股权集中度与公司价值之间关系的实证研究——以我国民营上市公司为例

股权集中度与公司价值之间关系的实证研究一以我国民营上市公司为例摘要公司治理结构是借以处理公司中各种合约，协调和规范公司中各利益主体关系的一种制度安排，这种制度安排的基础是所有权结构。所有权结构决定着公司的治理结构，公司治理结构通过内外治理机制而间接影响着公司的治理绩效。由此可见我国民营上市公司治理绩效的好坏与股权结构的合理程度有很大关系。正是基于此，本文从论述我国民营上市公司股权结构（股权集中度）与公司价值的关系入手，评述现有研究的不足，从理论上论述股权结构与公司治理的关系，说明适度的股权集中度有利于公司治理绩效的提高：然后对我国民营上市公司的股权集中度与公司价值之间的关系进行了实证分析，最后根据理论论述和实证结果，提出相关建议以提高上市公司治理绩效。本文分为四个部分：第一章：绪论。对研究背景、问题提出、国内外研究文献综述、研究意义、结构等作简要介绍，为论文的建立理清思路。第二章：股权结构与公司治理的理论研究。首先介绍了股权结构与公司治理的相关概念：然后分析介绍了公司治理理论。这部分内容是本文分析和研究的基础。第三章：提出假设并构建相应的理论模型。这是本文研究的重点之一。这部分构建了本文的假设，即假设：民营企业价值（包括市场价值和公司业绩）与其股权集中度（前五大股东持股比例）成倒U形曲线关系：然后在假设的基础上建立相应的回归模型。第四章：实证分析。这是本文研究的又一个重点。这部分研究以中国A股民营上市公司2005年12月31日的数据，利用SPSS13.0软件，采用多元回归的方法进行分析，对本文理论模型的结论进行了实证检验，从而证实了我国民营上市公司企业价值与股权集中度成倒U形关系。第五章：结论。这是本文的结尾部分。根据前面的理论论述和实证分析得出结论，提出提高公司价值，构建合理股权结构的结论性建议。关键字：股权结构：股权集中度：公司治理：公司价值：公司市场价值AbstractThe structure of corporate governance is a kind of institution that is used to copewith most of the contract,to coordinate and standard the relationship among all thesorts of stake holders;which is based on the ownership structure.The ownershipstructure decides the corporate governance structure,which indirectly affects thecorporate governance performance by the inside and outside governance mechanism.In my opinion the governance performance is closely related to the equity structure inour nongovernmental listed companies.This thesis sets out from the relationship between the equity structures (theequity concentration ratio)in Chinese nongovernmental listed companies,appraisingthe shortcoming of the studies at present,analyzes the relationship between the equitystructure and corporate governance,indicates the measurable equity concentrationratio is propitious to the improvement of the corporate governance performance.Thenit makes positive studies on the relationship between the equity concentration ratioand the corporate value in Chinese nongovernmental listed companies,at thefollowing it gives some suggestions to improve our nongovernmental listedcompanies governance performance;This dissertation consists four parts:The first part raises problems and points out the significance and the thinking ofthe whole thesis.This part elaborates the background and the significance of thesestudies,summarizes foreign and domestic studies,and then put forwards the problemsin the nongovernmental listed companies,this part is the beginning of this thesisThe second part focuses on the theoretical research about the nongovernmentallisted companies'equity concentration ratio and the firm value.First of all,this partintroduces the conceptions about the equity concentration ratio and the firm value.Then it analyzes the corporate governance theory.This part is the theory basis of thisthesis.The third part put forwards the hypothesis and constructs corresponding theorymodel,this is one of the importance in this article.This part supposes that Chinesenongovernmental listed companies'equity concentration ratio is closely related to thecompany's value,they have the relationship of the i