我国上市公司股权结构与综合绩效关系的实证研究

2006/17总第349期商业研究COMMERCIALRESEARCH:1001-148X(2006)17-0029-07任海云(西北农林科技大学经管学院,陕西杨凌712100):随着上市公司经营业绩表现趋于多元化,单一指标已难以做到全面体现公司业绩因此,对上市公司绩效采用多指标衡量,利用主成份法进行客观赋权得出综合绩效指标,然后建立模型,通过616家上市公司2003年的截面数据,对股权结构和综合绩效的关系做了实证检验,得出相应结论:上市公司;股权结构;综合绩效:主成份分析:F2766:AEmpiricalResearchontheRelationshipBetweenOwnershipStructureandCorporateComprehensivePerformanceinChineseListedCompaniesRENHai-yun(CollegeofEconomicsandManagement,NorthwestSci-TechUniversityofAgricultureandForesty,Yangling,712100,China)Abstract:Withthediversifacationoflistedcompanysperformance,singleindexcannotevaluateitobjectivelyandchorouphly.So,thispaperattemptstousemultipleindextoevaluatetheperformanceandtoweighobjectivelywithprincipal-componentanalysis.Thenempiricalexaminingoftherelationshipbetweenownershipstructureandcorporatecomprehensiveperformanceiscarriedoutbysamplingthedataof616listedcompaniesin2003.Thepaperdrawsthecorrespondingconclusions.Keywords:listedcompany;principal-componentanalysis;ownershipstructure;comprehensiveperformance收稿日期:2005-12-01作者简介:任海云(1974-),女,陕西榆林人,西安交通大学管理学硕士,西北农林科技大学经管学院讲师研究方向:公司会计绩效评价基金项目:国家自然科学基金资助,项目名称:基于战略的企业内部组织单元绩效评价研究,项目编号:70471038,,,,(Q),,,,:,,,,,,,,,,,:(),,,,,,30商业研究2006/17:1:()1.,,,,:;,(1998),,,142%;,,[1],,,(1998)(/),,[2]:;,;,;;,;,,,,:2:2.,,,,;,,,,,,,,3:3.,,,,,,,,,,,,:,,,,2/3,,,,,4:4.,(Jensen&Meckling),,,[3],,,,,,,,,,,,,,,,,,5:,,,:(1)总第349期任海云:我国上市公司股权结构与综合绩效关系的实证研究31,;(2),,,;(3)ST,PT,,,,,,,,,:(1)199911,932,1999-20035,;(2)BH166,B20,;(3),9325,;(4)109PT,ST,13()20045313(),616,6609%CSMAR(ChinaStockMarket&Ac-countingResearchDatabase),()()()(),:(1);(2);(3);(4);(5);(6)[4]12,1表1计算综合绩效所选用的指标指标类型指标名称指标符号指标计算公式指标性质资产管理能力存货周转率应收账款周转率总资产周转率TOVTOARTOTA主营业务成本平均存货主营业务收入平均应收账款主营业务收入平均资产总额正指标正指标正指标盈利能力主营业务利润率每股收益净资产收益率PRMOEPSROE主营业务利润主营业务收入净利润年末普通股份总数净利润年末股东权益正指标正指标正指标股本扩张能力每股净资产NEPS年末股东权益年末普通股股数正指标偿债能力速动比率产权比率QRER(年末流动资产合计-年末存货净额)年末流动负债合计年末负债总额年末股东权益适度指标逆指标现金流动状况现金债务总额每股营业现金净流量销售现金比率CFDRCFOPSCFSR经营现金净流入年末债务总额经营现金净流入年末普通股分总数经营现金净流入主营业务收入正指标正指标正指标(),(616)(12),,,,,spss110,233,:[Z1,Z2,,Z12]=[zx1,zx2,,zx12][z1,z2,,z12](zx1,zx2,,z12,z1,z2,,z123),SPSS110Z1,Z2,,Z12z=12i=1fiZi(i=1,2,,12)(fii),fii(2)()()()1.,,2.,,(1):(CR10);(2):(PS),();32商业研究2006/17表2主成分分析过程中所得到的相关矩阵特征值及总方差解释表ComponentTota(特征值)%ofVariance(方差贡献率)Cumulative%(累计贡献率)12.40220.01420.01421.78714.89434.90831.35311.27446.18241.1859.87456.05651.0859.04365.09960.9698.07373.17370.9527.93681.10980.7426.18587.29490.6435.35792.651100.4513.76296.413110.312.58598.998120.121.002100表3主成分分析过程中所得到的特征矩阵Componentz1z2z3z4z5z6z7z8z9z10z11z12主营业务利润率.373-.357-.6.27.04.132-.073-.088.150.415.120-0.009每股收益.845.387-.2-.1.04-.06-.014-.128.017-.148-.033-.249净资产收益率.816.340-.2.07.163-.10-.004-.202-.057-.169-.020.235每股净资产.414.109.08-.4-.49-.01-.313.357.389.052-.012.050速动比率.324-.699.29-.2.203-.21.246-.059.205-.149.325-.004产权比率-.219.476.05.47.279-.17.305.181.518-.002-.039-.001现金债务总额比.533-.591.35.06.126-.14.1790.076-.015.152-.380.002每股营业现金净流量.4440.36.27.60-.18.03-.032.469-.305-.010.169-.005销售现金比率.049-.084.52.45-.26.214-.371-.473.209-.034.000-.002存货周转率.135-.048.11-.1.586.717-.206.202.074-.079-.015.002应收账款周转率.172.118.05-.1-.43.525.694-.096.020.017.004.018总资产周转率.163.577.54-.3.236-.08.032-.118-.111.416.118.008(PL),();(PT),;(MSR),3.,:(1)(IND),:,,,,;,,,,,,,,,,,IND1-IND1212(),,11,A.1,B.2,C.3,D.4,E.5,F.6,G.7,H.8,.j9,k.10,.l11,M.12(2)(DAR):,,,,(3)(SIZE):,=(+)/2,,,总第349期任海云:我国上市公司股权结构与综合绩效关系的实证研究33;,,,,()Model1z=a+12j=1jINDj+1SIZE+2DAR+3PS+4PT+5MSR+6CR10+Model2z=a+12j=1jINDj+1SIZE+2DAR+3PL+4PT+5MSR+6CR10+(1)Model1Model2,,6;(2)AModel1Model2,,4;(3)Model1,,3;(4)Model2,,3;(5),,Model1Model25()1.Model1表4模型摘要ModelRRSquareAdjustedRSquareStdErroroftheEstimate1316100074577022061表5ANOVA(方差分析)ModelSumofSquaresdfMeanSquareFSig.1Regression218881712883867000Residual197775594333Total219663611表6t值及回归系数ModelUnstandardizedCoefficientsBStd.ErrorStandardizedCoefficientsBetatSig.1(Constant)-4.063.668-6.080.000IND1.134.1690.35.792.428IND2.384.301.0521.272.204IND36.648E-02.086.055.772.440IND41.570E-02.145.005.108.914IND5-8.66E-02.212-.0170.410.682IND6.111.158.032.705.481IND7-.176.149-.054-1.185.237IND8.178.110.0861.618.106IND9-.203.158-.057-1.289.198IND103.165E-02.129.012.244.807IND11-.204.419-.019-.487.626资产规模.167.029.2325.726.000财务杠杆6.747E-02.139.020.485.628国家股比例-.226.099-.096-2.281.023流通股比例9.683E-02.325.0212.98.766内部人持股比例37.50696.493.015.389.698前10大股东持股比例.816.335.1802.432.015:(1);(2)4R=0.316,R2=0.1,S=0.577;(3)5,SSR=21.888,SSE=197.775,SST=219.663,MSR=1.288,MSE=0.333,F=3.867,P=00.05,;(4)6t6,,,2.Model2表7模型摘要ModelRRSquareAdjustedRSquareStdErroroftheEstimate13110960715780494234商业研究2006/17表9t值及回归系数ModelUnstandardizedCoefficientsBStd.ErrorStandardizedCoefficientsBetatSig.1(Constant)-4.055.670-6.051.000IND1.127.169.033.751.453IND2.365.302.0491.208.228IND35.264E-02.086.043.614.539IND43.348E-03.145.001.023.982IND5-.114.211-.023-.539.590IND69.578E-02.157.028.608.543IND7-.179.149-.054-1.203.229IND8.170.110.0821.541.124IND9-.217.158-.061-1.375.170IND102.221E-02.130.008.171.864IND11-.210.421-.020-.500.618资产规模.164.029.2295.639.