后股改时代皖籍上市公司股权结构与经营绩效实证研究
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摘要
股权分置是中国资本市场的特有现象,也是我国资本市场众多顽疾的根源,为了解决这一制度性缺陷带来的一系列问题,2005年4月29日,中国证监会颁布了《关于上市公司股权分置改革试点有关问题的通知》,至此股权分置改革拉开大幕,历经两年多的时间,截止目前股权分置改革基本完成。
     股权分置改革使原本不能流通的国有股法人股等股份上市流通,同时使得上市公司的股权结构发生巨大的变化。股权结构是公司治理的基础,通过影响公司治理,从而影响上市公司的经营绩效。本文以2008年完成股权分置改革的安徽上市公司为样本,选择财务会计数据,主要从股权结构理论和经营绩效理论出发,从盈利能力、偿债能力、资本运营能力和发展能力四个方面选取十六个绩效指标通过因子分析法得出综合绩效得分,分别和股权集中度、股权属性指标构建回归模型,进行实证研究,结果表明:股权集中度指标第一大股东持股比例与经营绩效呈现负相关,前五大股东持股比例平方和与经营绩效正相关,而股权属性指标实际流通股比例与经营绩效呈现负相关。
     最后,在实证结论的基础上,为安徽省上市公司更有效地优化股权结构、完善治理机制、完善资本市场、提高经营绩效提出对策和建议。
Split share structure is a phenomenon unique to China's capital market, but also the root of many ills China's capital market, In order to address this systemic defect caused by a series of problems,on April 29,2005,the China Securities Regulatory Commission issued a "listed company on the split share structure reform Pilot issue",which formally announced China's share reform was launched, After more than two years, basically completed the split share structure reform.
     The split share structure reform so that the flow of the original state-owned shares can not be traded, At the same time makes the ownership structure of listed companies undergoing major change. The ownership structure is a foundation of the corporate governance,and has a direct impact on structure of corporate governance , thereby affects the corporate performance. In this paper, completed in 2008 in Anhui-tradable share reform of listed companies as samples, From the shareholding structure theory and the theory of business performance. From the profitability, solvency, capital operation ability and development capacity in four areas selected 16 performance indicators derived through factor analysis integrated performance score, respectively, and the degree of concentration of equity, equity index to build the regression model attributes to carry out empirical research.
     Finally, empirical findings, based on the listed companies for the Anhui Province to more effectively optimize the ownership structure, improve its management mechanism, to propose a solution to improve business performance and recommendations.
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