论文总字数：22665字

摘 要

近些年来，在我国许多上市公司当中，发生过许多争夺公司控制权的事件，由此导致的二元股权结构问题引起了有关人士的广泛关注。对于许多上市公司来说，融资不仅意味着企业资金规模扩大，还意味着原始股东的股权在公司中的占比下降，与之相对的是原始股东对于公司的控制权和影响力也会下降。二元股权结构是市场经济不断发展背景下的新型企业管理结构，主要是通过将治理控制权和管理控制权相结合的方式，使得企业家和企业创始股东共同拥有和行使对公司董事会的控制权，进而对企业的重大财务和行政决策产生影响，激发企业家和原始股东在生产经营过程中的创新性和积极性。这种精英治理的企业管理模式能够在最大程度上激发企业家的管理热情，提高其管理效率，这对于推动企业财务管理的真实透明化建设、保护企业投资者的利益、保障企业的健康稳定发展有着极其重要的作用。

本文首先介绍了二元股权结构的制度背景；其次，在国内外学者研究的基础上，探讨和分析了有关该理论的研究成果和分析报告；随后收集和整理了我国上市企业发展现状，对其二元股权结构和企业业绩之间的关系进行分析，探究该模式经营下存在的一系列问题。本文意在探索在我国早前的经济条件下，二元股权结构对于企业业绩的影响，探究二者之间存在的内在关联，以及寻求更好的股权分配方案以求企业管理高效化。通过实证的方式，验证二元股权结构和企业业绩之间的联系和作用机制。最后，在总结二元股权结构与企业业绩关系的基础上，为我国的实行二元股权结构的企业提出几点建议，为二元股权结构的进一步实施和改善提供一定的理论依据。本文的创新之处在于，在数据的选取上，选择了近5年全行业的数据，从而使实证研究的结果更具有普遍性、可参考性。本文在传统研究模式的基础上，采取实践与理论相结合的方式，打破了传统的，单一的理论研究模式。在该文中，对公司业绩评估的因变量以净资产收益率为主，将流通股比例、国有股比例、法人股比例分别作为模型的自变量，由此分析这三种股权比例对企业业绩的影响情况，并采用总资产报酬率替代净资产收益率实施稳健性检验分析，以判断流通股比例、国有股比例、法人股比例对公司业绩的影响的结论是否稳健。

关键词：二元股权结构；企业业绩；上市公司；控制权；回归分析

Dual-class Shares and Firm Performance

Abstract

In recent years, in many listed companies in our country, there have been many events to fight for the control of the company, which leads to the dual ownership structure problem has aroused widespread concern. For many listed companies, financing not only means the expansion of enterprise capital scale, but also means that the proportion of the original shareholders" equity in the company decreases. On the contrary, the original shareholders" control and influence on the company will also decrease. Dual ownership structure is a new type of enterprise management structure under the background of the continuous development of market economy. It is mainly through the combination of governance control and management control, which makes entrepreneurs and founding shareholders jointly own and exercise the control over the board of directors of the company, and then has an impact on the major financial and administrative decisions of the enterprise, To stimulate the innovation and enthusiasm of entrepreneurs and original shareholders in the process of production and operation. This kind of enterprise management mode of elite governance can stimulate the management enthusiasm of entrepreneurs to the greatest extent and improve their management efficiency, which plays a very important role in promoting the real and transparent construction of enterprise financial management, protecting the interests of enterprise investors and ensuring the healthy and stable development of enterprises.

Firstly, this thesis introduces the institutional background of dual ownership structure; Secondly, on the basis of researches of domestic and foreign scholars, this thesis discusses and analyzes the research results and analysis reports of the theory; Then it collects and sorts out the development status of China"s listed enterprises, analyzes the relationship between duality structure and enterprise performance, and explores a series of problems existing in this mode of operation. The purpose of this thesis is to explore the impact of dual ownership structure on enterprise performance in China"s early economic conditions, to explore the internal relationship between the two, and to seek a better equity distribution scheme in order to make enterprise management more efficient. Through the empirical method, this thesis verifies the relationship and mechanism between dual ownership structure and corporate performance. Finally, on the basis of summarizing the relationship between duality ownership structure and the performance of the company, this thesis present some suggestions for the enterprises that implement dual ownership structure in China, and provides some theoretical basis for the further implementation and improvement of dual ownership structure. The innovation of this thesis is that in the selection of data, we choose the data of the whole industry in recent five years, which makes the results of empirical research more universal and referential. Based on the traditional research mode, this thesis adopts the way of combining practice with theory, breaking the traditional, single theoretical research mode. In this thesis, the main dependent variable of company performance evaluation is return on net assets, and the proportion of circulating shares, state-owned shares and legal person shares are taken as independent variables respectively, so as to analyze the influence of these independent variables on enterprise performance, and use return on total assets instead of return on net assets to implement robustness test analysis, so as to judge the proportion of circulating shares, state-owned shares and corporate shares Whether the conclusion of the impact of the proportion of corporate shares on the company"s performance is robust.

Keywords: Dual Ownership Structure; Enterprise Performance; Listed Company; Control Right; Regression Analysis

目 录

摘要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究目的及意义 1

1.3 研究内容及方法 1

1.3.1 研究内容 1

1.3.2 研究方法 1

1.4 论文框架 2

第二章 制度背景和文献综述 3

2.1 制度背景 3

2.2 文献综述 3

2.2.1 企业选择二元股权结构的动因 3

2.2.2 二元股权结构中所有权和控制权安排的机理 4

2.2.3 二元股权结构的经济后果 5

2.3 文献评述 5

第三章 理论基础与假设提出 6

3.1 二元股权结构的概念以及衡量指标 6

3.2 衡量企业业绩指标 6

3.3 假设提出 7

第四章 实证分析 9

4.1 研究设计 9

4.1.1 样本和数据的选择 9

4.1.2 变量的设计 9

4.1.3 模型的构建 10

4.2 实证结果及分析 10

4.2.1 描述性统计 10

4.2.2. 相关分析 11

4.2.3 回归结果分析 12

4.2.4 稳健性检验 14

结束语 16

1、总结 16

2、建议 16

致 谢 17

参考文献 18

第一章 绪 论

1.1 研究背景

近些年以来，争夺上市公司控制权的事件频频发生，一度引起社会各界人士的广泛关注。对企业控制权的争夺在一定程度上意味着管理层的变动，对企业的发展有着至关重要的影响。在该背景下，二元股权结构成为企业长期发展所面临的重要选择，也是社会经济长期发展的焦点和难点话题。股权融资，是指企业通过出让股权，使得企业资金和总股本增加的一种融资方式。但该种融资方式的实施，在一定程度上代表着对原有股权的稀释，会对原始股东的权益造成一定的侵害，进而引起股权纷争的问题。

随着国内外学术界对股权结构与公司业绩之间关系的研究愈发详实，国内外学者普遍观点认为，合理的股权结构能够为公司带来业绩的提升，从而提升企业的价值。简森和梅克林于1976年提出的代理理论指出，在一定区间内使控制权集中于创始人内部股东，对于提高公司的管理效率和生产经营效率能够起到很好的作用。本文将我国证券市场内存在的二元股权结构作为研究的对象，并且对“非流通股和流通股权同时存在的股权结构”的定义进行了重新的探讨。同时，将股权结构的定义和产权性质以及公司的战略运营方向决策权进行了融合，即股权结构能够体现公司实际控制权利的配比，并且在一定范围内，公司的管理方式与效果都能够被其影响。

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