本文選題：風(fēng)險投資 + 股權(quán)集中度　； 參考：《廣東商學(xué)院》2012年碩士論文

【摘要】：股權(quán)集中度與上市公司績效的關(guān)系問題一直以來都是學(xué)者們研究的重點。國內(nèi)外學(xué)者對于這個問題的研究由于考慮的因素不同而產(chǎn)生了很多不同的見解。本文在借鑒前人研究方法和思路的基礎(chǔ)上以創(chuàng)業(yè)板市場為研究對象，研究了風(fēng)險投資參與對股權(quán)集中度與公司績效之間關(guān)系的影響問題。 2009年推出的創(chuàng)業(yè)板市場為我國中小企業(yè)提供了專門的融資渠道和發(fā)展空間。然而在股權(quán)結(jié)構(gòu)方面，由于創(chuàng)業(yè)板的中小企業(yè)大部分都是家族企業(yè)改制而來，所以存在很嚴(yán)重的一股獨大現(xiàn)象，導(dǎo)致大股東侵占小股東利益的情形經(jīng)常發(fā)生，公司的發(fā)展前景和業(yè)績讓人擔(dān)憂。我們在對創(chuàng)業(yè)板上市公司股東結(jié)構(gòu)進行研究和分析之后發(fā)現(xiàn)，風(fēng)險投資機構(gòu)的參與使不同上市公司的股權(quán)集中度出現(xiàn)了差異。因此本文在研究股權(quán)集中度對上市公司公司績效影響關(guān)系的過程中，引入了風(fēng)險投資機構(gòu)參與這一外生變量，以進一步探討風(fēng)險投資機構(gòu)參與是否通過改變上市公司股權(quán)集中度來影響公司績效，期待能夠為完善創(chuàng)業(yè)板上市公司的股權(quán)結(jié)構(gòu)提出合理性的建議。 本文首先對研究背景及國內(nèi)外的研究文獻進行了回顧和梳理，繼而闡述了風(fēng)險投資、股權(quán)集中度與創(chuàng)業(yè)板上市公司績效關(guān)系的理論研究，，接著以風(fēng)險投資是否參與上市為參考將225家創(chuàng)業(yè)板上市公司分為兩類，以其2010年的數(shù)據(jù)為樣本進行實證研究，采用因子分析法對所選取的績效指標(biāo)進行處理得出綜合績效水平作為因變量，以股權(quán)集中度指標(biāo)作為自變量，選取了資產(chǎn)規(guī)模和資產(chǎn)負(fù)債率作為控制變量并運用SPSS和eviews軟件進行相關(guān)性分析和回歸分析并得出六點結(jié)論:(1)創(chuàng)業(yè)板上市公司股權(quán)相對集中于第一大股東，高度集中于前五大股東；(2)創(chuàng)業(yè)板上市公司資產(chǎn)規(guī)模與績效呈正相關(guān)，資產(chǎn)負(fù)債率與績效呈負(fù)相關(guān)關(guān)系，Z指數(shù)與綜合績效水平呈負(fù)相關(guān)關(guān)系；（3）有風(fēng)險投資參與的創(chuàng)業(yè)板上市公司第一大股東持股比例（CR1）與績效不存在顯著線性關(guān)系；（4）無風(fēng)險投資參與的創(chuàng)業(yè)板上市公司第一大股東持股比例（CR1）與與績效呈顯著的倒U關(guān)系；（5）創(chuàng)業(yè)板上市公司前五大股東持股比例（CR5）與公司績效呈倒U型曲線關(guān)系；（6）風(fēng)險投資參與的創(chuàng)業(yè)板上市公司風(fēng)險投資持股比例（VC）與公司績效之間呈倒U型關(guān)系。 在實證結(jié)論的基礎(chǔ)上，為完善我國創(chuàng)業(yè)板市場股權(quán)結(jié)構(gòu)改革、提高公司績效等提出了對策建議：形成適合的股權(quán)集中度；完善法律制度和競爭機制；完善信息披露制度等。最后針對本篇論文的不足之處做出了展望。
[Abstract]:The relationship between equity concentration and the performance of listed companies has always been the focus of scholars. Scholars at home and abroad on this issue due to different factors to consider a lot of different views. Based on the previous research methods and ideas, this paper studies the influence of venture capital participation on the relationship between equity concentration and corporate performance, taking the gem market as the research object. The gem market launched in 2009 provides special financing channels and development space for small and medium-sized enterprises in China. However, in terms of equity structure, because most of the small and medium-sized enterprises in the gem are from the restructuring of family enterprises, there is a very serious phenomenon of dominance, which often results in large shareholders encroaching on the interests of minority shareholders. The company's prospects and performance are worrying. After studying and analyzing the shareholder structure of listed companies in gem, we find that the participation of venture capital institutions leads to different ownership concentration of different listed companies. Therefore, in the process of studying the relationship between ownership concentration and performance of listed companies, this paper introduces the exogenous variable that venture capital institutions participate in. In order to further explore whether the participation of venture capital institutions can affect the performance of listed companies by changing the degree of equity concentration, it is expected to put forward reasonable suggestions for perfecting the equity structure of listed companies on the gem. This paper reviews the research background and literature at home and abroad, and then expounds the theoretical research on the relationship between venture capital, equity concentration and performance of gem listed companies. Then 225 companies listed on the gem are divided into two categories with reference to whether venture capital participate in the market or not, and empirical research is carried out with its data of 2010 as a sample. The factor analysis method is used to deal with the selected performance indicators. The comprehensive performance level is regarded as the dependent variable, and the equity concentration index is taken as the independent variable. This paper selects asset size and asset-liability ratio as control variables and uses SPSS and eviews software to carry out correlation analysis and regression analysis, and draws a six-point conclusion: 1) the equity of gem listed companies is relatively concentrated on the largest shareholder. There is a positive correlation between the asset size and the performance of the listed companies on the gem. There is a negative correlation between asset liability ratio and performance. Z index is negatively correlated with comprehensive performance level. (3) CR1) there is no significant linear relationship between CR1) and performance. CR1) the proportion of the first largest shareholders in the listed companies with venture capital investment and the inverse U relationship with the performance (CR5) and the relationship between CR5) and the performance of the first five largest shareholders of the listed companies in the gem are inversely U-shaped. There is an inverted U-type relationship between venture capital holding ratio and corporate performance of the listed companies in the gem. On the basis of the empirical conclusions, this paper puts forward some countermeasures and suggestions for perfecting the reform of equity structure and improving the performance of companies in the gem market of our country: to form a suitable degree of ownership concentration; to perfect the legal system and the competition mechanism; to perfect the information disclosure system, and so on. Finally, the paper makes a prospect for the shortcomings of this paper.
【學(xué)位授予單位】：廣東商學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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