AH股上市公司股权集中度对企业绩效的影响
关键词 股权集中度 企业绩效 AH股上市公司
毕业论文外文摘要
Title Effects of Ownership Concentration of Companies Listed both on A-share and H-share Markets on Corporate Performance
Abstract
Based on the balanced panel sample of forty-four companies listed both on A-share and H-share markets between 2009 and 2013, this paper makes an empirical study on the effects of ownership structure on corporate financial performance and market performance. On this basis, the market segmentation phenomenon of A-share and H-share markets is briefly analyzed. The results show that: the relations between ownership structure and financial performance, ownership structure and A-share market performance, and ownership structure and H-share market performance are inverted U shape, positive U shape, and inverted U shape respectively, which indicates the deviation of A-share market performance and financial performance and the segmentation phenomenon of A-share and H-share markets. Different from the prior studies using price differential to research market segmentation phenomenon, this paper investigates the abnormal phenomenon of A-share market by using different effects of ownership structure on corporate market performance to show the market segmentation, which is exactly the contribution of this paper as well.
Keywords ownership concentration corporate performance companies listed both on A-share and H-share markets
目 次
1 引言 1
2 文献回顾 2
2.1 股权集中度与公司绩效 2
2.2 市场分割现象及原因 5
3 研究设计 7
3.1 研究假设 7
3.2 样本筛选与数据来源 7
3.3 变量选择与定义 8
3.4 实证模型设定 8
4 实证检验与分析 9
4.1 描述性统计分析 9
4.2 面板模型估计 9
4.3 稳健性检验 13
结论 15
致谢 16
参考文献 17
附录A Stata命令 19
1 引言
股权结构是公司治理的核心，股权结构的集中还是分散决定了相应的治理重点，公司治理得当，公司的绩效自然蒸蒸日上。正是由于股权集中程度的重要性，各国学者对股权集中度对企业绩效影响机制的研究从未停止，得出的结论也各有异同。但是，纵观过去国内学者进行的股权集中度对企业绩效影响的研究，样本数据多来源于仅在A股上市的公司，几乎没有同时在A股市场和H股市场上市的公司。然而，随着中国资本市场的发展，越来越多的中国公司同时在内地和香港上市，截止到2014年底，在中国大陆和香港两地均上市的公司（以下简称AH股上市公司）共有87家，所以，研究AH股上市公司股权集中度对企业绩效的影响显得很有必要。同时，AH股上市公司在A股市场和H股市场上同股不同价的现象突出，即A股市场与H股市场存在明显的分割现象，因此，本文在研究AH股上市公司股权集中度对企业绩效影响的基础上，通过对比企业在A股和H股的市场绩效来判断两个市场的估值系统是否真正存在差异，并简要分析了A股和H股市场分割现象。