中国农业上市公司股权结构的财务治理效应研究

Research on Ownership Structure and Financial Gorernance's Effect on Chinese Agricultural Listed Companies

以农业上市公司2008～2012年的数据为实证基础,研究了农业上市公司的整体现状,并从股权集中度和股权属性两个方面研究了农业上市公司的股权结构的财务治理效应,其中股权集中度选择了第一大和前十大股东的持股比例作为解释变量,股权属性则以高管持股比例作为解释变量,通过SPSS的相关性分析和曲线估计及回归分析,进而得出如下结论:一是农业上市公司整体规模较小,对投资者缺乏吸引力;股权集中度较高,没有形成股权相互制衡的机制;高管持股比例较低,股权激励机制没有发挥相应的作用;从整体上看,农业上市公司的股权结构还不完善。二是农业上市公司第一大股东持股比例的治理效应呈现倒U型结构,而前十大股东持股比例则呈现正的治理效应。三是高管持股比例在整体上是正向的治理效应,但在不同的区间则呈现出不同的治理效应。并针对研究结论提出了相应的建议。

Based on evidence agricultural listed companies 2008 -2012 data,this paper studied the overall situ- ation, and from two aspects of ownership concentration and equity properties studied the agricultural listed company equity structure governance effect, including ownership concentration chose the first big and top ten shareholders of shareholding proportion as explained variable, with executives shareholding equity attributes as explanatory varia- bles, through the SPSS correlation analysis, then draws the following conclusions. One is the agricultural listed com- panies as a whole on a smaller scale, less attractive to investors, and equity concentration is higher, the executives shareholding proportion is low, equity incentive mechanism did not play the Corresponding role. Agricultural listed company equity structure is not perfect. Second, agricultural listed companies governance effect of the proportion of the first largest shareholder presents inverted u - shaped structure, while the top 10 shareholders holding a positive governance effect. Three is executives shareholding is positive governance effect on the whole, but in different inter- vals of different governance effect. In view of the research conclusion in this paper, then the writer put forward the corresoondin~ Su.~,~t;.n~