我國上市公司股權結構與經(jīng)營績效相關性的實證研究.pdf

1、Y787531分嘗葉：E2I亙：立一i宙皿犏號：2QQ2QlQ13晰搬貴州大學2005屆碩士研究生學位論文我國上市公司股權結構與經(jīng)營績效相關性的實證研究學科專業(yè)：。政漁經(jīng)騎掌研究方向：微觀經(jīng)赫行為研究導師：一張月蠓教授研究生：劉劍中國貴州貴陽2005年4月Ownershipstructureisthestructureofstockholders，includingthetypesofstockholdersandvariousshar

2、eholdingproportions，theconcentrationdegreeofsharesandthestabilityofstockholdemOwnershipstructureisthebasicandimportantsectionofcorporategovernanceIthasimportantinfluencesonshareholder’spower，structureofcorporateboard，tak

3、eovermarketItalsoinfluencesthecorporateperformancebymeansofgovernancemechanismsuchasincentiveandsupervises，exteriortakeoverandcompetitioninagentrightandsoonUptonowtherea化noauthoritativeconclusionsconcerningthecorrelation

4、betweenownershipstructureandcorporateperformanceintheoreticalandempiricalresearchBecauseofspecialownershipstructure，thecorrelationbetweenthemofChineselistedcompaniesismorecomplexandcontrarytotheoreticalanalysisandoversea

5、sempiricalresearchBasedoffthetheoriesinexistenceandempiricalresearchframeworks，thispapertriestocheckupthecorrelationbetweenownershipstructureandcorporateperformancefor331listedcompaniesinSenseStockExchangeTheempiricalres

6、earchmakesafewconclusionsFirstlyappropriateconcentrationinownershipstructureisavailabletoimprovecorporategovernanceandperformanceSecondly，thereisremarkablecubicCUrverelationshipbetweenratioofownershipcontrolandcorporatep

7、erformance，ownershipcontrolistheimportantsystemtorestraintheplunderofbigsteckholdersandprotectingmiddlesmallinvestors’rightsintheconditionofownershipconcentrationThirdly。relativetomowerefficiencyofstateownedandcommunitys

8、tockholders，thelegalstockholdersplayanactiveroleincorporategovernance，andincreasingthepercentageofsharesheldbylegalstockholdersisavailabletoadvancethecorporateperformanceFourthly，theinteriorshareholdinghaslittlestimulant

9、effectonexecutivesofcorporate，andthereisnemarkablecorrelationbetweenthepercentageofmanagerialownershipandcorporateperformanceFinally，corporateperformanceisthebasicfactortodecidetheshareholdingpercentageofinstitutionalinv

10、estors，howevertheinstitutionalinvestorsplayapassiveroleincorporategovernanceAccordingtotheseempiricalconclusions，thispaperputsforwardsomepolicyrecommendationsFirstly，retaintheconcentrationratioofsharesinsomedegree，andbui

11、ldsuchanownershipstructureitssharesholdingcomparativelybysomelegalstockholderscanrestraintheplunderofbigstockholdersandprotectthemiddlesmallshareholders’rightsSecondly，cultivateeffectiveshareholdersofstateownedsharesandr

12、educingthepercentageofstateownedsharesbymeansofsellingthemtolegalinstitutionsThirdly，pushthesysteminnovationofmanagerialshareholdingsystem，whichwillstimulateexecutivesactmoreefficientlyFinally，developactivelytheinstituti

13、onalinvestorsandinducethemtoparticipateincorporategovernanceKeywords：ownershipstructure，corporategovernance，corporateperformance，theconcentrationratioofshares，ratioofownershipcontrol，thecompositionofshares，managerialowne