Author: 余文罡
Yu, Wengang
Title: A股上市酒店股权结构与经营绩效关系研究
A gu shang shi jiu dian gu quan jie gou yu jing ying ji xiao guan xi yan jiu
Degree: DHTM
Year: 2018
Subject: Hong Kong Polytechnic University -- Dissertations
Hotels -- China -- Finance
Corporate governance -- China
Department: School of Hotel and Tourism Management
Pages: xii, 111 pages : charts
Language: Chinese
Abstract: 股权结构是公司治理的基础,对公司经营绩效有着重要的影响作用。国内外对酒店行业股权结构与经营绩效之间关系的研究较少,酒店行业股权结构对经营绩效的作用机制尚未得到充分研究。本文以国内A股上市酒店为研究对象,对股权结构(股权性质、股权集中度和股权制衡度)与经营绩效之间的关系进行定量检验,并通过性研究对其内在关系的作用机制进行深度解释。基于6家上市公司在过往几年的面板数据分析,得出的主要结论包括:(1)国有股持股比例、法人股持股比例、流通股持股比例、股权制衡Z指数均对ROA有显著负向影响,而高管股持比例对ROA有显著正向影响。(2)国有股持股比例、流通股持股比例和股权制衡Z指数均对托宾Q值有显著正向影响,而高管股持比例和前十大股东持比例有显著负向影响(3)国有股持股比例、法人股持股比例、流通股持股比例、股权制衡Z指数均对可持续增长率有显著负向影响。通过两家A股上市酒店的案例研究,本研究对股权结构影响作用解释主要包括:(1)在股权性质方面,国有股比例可以提供政策性的支持,但过高容易制约公司发展。法人股可以使公司经营决策权更灵活,但其作用在不同的公司有不同的强度和特征。流通股比例应该控制在一定比例内,取决于是否对公司生产经营产生决策性影响。(2)在股权集中度和股权制衡度方面,股权过度集中会导致大股东侵害小股东权益,而股权过度分散会导致更多代理成本和 "搭便车"现象。因此受访者普遍支持股权制衡。(3)在经营绩效方面,受访者认为最能反映企业经营绩效的衡量指标还可从经济指标、运营角度和宏观层面等方面来衡量。
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