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家族控股上市公司股權(quán)結(jié)構(gòu)對(duì)公司績(jī)效影響的實(shí)證分析-資料下載頁(yè)

2025-06-23 14:15本頁(yè)面
  

【正文】 控制度控制變量SIZE公司規(guī)模公司資產(chǎn)的自然對(duì)數(shù)GROW成長(zhǎng)能力凈利潤(rùn)增長(zhǎng)率DAR資本結(jié)構(gòu)資產(chǎn)負(fù)債率AGE上市年齡當(dāng)年距離土市公司IPO的時(shí)間RANK行業(yè)分類行業(yè)的利潤(rùn)水平本文先通過(guò)散點(diǎn)圖來(lái)分析這三個(gè)分類的公司的業(yè)績(jī)與股權(quán)結(jié)構(gòu)等變量的相關(guān)關(guān)系。通過(guò)散點(diǎn)圖,我們重新更新我們的樣本數(shù)據(jù),因?yàn)橐蕹F(xiàn)在已經(jīng)停牌的,數(shù)據(jù)不詳實(shí)的,以及可信度不高,變動(dòng)范圍過(guò)大的。最后經(jīng)過(guò)一系列的統(tǒng)計(jì),我們得出我們的最終數(shù)據(jù)樣本是以下29支股票:(1)股權(quán)集中的幾支股票:600400,600031,600196,600700,600976,600732,600518(2)股權(quán)分散的幾支股票:000806,600716,600052,600091,600681(3)股權(quán)相對(duì)集中的幾支股票:600823,600861,600921,600662,600667,600067,000586,000587,600300,600572,600589,600365,600371,600517,600884,600738,600965下面,我們先對(duì)股權(quán)集中的各變量數(shù)據(jù)進(jìn)行描述性統(tǒng)計(jì):CR1CR5CR10HERFZ N1N2N3MBRCROEAGEGROWDAR60040034881531560003144211641260019631561420770030971221987629821630108600732583309123014960051835801631135對(duì)上述變量進(jìn)行相關(guān)性分析我們得出以下表: CR1CR5CR10HERFZN1N2N3MBRCROEAGEGROWDARCR1A1.467.471.995.363.754.549.129.243.141.343 B..291.286.000.757.423.050.202.783.599.011.763.451 N7777777777777CR5A.4671.998.537.902.642.310.523.557 B.291..000.214.104.005.120.499.983.228.080.194.326 N7777777777777CR10A.471.9981.539.901.623.344.506.560 B.286.000..211.095.006.135.450.918.247.071.191.305 N7777777777777HERFA.995.537.5391.445.798.549.126.271.178.291 B.000.214.211..653.318.031.202.788.557.006.702.527 N7777777777777ZA1.655.121.589.046.777 B.757.104.095.653..014.749.584.110.797.164.923.040 N7777777777777N1A.363.902.901.4451.590.221.340.385 B.423.005.006.318.014..163.634.661.456.065.394.240 N7777777777777N2A.754.642.623.798.5901.258.480.597.535.330 B.050.120.135.031.749.163..576.276.157.073.216.470 N7777777777777N3A.549.310.344.549.221.2581.022 B.202.499.450.202.584.634.576..338.487.180.963.674 N7777777777777MBRA.129.126.655.4801.736.192.518.723 B.783.983.918.788.110.661.276.338..059.679.234.066 N7777777777777CROEA.243.523.506.271.121.340.597.7361.852.287 B.599.228.247.557.797.456.157.487.059..674.015.533 N7777777777777AGEA.589.1921.070 B.011.080.071.006.164.065.073.180.679.674..678.882 N7777777777777GROWA.141.557.560.178.046.385.535.022.518.8521.079 B.763.194.191.702.923.394.216.963.234.015.678..866 N7777777777777DARA.343.291.777.330.723.287.070.0791 B.451.326.305.527.040.240.470.674.066.533.882.866. N7777777777777其中:相關(guān)系數(shù) A 顯著性B 樣本數(shù)據(jù)N從回歸結(jié)果可以看出,部分方程有較好的擬合度,且F統(tǒng)計(jì)值也很好,說(shuō)明方程變量的設(shè)計(jì)是很合理的。從結(jié)果來(lái)看,HERF都表現(xiàn)出與公司業(yè)績(jī)正相關(guān),c10也是表現(xiàn)出一定程度有的相關(guān)關(guān)系,說(shuō)明股權(quán)相對(duì)集中對(duì)提高家族控股類上市公司的公司業(yè)績(jī)有一定積極的影響,但隨著股權(quán)集中度的提高,作用趨于減緩甚至倒退。就也正好驗(yàn)證了本文的H1研究假設(shè)。C1不能通過(guò)t檢驗(yàn),故此我們不能判斷家族控股類上市公司存在第一大控股股東的持股比例是否有利于公司治理結(jié)構(gòu)的改善。再來(lái)看方程的控制變量,財(cái)務(wù)杠桿指標(biāo)與公司業(yè)績(jī)的相關(guān)性表現(xiàn)不明顯,可能是因?yàn)榧易蹇毓善髽I(yè)所在行業(yè)是大部分是高負(fù)債率的行業(yè),由于行業(yè)的特殊性決定了其指標(biāo)不能真正反映對(duì)公司經(jīng)營(yíng)的影響作用。公司資產(chǎn)規(guī)模與公司業(yè)績(jī)表現(xiàn)了顯著的正相關(guān)關(guān)系,說(shuō)明家族控股企業(yè)規(guī)模效應(yīng)的作用。其次,我們對(duì)股權(quán)分散的樣本數(shù)據(jù)進(jìn)行描述性統(tǒng)計(jì):CR1CR5CR十HERFZ N1N2N3MBRCROEAGEGROWDAR000806173002600716485717201760005212305960009150173148600089204096006811631135對(duì)上述變量進(jìn)行相關(guān)性分析 CR1CR5CR10HERFZN1N2N3CROEAGEGROWMBRDARCR1A1.884.793.992.983.096.039.078 B..019.060.000.000.856.061.512.539.941.258.884.749 N6666666666666CR5A.8841.960.917.812.484.236.116.138 B.019..002.010.050.331.379.541.786.653.581.826.794 N6666666666666CR10A.793.9601.830.742.626.116.281.377 B.060.002..041.091.184.594.359.949.827.690.590.461 N6666666666666HERFA.992.917.8301.968.170.091.130 B.000.010.041..002.747.093.551.677.863.353.806.791 N6666666666666ZA.983.812.742.9681.016.196 B.000.050.091.002..977.049.410.593.920.222.710.763 N6666666666666N1A.096.484.626.170.0161.367.000.470.554.161.564 B.856.331.184.747.977..475.347.873.254.761.244 N6666666666666N2A.3671.000.405.231.561.210.660 B.061.379.594.093.049.475..426.659.247.689.154 N6666666666666N3A.000.0001.291.622 B.512.541.359.551.410..575.929.187.188.152 N6666666666666MBRA.078.116.281.130.196.161.210.523.0361.541 B.884.826.590.806.710.761.689.188.287.972.946..268 N6666
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