上市公司股权结构与经营绩效的研究分析—基于中国上市医药制造业研究分析 财务会计学专业

上市公司股权结构与经营绩效的研究分析—基于中国上市医药制造业研究Study of Ownership Structure and Business Performance of Listed Companies—An Empirical Evidence from Medicine Manufacturing Industry of China摘 要上市公司股权结构与公司绩效的研究，一直是理论界和实业界研究的热点和难点问题，不同的观点交织碰撞，结论相差甚远。股权结构作为公司产权基础不但决定公司治理的有效性，而且决定公司的经营绩效。只有合理的股权结构才能完善公司的治理结构，进而使公司取得良好的经营业绩。中国上市公司股权结构的缺陷是客观存在的，多数相关的实证分析对此进行了印证。本文以上市医药制造公司为样本，采集了2009 年的数据，对股权结构与经营绩效进行实证分析后，利用回归分析法得出国有股份比例和流通股比例与公司经营绩效存在负相关关系，法人股份比例、股权集中度与经营绩效存在正相关关的关系。最后，提出优化中国上市公司股权结构，改善公司经营绩效的建议。关键词：上市公司；股权结构；经营绩效ABSTRACTThe relevance of ownership structure and business performance of listed company has always been a hot and difficult problem in theoretical and empirical research, but the conclusions reached differ greatly as there exist different perspectives on this subject. The ownership structure which is the basis of the corporate property not only decides the effective of the company controlling but also determines the performance of the company. The weaknesses of our domestic listed company exist objectively. This paper makes an empirical analysis of listed the medicine company which according to the data 2009.And then comes to a conclusion that business performance has a negative correlation with the ownership concentration and the proportion of state-owned shares while a positive correlation the proportion of corporate shares and the proportion of outstanding shares. Finally, the cause of the empirical and the way to improve the business performance are analyzed.Key Wo...