本文選題：戰(zhàn)略性新興產(chǎn)業(yè) + 股權(quán)結(jié)構(gòu)��； 參考：《華東師范大學(xué)》2015年碩士論文

【摘要】：金融危機(jī)之后,世界經(jīng)濟(jì)整體處于低迷狀態(tài),為了盡快走出金融危機(jī)帶來(lái)的經(jīng)濟(jì)放緩局面、加速產(chǎn)業(yè)升級(jí),各國(guó)都相繼出臺(tái)了新一輪的產(chǎn)業(yè)規(guī)劃政策。在此背景下,我國(guó)在2010年確定了發(fā)展七大新興行業(yè)作為推進(jìn)我國(guó)產(chǎn)業(yè)升級(jí),加快經(jīng)濟(jì)轉(zhuǎn)型的戰(zhàn)略性布局。經(jīng)過(guò)幾年的發(fā)展,我國(guó)的戰(zhàn)略性新興產(chǎn)業(yè)無(wú)論是在產(chǎn)業(yè)規(guī)模上還是在技術(shù)研發(fā)上都取得了豐碩的成果,但在產(chǎn)業(yè)發(fā)展過(guò)程中也暴露出來(lái)如過(guò)分依靠國(guó)外市場(chǎng)、低水平重復(fù)建設(shè)嚴(yán)重等問(wèn)題。因此,本文研究了該產(chǎn)業(yè)股權(quán)結(jié)構(gòu)與公司績(jī)效之間的關(guān)系。本文對(duì)國(guó)內(nèi)外相關(guān)文獻(xiàn)進(jìn)行了梳理,明確目前已經(jīng)做出的研究成果以及尚待深入探討的不足。國(guó)內(nèi)外學(xué)者關(guān)于股權(quán)結(jié)構(gòu)與公司績(jī)效已經(jīng)多有探討,或針對(duì)某個(gè)市場(chǎng)或針對(duì)某些行業(yè),但研究的結(jié)果和研究方法都尚無(wú)一致結(jié)論。本文在文獻(xiàn)梳理之后通過(guò)經(jīng)濟(jì)學(xué)理論對(duì)相關(guān)問(wèn)題提出假設(shè),并通過(guò)DEA模型來(lái)測(cè)算新興產(chǎn)業(yè)公司的經(jīng)營(yíng)績(jī)效,該方法的優(yōu)點(diǎn)是多輸入多輸出的模型可以多維衡量績(jī)效,并利用固定效應(yīng)下變截距的面板數(shù)據(jù)進(jìn)行多元線性回歸對(duì)理論進(jìn)行驗(yàn)證,最后提出了本文的結(jié)論以及政策建議。通過(guò)研究發(fā)現(xiàn),我國(guó)戰(zhàn)略性新興產(chǎn)業(yè)公司的平均經(jīng)營(yíng)績(jī)效在最近5年內(nèi)呈緩慢上升趨勢(shì)。在股權(quán)集中度上,戰(zhàn)略性新興產(chǎn)業(yè)中股權(quán)缺乏制衡,股權(quán)集中度較高。對(duì)于不同的股權(quán)集中度衡量指標(biāo)反應(yīng)的兩者之間關(guān)系差異較大,也說(shuō)明了股權(quán)集中度對(duì)公司績(jī)效的復(fù)雜影響。股權(quán)性質(zhì)對(duì)于公司績(jī)效的影響則表現(xiàn)為：機(jī)構(gòu)持股對(duì)公司績(jī)效有正面影響,國(guó)有股(含國(guó)家股、國(guó)有企業(yè)持股)與公司績(jī)效無(wú)顯著相關(guān)性,管理層持股對(duì)公司績(jī)效有正面影響。本文認(rèn)為在股權(quán)結(jié)構(gòu)上,由于新興產(chǎn)業(yè)的高風(fēng)險(xiǎn)性,應(yīng)該引入戰(zhàn)略投資者,豐富股權(quán)融資方式；應(yīng)該加大管理層持股比例,減少由于利益不一致降低公司績(jī)效的情形；保持適度的股權(quán)集中,加強(qiáng)股東之間的監(jiān)督。在行業(yè)發(fā)展上,我國(guó)戰(zhàn)略性新興行業(yè)應(yīng)該因地制宜,按比較優(yōu)勢(shì)發(fā)展各區(qū)域優(yōu)勢(shì)產(chǎn)業(yè)；設(shè)立研發(fā)專項(xiàng)基金,加強(qiáng)企業(yè)與高校之間的合作,實(shí)現(xiàn)技術(shù)創(chuàng)新產(chǎn)業(yè)化應(yīng)用；充分發(fā)揮市場(chǎng)的主導(dǎo)作用,以政策為引導(dǎo),建立充滿活力的新興產(chǎn)業(yè)市場(chǎng)。
[Abstract]:After the financial crisis, the world economy as a whole is in a depressed state. In order to get out of the economic slowdown brought by the financial crisis as soon as possible and accelerate the industrial upgrading, all countries have introduced a new round of industrial planning policies one after another. In this context, in 2010, China identified the development of seven major emerging industries as a strategic layout to promote China's industrial upgrading and accelerate economic transformation. After several years of development, China's strategic emerging industries have achieved fruitful results in both industrial scale and technological research and development. However, in the process of industrial development, it has also been exposed, such as excessive reliance on foreign markets. Low level repeated construction and other serious problems. Therefore, this paper studies the relationship between ownership structure and corporate performance. In this paper, the related literature at home and abroad is combed, and the research results and deficiencies that need to be further discussed are clear. Domestic and foreign scholars have discussed the ownership structure and corporate performance, or aimed at a market or some industries, but the research results and research methods have not yet reached a consistent conclusion. After combing the literature, this paper puts forward the hypothesis to the related problems through the economics theory, and measures the operating performance of the emerging industry company by DEA model. The advantage of this method is that the multi-input and multi-output model can measure the performance multi-dimensional. The theory is verified by multivariate linear regression using panel data with variable intercept under fixed effect. Finally, the conclusions and policy suggestions are put forward. It is found that the average operating performance of China's strategic emerging industry companies has been rising slowly in the past five years. In the ownership concentration, the strategic emerging industries lack of equity checks and balances, equity concentration is high. The relationship between the two indexes is different, which also shows the complex influence of ownership concentration on corporate performance. The influence of ownership nature on corporate performance is as follows: institutional shareholding has a positive impact on corporate performance, state-owned shares (including state-owned shares, state-owned enterprises holding shares) have no significant correlation with corporate performance, and management ownership has a positive impact on corporate performance. In the view of equity structure, because of the high risk of emerging industries, strategic investors should be introduced to enrich the equity financing mode, the proportion of management shares should be increased, and the situation of reducing corporate performance due to inconsistent interests should be reduced. Maintain moderate concentration of equity and strengthen supervision among shareholders. In terms of industry development, China's strategic emerging industries should adapt to local conditions, develop regional superior industries according to their comparative advantages, set up special funds for R & D, strengthen cooperation between enterprises and universities, and realize the industrialization application of technological innovation. Give full play to the leading role of the market, policy-oriented, establish a vibrant emerging industry market.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F276.44;F275

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本文編號(hào)：1869565