發(fā)布時(shí)間：2018-01-01 20:10

  本文關(guān)鍵詞：戰(zhàn)略投資者與上市公司績(jī)效關(guān)系研究　出處：《山東大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 戰(zhàn)略投資者 H股 上市公司 公司績(jī)效

【摘要】：我國(guó)上市公司引入戰(zhàn)略投資者已有十多年的歷史,在經(jīng)濟(jì)全球化和市場(chǎng)競(jìng)爭(zhēng)日益激烈的環(huán)境中,越來(lái)越多的上市公司開(kāi)始引入戰(zhàn)略投資者參與到公司的經(jīng)營(yíng)管理。然而戰(zhàn)略投資者對(duì)上市的績(jī)效提升是否有作用、在哪些方面能起到作用和究竟能起到多大作用,在很多年來(lái)一直存在爭(zhēng)議,國(guó)內(nèi)外學(xué)者通過(guò)對(duì)引入戰(zhàn)略投資者的公司進(jìn)行研究,得出的結(jié)論也不盡相同。一部分學(xué)者認(rèn)為戰(zhàn)略投資者持股可以改善公司績(jī)效；一部分學(xué)者認(rèn)為戰(zhàn)略投資者與普通投資者并無(wú)區(qū)別,對(duì)改善公司績(jī)效并無(wú)明顯效果；甚至有部分學(xué)者認(rèn)為某些戰(zhàn)略投資者的投資是短期行為,會(huì)對(duì)公司的長(zhǎng)期發(fā)展產(chǎn)生不利影響。因此,對(duì)戰(zhàn)略投資者與上市公司績(jī)效關(guān)系的研究存在著重要的理論和實(shí)踐意義。 論文從1999-2012年在聯(lián)交所掛牌上市的185家H股公司中,篩選出137家符合考察條件的公司作為研究樣本,并進(jìn)一步分為68家引入戰(zhàn)略投資者的樣本公司和69家未引入戰(zhàn)略投資者的公司。在參考了前人的研究文獻(xiàn)的情況下,首先對(duì)戰(zhàn)略投資者的特征和作用進(jìn)行了理論分析；然后用了回歸分析的方法,構(gòu)建模型,對(duì)戰(zhàn)略投資者是否持股和上市公司成長(zhǎng)性、財(cái)務(wù)績(jī)效、公司價(jià)值的關(guān)系進(jìn)行了探討。 研究結(jié)果表明：(1)引入戰(zhàn)略投資者能顯著提高樣本公司的成長(zhǎng)性；(2)引入戰(zhàn)略投資者能顯著提高樣本公司的財(cái)務(wù)績(jī)效；(3)引入戰(zhàn)略投資者并不能有效提高樣本公司的價(jià)值,公司價(jià)值與戰(zhàn)略投資者是否參與公司經(jīng)營(yíng)管理無(wú)關(guān)。最后根據(jù)研究結(jié)論提出相關(guān)建議：(1)政府出臺(tái)相關(guān)法律標(biāo)準(zhǔn),從宏觀上對(duì)戰(zhàn)略投資者進(jìn)行控制；(2)上市公司在對(duì)企業(yè)內(nèi)外部環(huán)境進(jìn)行分析后根據(jù)自身情況選擇合適的戰(zhàn)略投資者；(3)引入戰(zhàn)略投資者后采用合適的方法解決整合問(wèn)題。 H股作為與內(nèi)地股票資本環(huán)境最相似的股票,對(duì)它的研究結(jié)果能為國(guó)內(nèi)上市公司引入戰(zhàn)略投資者提供借鑒,也能對(duì)今后戰(zhàn)略投資者在國(guó)內(nèi)的發(fā)展提供參考。
[Abstract]:The introduction of strategic investors of Listed Companies in China has a history of more than 10 years, in the economic globalization and the increasingly fierce market competition environment, more and more companies began to introduce strategic investors to participate in the management of the company. However, strategic investors raised whether there is an effect on market performance, can play a role and what can play a large role in what, in many years has been controversial, domestic and foreign scholars through research on the introduction of strategic investors in the company, the conclusions are not the same. Some scholars believe that the strategic investment shareholding can improve the company's performance; some scholars believe that there is no difference between ordinary investors and strategic investors, to improve corporate performance there is no obvious effect; some scholars believe that some strategic investors are short-term and long-term development of the company has not Therefore, there is an important theoretical and practical significance to the study of the relationship between strategic investors and listed companies.
From the 185 1999-2012 H shares listed on the stock exchange in the screened 137 companies meet the conditions of the company as the research sample, and further the introduction of strategic investors for 68 Sample Firms and 69 without the introduction of strategic investors in the company. In reference to the previous research situation, first of all the features and functions of strategic investors are analyzed; and then use the method of regression analysis model, the growth of strategic investors, whether ownership and financial performance of listed companies, the relationship between the value of the company is discussed.
The results show that: (1) the introduction of strategic investors can significantly improve the growth of the Sample Firms; (2) the introduction of strategic investors can improve the financial performance of the Sample Firms; (3) the introduction of strategic investors and can not effectively improve the value of the Sample Firms, whether the company value and strategic investors to participate in the company management. Finally according to the conclusion of the study suggestions: (1) the government issued the relevant legal standards, control of strategic investors from the macro; (2) listed companies in the analysis of the internal and external environment according to their own situation to choose suitable strategic investors; (3) to solve the integration problems of appropriate methods to introduce strategic investors.
H-share is the most similar capital stock to mainland stock. Its research results can provide references for domestic listed companies to introduce strategic investors, and also provide reference for future development of strategic investors in China.

【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F272.5;F276.6;F832.48

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