《非垄断业上市公司股权集中度和公司绩效实证的研究》由会员分享，可在线阅读，更多相关《非垄断业上市公司股权集中度和公司绩效实证的研究（85页珍藏版）》请在金锄头文库上搜索。
1、国内图书分类号：F270.3 国际图书分类号：658.141管理学硕士学位论文非垄断业上市公司股权集中度与公司绩效 的实证研究硕 士 研究生：曹文杨导申 请 学师：彭彦敏副教授位：管理学硕士学 科、专 业：会计学所 在答 辩单 位：管理学院会计系日 期：2007 年 1 月授予学位单位：哈尔滨工业大学Classified Index: F270.3 U.D.C: 658.141Dissertation for the Master Degree in ManagementEMPIRICAL RESEARCH ON THE RELATIONSHIP BETWEEN THE CONCENTRATI
2、ON RATIO OF SHARES AND CORPORATE PERFORMANCE OF LISTED COMPANIES OF NON-MONOPOLIZED INDUSTRIESCandidate:Supervisor:Cao WenyangAssociate Prof. Peng YanminAcademic Degree Applied for:Master Degree of ManagementSpecialty:Affiliation:Date of Defense:AccountingSchool of ManagementJanuary，2007Degree-Offer
3、ing-Institution: Harbin Institute of Technology哈尔滨工业大学管理学硕士学位论文摘 要上市公司股权集中度与公司绩效关系的研究，一直是理论界和实业界研 究的热点问题，不同观点交织碰撞，结论相差甚远。在我国非垄断业，大多 数上市公司由国有企业改制而来，具有特殊的股权结构。然而，我国非垄断 业上市公司的股权集中度与公司绩效的相关关系到底如何，本文试通过实证 分析做出回答。 本文采用规范研究与实证研究相结合的方法。在规范研究中介绍了股权 结构及公司绩效的相关理论，阐述了股权结构对公司绩效的影响。在规范研究的基础上，从CR指数、H5指数以及Z指数等三个方面对
4、研究样本行业的股 权集中度水平进行了统计性的描述并运用因子分析法计算出研究样本公司的经营绩效综合得分，为实证分析做了数据方面的准备;在实证研究中，本文对万德资讯金融数据库 2003 年到 2005 年三年的所有上证、深证上市公司进行 了样本筛选，最后选出了三年始终符合筛选条件 14 个非垄断行业的 969 家非 垄断业上市公司作为研究样本。运用Pearson相关分析对股权集中度各指标与公司绩效得分之间的相关性进行检验，最后选取CR5指数与公司绩效得分显 著相关的行业进行回归分析。结果发现：非垄断业全样本上市公司股权按集中度指标CR5与公司绩效得分间呈倒U型关系，第一大股东与第二大股东持股 比例
5、的比值Z与公司绩效得分呈负相关关系。但是对于各具体行业，这种关 系的差异显著。 最后以实证分析结果为基础，对中国非垄断业上市公司的股权集中度的 优化提出了几点政策性建议。关键词非垄断性行业；上市公司；股权集中度；公司绩效-I-哈尔滨工业大学管理学硕士学位论文AbstractThe research of listed companys concentration ratio of shares and corporate performance has been a hot and difficult topic in the theoretical and industrial world.
6、 Different viewpoints interweave and collide, and the conclusions are far from the same. In non-monopolized industries of our country, most of the listed companies have special ownership structure, because they are changed from thestate-owned companies. However, the relationship of listed company of
7、 non-monopolized industries concentration ratio of shares and corporate performance results how exactly, this thesis tries to give an answer by empirical analysis. We use the method standard analyzes and real diagnosis analyzes to analyze the relationship between the concentration ratio of shares an
8、d benefit in listed company of non-monopolized industries. In the standard research, we introduce the relevant theories of concentration ratio of shares and benefit of company, elaborate the influence which concentration ratio of shares affect benefit of company In the foundation of standard researc
9、h, we do statistical description ofthe concentration ratio of shares level from three aspects of index CR, H5 and Z, and we calculate the corporate performance score of the sample companies by the method of factor analysis, prepare the data for real diagnosis analyzes; In real diagnosis analyzes, 96
10、9 listed companies of 14 non-monopolizedindustries in Shanghai and Shenzhen stock exchange markets are chosen as the model for study among all the listed companies collected by the “Wind information finance data base” which satisfy the terms all the time from year 2003 to 2005. Then we do Pearson re
11、lation test between the concentration ratio of shares index and the corporate performance score, the industries which hasobvious relationship between index CR5 and performance score are chosen toprocess the regression analysis. The result shows: Concentration ratio index CR5 and corporate performanc
12、epresent an inverse-U shape relation in non-monopolized industries of china; concentration ratio index Z and corporate performance present negative correlation, but to the different industries, these relationship shows a significant diversity. At last, basing on the foundation of the result of analy
13、sis, we advance- II -哈尔滨工业大学管理学硕士学位论文several policy suggestions of the optimization of concentration ratio of shares in listed company of non-monopolized industries of china.Key wordsnon-monopolized industries; listed companies; concentration ratio of shares; corporate performance- III -哈尔滨工业大学管理学硕士学位论文目 录摘 要 . I ABSTRACT . II第 1 章 绪论 .1 1.1 问题的提出 .11.1.1 1.1.2研究背景 .1 研究的目的和意义 .3 1.2 国内外研究现状 .5 1.2.1 1.2.2 1.2.3国外研究现状 .5 国内研究现状 .6 国内外研究比较 .8 1.3 国内外公司股权集中度现状 .
