关于股权结构对创业板上市公司绩效影响的计量分析
|
摘要
随着公司在世界经济中的重要作用凸显,股权结构对公司绩效逐渐产生了不可替代的影响。鉴于上市公司为谋求上市而存在粉饰报表的可能性,本文随机选取了50家在创业板上市的2016年公司年报作为数据样本,根据股权集中度和股权属性研究股权结构对创业板上市公司绩效的影响。通过对变量的检测和统计,利用其特征变量的性质做回归分析,使其影响结果可以量化。分析结果显示:第一大股东持股比例与公司绩效呈负相关关系;管理层持股比例与公司绩效呈N型非线性关系;机构持股比例和Z指数与公司绩效呈正相关关系;流通股比例对公司绩效的影响呈倒U型结构。最后本文就上市公司绩效影响因素的结论数据分析结果,提出改善建议。
With the important role of companies in the world economy, ownership structure has gradually had an irreplaceable impact on corporate performance. In view of the possibility of whitewash statements for listed companies, this paper randomly selected 50 listed companies listed on the gem as the data sample of 2016 annual report. The effect of equity structure on the performance of gem listed companies is studied according to ownership concentration and ownership attributes. Through the detection and statistics of the variables,the properties of the characteristic variables are used to make regression analysis, and the results of its influence can be quantified. The results show that the proportion of the first largest shareholder is negatively related to corporate performance. Proportion and corporate performance show N nonlinear relationship; institutional shareholding ratio and Z index are positively correlated with corporate performance;the effect of tradable shares ratio on corporate performance is inverted U-shaped structure. Finally, the paper puts forward some suggestions for improvement on the conclusion of the factors affecting the performance of listed companies.
With the important role of companies in the world economy, ownership structure has gradually had an irreplaceable impact on corporate performance. In view of the possibility of whitewash statements for listed companies, this paper randomly selected 50 listed companies listed on the gem as the data sample of 2016 annual report. The effect of equity structure on the performance of gem listed companies is studied according to ownership concentration and ownership attributes. Through the detection and statistics of the variables,the properties of the characteristic variables are used to make regression analysis, and the results of its influence can be quantified. The results show that the proportion of the first largest shareholder is negatively related to corporate performance. Proportion and corporate performance show N nonlinear relationship; institutional shareholding ratio and Z index are positively correlated with corporate performance;the effect of tradable shares ratio on corporate performance is inverted U-shaped structure. Finally, the paper puts forward some suggestions for improvement on the conclusion of the factors affecting the performance of listed companies.
引文
[1]杨廷燕.创业板上市公司股权结构与公司绩效关系的研究[D].西南财经大学,2012.
[2]李青.公司治理对公司绩效影响实证研究——基于创业板上市公司数据[J].财会通讯,2014(15):19-22.
[3]唐睿明,邱文峰.股权结构与公司绩效关系的实证研究——基于创业板上市公司的数据[J].南京审计学院学报,2014(03):68-77.
[4]张强,杨淑娥.股权结构与公司业绩——来自中国上市公司的实证分析[J].南京审计学院学报,2005(1):10-15.
[5]Thomsen S,Pedersen T.Ownership structure and economic performance in the largest European companies[J].Strategic Management Journal,2000:689-695.
[6]Shleifer.A Survey of Corporate Governance[J].The Journal of Finance,1997:737-783.
[7]Berle.A et al.The Modern Corporation and Private Property.Harcour,Brace and World[J].New York,1932(58):81-112.
[8]Jensen M.C et al.Theory of the firm:managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976(3):305-360.
[9]Minguez-Vera A,Martin-Ugedo J F.Does ownership structure affect value?A panel data analysis for the Spanish market[J].International Review of Financial Analysis,2007:81-98.
[2]李青.公司治理对公司绩效影响实证研究——基于创业板上市公司数据[J].财会通讯,2014(15):19-22.
[3]唐睿明,邱文峰.股权结构与公司绩效关系的实证研究——基于创业板上市公司的数据[J].南京审计学院学报,2014(03):68-77.
[4]张强,杨淑娥.股权结构与公司业绩——来自中国上市公司的实证分析[J].南京审计学院学报,2005(1):10-15.
[5]Thomsen S,Pedersen T.Ownership structure and economic performance in the largest European companies[J].Strategic Management Journal,2000:689-695.
[6]Shleifer.A Survey of Corporate Governance[J].The Journal of Finance,1997:737-783.
[7]Berle.A et al.The Modern Corporation and Private Property.Harcour,Brace and World[J].New York,1932(58):81-112.
[8]Jensen M.C et al.Theory of the firm:managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976(3):305-360.
[9]Minguez-Vera A,Martin-Ugedo J F.Does ownership structure affect value?A panel data analysis for the Spanish market[J].International Review of Financial Analysis,2007:81-98.