本文選題：創(chuàng)業(yè)板上市公司 + 股權(quán)結(jié)構(gòu)　； 參考：《東北財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：創(chuàng)業(yè)板成立四年之久,已經(jīng)成為扶持我國(guó)高新技術(shù)企業(yè)發(fā)展,促進(jìn)經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變的重要推動(dòng)力量,同時(shí)也成為了我國(guó)自主創(chuàng)新企業(yè)的聚集地。這些自主創(chuàng)新型企業(yè)怎樣能夠?qū)崿F(xiàn)快速、健康、穩(wěn)定的成長(zhǎng)是學(xué)者和企業(yè)家都一直關(guān)注的問題。通過對(duì)創(chuàng)業(yè)板上市公司成長(zhǎng)性的研究,不僅能夠幫助企業(yè)管理者制定經(jīng)營(yíng)決策,把握公司的發(fā)展方向,同時(shí)也能夠?yàn)橥顿Y者選擇投資對(duì)象,監(jiān)管者制定政策提供依據(jù),因此對(duì)公司成長(zhǎng)性的研究是十分必要的。作為公司治理非常重要的一部分內(nèi)容,股權(quán)結(jié)構(gòu)會(huì)影響公司所有者以及管理者的行為與決策,這種行為與決策會(huì)直接影響公司的價(jià)值以及成長(zhǎng)性,即股權(quán)結(jié)構(gòu)與公司成長(zhǎng)性之間具有一定的關(guān)系,而兩者關(guān)系到底如何,至今尚無定論,因此本文選取了2010年12月31日之前在創(chuàng)業(yè)板上市的公司,以其2010-2012三年的股權(quán)結(jié)構(gòu)方面以及成長(zhǎng)性方面的數(shù)據(jù)為基礎(chǔ),對(duì)創(chuàng)業(yè)板上市公司股權(quán)結(jié)構(gòu)與成長(zhǎng)性的關(guān)系進(jìn)行研究。 本文一共分為六部分,主要內(nèi)容如下： 第一部分為緒論。本部分介紹本文的選題背景和研究意義,同時(shí)介紹本文的研究思路,并指出本文可能的創(chuàng)新點(diǎn)。 第二部分為相關(guān)理論與文獻(xiàn)綜述。這一部分首先對(duì)本文的相關(guān)概念進(jìn)行了界定,闡述了本文的理論基礎(chǔ)：委托代理理論,人力資本理論以及企業(yè)成長(zhǎng)理論。其次對(duì)股權(quán)結(jié)構(gòu)與成長(zhǎng)性這一研究領(lǐng)域的文獻(xiàn)進(jìn)行了綜述,為后文的理論分析及假設(shè)提出做鋪墊。 第三部分為股權(quán)結(jié)構(gòu)與成長(zhǎng)性關(guān)系分析及假設(shè)。在第二部分的基礎(chǔ)之上,這一部分對(duì)股權(quán)結(jié)構(gòu)四方面的內(nèi)容：股權(quán)集中度、股權(quán)制衡度、股權(quán)屬性和股權(quán)流通性,與成長(zhǎng)性之間的關(guān)系分別進(jìn)行了理論分析,根據(jù)理論分析提出本文的研究假設(shè)。 第四部分為實(shí)證研究設(shè)計(jì)。首先對(duì)本文的樣本數(shù)據(jù)及來源進(jìn)行了說明,其次確定了本文的研究方法：利用因子分析法得出本文的因變量,創(chuàng)業(yè)板上市公司綜合成長(zhǎng)性得分,并確定了本文的自變量：代表股權(quán)結(jié)構(gòu)四個(gè)方面的7個(gè)變量,和控制變量：樣本公司期末總資產(chǎn)的自然對(duì)數(shù)。最后提出本文的實(shí)證模型。 第五部分為實(shí)證結(jié)果分析。這一部分對(duì)樣本數(shù)據(jù)進(jìn)行了實(shí)證分析,分別進(jìn)行了描述性統(tǒng)計(jì)分析和多元回歸分析,得出回歸結(jié)果,并對(duì)回歸結(jié)果進(jìn)行說明。 第六部分為結(jié)論與建議。通過第五部分的實(shí)證結(jié)果分析,得出了本文的研究結(jié)論：創(chuàng)業(yè)板上市公司股權(quán)集中度、公司高管持股比例以及流通股比例與公司成長(zhǎng)性成負(fù)相關(guān)關(guān)系；創(chuàng)業(yè)板上市公司股權(quán)制衡度與成長(zhǎng)性呈正相關(guān)關(guān)系；創(chuàng)業(yè)板上市公司機(jī)構(gòu)持股比例與成長(zhǎng)性關(guān)系不顯著。其次,這一部分根據(jù)本文的研究結(jié)論,提出了政策建議,最后闡述了本文的不足及展望。
[Abstract]:After the establishment of the gem for four years, it has become an important driving force to support the development of high and new technology enterprises in China and promote the transformation of economic development mode, and has also become the gathering place for independent innovation enterprises in our country. How to realize the rapid, healthy and stable growth of these independent and innovative enterprises has always been concerned by scholars and entrepreneurs. Through the research on the growth of listed companies on the gem, it can not only help the managers to make management decisions and grasp the development direction of the company, but also provide the basis for investors to choose investment objects and regulators to formulate policies. Therefore, it is very necessary to study the growth of the company. As a very important part of corporate governance, ownership structure will affect the behavior and decision of the owner and manager of the company, which will directly affect the value and growth of the company. That is, there is a certain relationship between the ownership structure and the growth of the company, but the relationship between the two has not been concluded, so this paper selects the companies listed on the gem before December 31, 2010. Based on the data of equity structure and growth in 2010-2012, the relationship between equity structure and growth of gem listed companies is studied. This article is divided into six parts, the main content is as follows: the first part is the introduction. This part introduces the background and significance of this paper, and points out the possible innovation of this paper. The second part is related theory and literature review. This part firstly defines the related concepts of this paper, and expounds the theoretical basis of this paper: principal-agent theory, human capital theory and enterprise growth theory. Secondly, this paper summarizes the literature on equity structure and growth, which lays the foundation for the theoretical analysis and hypothesis. The third part is the analysis and hypothesis of the relationship between ownership structure and growth. On the basis of the second part, this part makes a theoretical analysis of the four aspects of ownership structure: ownership concentration, equity balance, equity property and equity circulation, and the relationship between equity structure and growth. According to the theoretical analysis, the research hypothesis of this paper is put forward. The fourth part is empirical research design. First of all, the sample data and the source of this paper are explained, and then the research methods are determined: the dependent variables of this paper are obtained by factor analysis, and the growth score of gem listed companies is obtained. This paper also determines the independent variables: seven variables representing the four aspects of ownership structure and the control variable: the natural logarithm of the total assets at the end of the period of the sample company. Finally, the empirical model of this paper is put forward. The fifth part is the empirical analysis. This part carries on the empirical analysis to the sample data, carries on the descriptive statistical analysis and the multivariate regression analysis, obtains the regression result, and carries on the explanation to the regression result. The sixth part is the conclusion and recommendation. Through the analysis of empirical results in the fifth part, we draw the conclusion of this paper: the share concentration degree of gem, the proportion of corporate executives' shareholding and the proportion of circulating shares are negatively related to the growth of the company; There is a positive correlation between the degree of equity balance and growth in gem listed companies, while the relationship between institutional shareholding ratio and growth of gem listed companies is not significant. Secondly, according to the conclusions of this paper, this part puts forward some policy suggestions, and finally expounds the shortcomings and prospects of this paper.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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