I浅析股权结构对企业盈利能力的影响——以万科股份有限公司为例摘 要构建一个合理科学的股权结构对于公司未来的发展至关重要。本文选取万科股份有限公司为研究对象,分析万科 2015 年-2018 年期间的股东持股数据和财务数据,运用案例分析法研究企业股权结构的变动对该企业的盈利能力的影响。研究发现,万科的股权结构由分散向集中转变,在此期间企业的股权集中度有大幅度提高,股权制衡随着第一大股东持股占比的增大而增强;当企业在股权结构处于相对稳定阶段,其获利能力有所提高,且大股东减持股份对于其他股东来说影响很小或基本不受影响。最后,通过总结股权结构变化对盈利能力产生的影响对上市公司在优化股权结构时提出了以下五点建议:(1)保持适中的第一大股东的持股比例;(2)股价公允;(3)采取股权激励手段;(4)引入 AB 股;(5)提高信息的公开透明度。关键词:股权结构;盈利能力;万科IIA brief analysis of the influence of enterprise equity structure on enterprise profitabilityAbstractConstructing a reasonable and scientific equity structure is crucial for the company's future development. This article selects Vanke Co., Ltd. as the research object, analyzes Vanke's shareholder holding data and financial data from 2015 to 2018, and uses a case analysis method to study the impact of changes in corporate equity structure on the profitability of the company. The research found that Vanke's shareholding structure changed from decentralized to centralized. During this period, the shareholding concentration of the company increased significantly, and the balance of equity increased with the increase in the shareholding of the largest shareholder. At a relatively stable stage, its profitability has improved, and the reduction of shares by major shareholders has little or no impact on other shareholders. Finally, by summing up the impact of changes in equity structure on profitability, the following five suggestions were made for listed companies in optimizing their...