上市公司股权结构与经营绩效关系的实证研究

华侨大学硕士学位论文上市公司股权结构与经营绩效关系的实证研究姓名：周振华申请学位级别：硕士专业：数量经济学指导教师：陈铭新20090501I1998136241998-200762405ROECROADARGROWCURRTIIAbstractAsthebasisofpropertyrightsofCorporateGovernanceStructure,OwnershipStructureaffectstheoperationofacompany'sexternalgovernancemechanismsandthecompositionofCorporateGovernancemechanisms,andthroughtheinternalandexternalgovernancemechanisms,itplaysakeyroleinthewholeprocessofCorporateGovernance,andmovesfurthertoaffecttheperformance.OwnershipStructureoflistedcompaniesinChinaisveryspecial,whatkindofrelevancedoesithavewithCorporatePerformance?TofindoutthisissuewillhelppeopletodiscovertheproblemsinthestructureofChina’sCorporateGovernance,aswellasprovidepeoplewithrecommendationsandreferencesabouthowtooptimizeChina'sOwnershipStructuretoimproveCorporatePerformance.Inthispaper,624listedcompaniesof13industrieswerechose,whichwereestablishedbytheendof1998,the6240samplesobservationsofthesecompanieswerefrombetween1998-2007.ThroughOwnershipConcentration,theresearchwastofindouttherelationshipbetweenthestructureofCorporateGovernanceandCorporatePerformance.Inthispaper,themodelisapaneldatamodel,thereturnofsamplestodrawthefollowingconclusionsThestudyhasfoundthattherelationshipbetweenOwnershipConcentrationandtheCorporatePerformanceoflistedcompaniesbysectorvaries,accordingtotheanalysisofempiricaldata,onbehalfofthecompanyoperatingthefiveindicatorsofperformanceROE,CROA,DAR,GROW,CURRTandequityconcentrationasaresultofthecorrelationbetweenthedifferenttypesofindustriesanddemonstrateavarietyofregularity.Suchawiderangeoflawtosomeextent,reflectOwnershipStructureoftheexistenceoftheneedfordiversity.KeywordsOwnershipStructureCorporateGovernanceCorporatePerformanceOwnershipConcentration111.1???21.21.2.1Eviews5.11.2.219981312345322.12.1.1BerleMeans[1]1932Demsetz1983[2]DemsetzLehn1985[3]1980511GrossmanHart1980[4]Levy1983[5]ShleiferVishny1986[6]Claessens1997[7]4PerdersonThomsen1999[8]124352.2.21999[9]19931995PooledDataROAROEMBR2000[10]5Q2001[11]2000[12]2000[13]2006[14]1999[15]1998503AQQ50%5QU2002[16]U2003[17]U2006[18]U2005[19]U2001[20]19942001202003[21]2.2ROECROADARGROWCURRT633.1OwnershipConcentration,2008[22]2007[23]2000[24]2007[25]72006[26]1997[27]3.2,2001[28]32004[29]3.2.182001[30]3.2.21995[31]19232002[32]1996[33]1994[34]3.2.3Fama,1980[35]103.2.4Stulz1988[36]2004[37]113-13-1.[D].,20073.3124Eviews5.1RESSETRESSETRESSET/DB4.119981375323992079611932333514-14-14-1170.011217250.0080123320.0512824390.0625590.0144236200.032051770.011217890.0144239610.09775610190.03044811320.051282123330.53365313510.081736241134-11998-2007lST2ABBA62462404.24.2.11ROECROAROEIPO05010015020025030035014ROECROAROECROA2DAR3GROW4CURRT-=154.2.2CR1CR5CR104-1ROE/CROA/DAR=/GROW=-/CURRT=/CR1CR5CR10164.31ROE1231510iiiiiROEaCRaCRaCRq=+++4-1CROA1231510iiiiiCROAbCRbCRbCRq=+++4-2DAR1231510iiiiiDARcCRcCRcCRq=+++4-3GROW1231510iiiiiGROWdCRdCRdCRq=+++4-4CURRT1231510iiiiiCURRTdCRdCRdCRq=+++4-54.4Weights10sectionSUR75979=10PeriodSUR174.54.5.1ROE1231510iiiiiROEaCRaCRaCRq=+++4-24-2ROECR1CR5CR10R^20.26605***-0.655376*0.05140720.2691370.414506*-3.098682***2.674559***0.3160140.170051***-0.399728***0.389495***0.6586290.48207***-2.3811052.005298***0.1676030.326252***-1.639119***1.425847***0.844580.258934***-1.648555***1.523844***0.688107-0.663464**0.828236-0.1770540.1213980.090264***-0.208196*0.22706**0.9735430.05401-0.713226***0.720573***0.1868990.003933***0.070385**0.052188**0.3101920.067884***-0.275413***0.314239***0.3400240.003328-0.0521178***0.0584822***0.1660160.100138***-0.172323*0.218248**0.4958430.121073538-0.7957861380.72955280.482070.8282362.674559-0.663464-3.098682-0.1770540.2707171341.0518804820.855723371*,**,***10%,5%,1%1.140.51330.7692%7062411.2179%0.97354300066300086018ROE20.1213982.ROE1CR111111384.6153%23062436.85897%2CR511111384.6153%57862492.6282%3CR1011111384.6153%61062497.7564%CR1CR5CR10ROE3.1CR1100.010.10.05CR50.10.0570.01CR100.0580.012CR10.05CR5CR1019ROE0007286008164.ROE1CR110CR59CR1011ROE10ROEROE2CR1ROE0.258934CR5-1.648555CR101.523844000089600787ROE3CR1ROE0.26605CR5-0.655376CR100.05140726001230007234CR10.090264ROE20CR5-0.208196ROECR100.314239ROEROE600108000798ROE5.ROE1CR10.258-0.66361346.1538%8762413.9423%0.05-0.1730.0039330.0033282CR51.6343.0986820.17-0.8281361.5384%53262485.2564%0.0703853CR101.4242.6745590.177-0.72181361.5384%4CR10.003933CR5CR100.0703850.05218860074900072121ROE6.1CR1CR5CR10CR5CR10CR1CR1CR5CR10CR1CR10CR5CR1CR5CR1011CR1CR10CR512CR5CR10CR1CR1CR10CR1CR5CR102CR10.05401ROECR100.720573ROE600861000796ROE224.5.2CROA1231510iiiiiCROAbCRbCRbCRq=+++4-34-3CROACR1CR5CR10R^20.115336***-0.021720.0706280.4613610.12787-1.611709***1.493382***0.1991010.159848***-0.255164***0.254349***0.6355420.0172-0.280656***0.356391***0.4962860.079432***-0.880737***0.866327***0.6987490.211861***-1.593053***1.514771***0.5141762.335117***-6.786581***4.511364***0.422070.075466***-0.1560670.1867460.85910.071822***-0.410274***0.431638***0.634592-0.05583***-0.212555**0.917388***0.085320.067884***-0.275413***0.314239***0.3400240.051588***-1.166627***1.187917***0.1969680.055809***-