杭州上市公司股权结构和公司绩效的相关分析毕业论文.docVIP

毕业论文 （20_ _届） 杭州上市公司股权结构和公司绩效的相关分析 摘 要 股权结构是公司治理结构的核心问题。一个合理的股权结构对公司治理结构的效率有着积极的作用，所以股权结构是公司绩效的重要影响因素，股权结构与公司绩效之间存在一定的相关关系。在我国企业进行股份制改造的过程中，由于种种历史原因，公司股权结构不合理、治理效率低下、经营业绩不理想等问题已经成为困扰上市公司进一步发展的主要障碍。构建合理的股权结构、建立有效的公司治理结构、提升上市公司绩效也就成为当前最为迫切和重要的问题。 本文以2006年以前在上海、深圳证券交易所上市的30家杭州上市公司为样本，选用了2006—2009年连续四年的年报数据，研究了杭州上市公司股权结构与公司绩效两者之间的关系。研究结果表明：在股权构成方面，流通股的比例没有对公司绩效产生显著地影响；在股权集中度方面，第一大股东持股比例与公司绩效之间存在负相关的关系，前五大股东持股比例与公司绩效之间呈正相关关系，股权制衡（Z指数）与公司绩效之间呈负相关关系。 关键词：Abstract Ownership structure is the core issue of corporate governance structure.A reasonable share structure has a positive effect on the efficiency of corporate governance,so the company ownership structure is an important factor of the corporate performance, and there is a relationship between the ownership structure and the corporate performance.Because of the different kinds of reasons,unsuitable ownership structure and low performance has become the biggest problem which puzzled our enterprises. How to set up a suitable ownership structure and improve the performance becomes the urgent and important problem. Thirty listed companies of Hangzhou city,which listed in Shanghai Securities Exchange and Shenzhen Securities Exchange before 2006,are used as researching samples and their announced data of 2006—2009 are chosen to research the relationship between equity structure of the listed corporate and their performance. The result shows:The shareholding ratios of outstanding shares don’t have a significant influence on corporate performance in equity constitute;In equity concentration,the proportion of the largest shareholder is related to the corporate performance,the top five shareholders and firm performance is positively correlated,ownership restriction (Z index) and corporate performance is inversely related. Keywords:Ownership Structure;Corporate Performance; Corporate Governance; Listed Companies 目 录 1 股权结构与公司绩效的理论分析 1 1.1 股权结构的涵义与度量 1 1.2 公司绩效的概念及其衡量方法 2 2 杭州上市公司股权结构与公司绩效的现状分析 4 2.1 杭州上市公司股权结构的现状分析 4 2.2 杭州