 12

4.1描述性分析 12

4.2 相关性分析 13

4.3多重共线性检验 16

4.4多元线性回归分析 16

第 5 章 研究结论与政策建议 20

5.1研究结论 20

5.2相关建议 20

5.3本文不足及未来展望 24

参考文献 25

致谢 26

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