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1、首都经济贸易大学硕士学位论文股权结构与投资者利益保护研究姓名：康磊申请学位级别：硕士专业：会计学指导教师：汪平20100501首都经济贸易大学硕士学位论文 股权结构与投资者利益保护研究 I 摘摘 要要 我国证券市场自建立以来已经取得了巨大的发展，但是随着证券市场的发展，上市公司亦暴露出越来越多的问题，近年来，投资者利益保护的问题逐渐成为理论和实务界关注的焦点。 影响投资者利益保护的因素存在于多个方面， 例如：关联交易、对管理层的激励、公司的股利政策、信息的透明度等等。本文以股权结构为切入点， 从股权集中度和股权构成两个方面研究股权结构对投资者利益保护的影响，并提出完善股权结构保护投资者利益的对
2、策和建议，以期对如何更好地保护投资者利益提供些许参考。 首先， 本文在回顾和总结国内外关于投资者利益保护的相关理论以及股权结构与投资者利益保护关系文献的基础上， 进一步描述了我国投资者利益保护以及股权结构的现状，并分析了我国股权结构存在的问题。 其次， 在理论分析的基础上进行实证研究。 以 2006-2008 年沪深两市 A 股上市的所有公司为研究对象， 在提出相关假设的基础上， 验证第一大股东持股比例、赫芬达尔指数、股权制衡度、国有股比例、法人股比例、非限售流通 A 股比例以及限售流通 A 股比例与投资者利益保护之间的关系。在变量设定时，引入公司规模、资产负债率和行业类型作为控制变量。 在实
3、证部分， 首先对于各个变量以及行业变量进行初步的描述性统计， 进而，采用相关分析的方法研究自变量与因变量之间以及各个自变量之间的相关性， 初步检验自变量与因变量之间的关系以及回归模型的合理性。进而以托宾 Q 为替代指标进行线性回归分析，得出：第一大股东持股比例、赫芬达尔指数、国有股比例、限售流通 A 股比例与投资者利益保护负相关，股权制衡度、法人股比例、非限售流通 A 股比例与投资者利益保护正相关的结论。 本文认为我国上市公司存在国有股“一股独大” 、所有权虚置、股东之间缺乏有效的制衡、投资者利益保护机制尚未真正建立等问题，因此导致我国上市公司的债权人和股东无法对企业的运营进行有效地监督， 从
4、而损害了作为证券市场主体的投资者的利益。 关键词：关键词：投资者利益保护 股权结构 托宾 Q 股权分置改革 首都经济贸易大学硕士学位论文 股权结构与投资者利益保护研究 II ABSTRACT Since the establishment of Chinas securities market, it has made great development, but at the same time, listed companies have also revealed more and more problems, in recent years, the theory and practi
5、ce circles gradually put focus on the issue of protection of investors interests. Factors that affect the protection of investors interests exist in many aspects, such as: related-party transactions, the management incentive, the companys dividend policy, transparency of information and so on. In th
6、is paper, we put the ownership structure as the starting point, discuss the impact ownership structure has put on the protection of investors interest from two aspects the degree of concentration of ownership and the constitution of ownership, we also give countermeasures and suggestions on how to i
7、mprove the ownership structure and protect the interests of investors, with a view to provide a little information on how to better protect the interests of investors. First of all, this article reviewed and summarized the relevant theory about protection of investors interests and literature about
8、the relationship between ownership structure and protection of investors interests both at home and abroad. On the basis of this, we further described the current situation of ownership structure as well as the protection of investors interest in our country, then analysis the problems of Chinas own
9、ership structure. Secondly, take an empirical research on the basis of theoretical analysis. Take all the Shanghai and Shenzhen A-share listed companies in 2006-2008 as the sample, on the basis of relevant assumptions, verify the relationship between the largest shareholder equity ratio, Herfindahl
10、index, degree of ownership balances, the proportion of state-owned shares, the proportion of legal person shares, the proportion of non-restricted sale of A shares in circulation, the proportion of restricted sale of A share in circulation and the protection of the investors interest. In the setting
11、 of related variables, we introduced company sizes, asset-liability ratio, and industry type as control variables. In the empirical part, first of all, make an initial descriptive statistics about all the variables and industry variables, and then, use the relevant analysis method to study the corre
12、lation between independent variables and dependent variable and the correlation between various independent variables. Make an initial inspection of the relationship between independent variables and dependent variable, as well as the 首都经济贸易大学硕士学位论文 股权结构与投资者利益保护研究 III rationality of the regression.
13、Then, take Tobins Q as an alternative and make a linear regression analysis, finally arrive at the conclusions: the largest shareholder equity ratio, Herfindahl index, the proportion of state-owned shares, the proportion of restricted sale of A shares in circulation are negatively related to the inv
14、estors interest protection. Degree of ownership balances, the proportion of legal person shares, the proportion of non-restricted sale of A shares in circulation are positively related to the protection of investors interest. This paper argues that the phenomenon of “ one dominating stock monopolize
15、s“ in state-owned shares, the imaginary of ownership, lack of effective balances among shareholders, the mechanisms of investors interest has not yet truly been established as well as other issues still exist in the listed companies in China. As a result, the creditors and shareholders in the listed
16、 companies in our country can not monitor the operating of the companies effectively, and finally damaged the interest of shareholders who is the principal part of the securities market. Key words： Investors Interest Protection; Ownership Structure; Tobin Q ; Reform of Share Structure Split独 创 性 声 明 独 创 性 声 明 本人郑重声明：今所呈交的 股权结构与投资者利益保护研究论文是我个人在导师指导下进行的研究工作及
