上市公司股权制衡与公司绩效关系分析——基于企业生命周期视角

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1、浙江理工大学硕士学位论文II浙江理工大学硕士学位论文AbstractAstheimprovementofcapitalmarketsinChinaandtheestablishmentofmodementerprisesystemandtheexpansionoflisted。companies，therelationshipofownership灿c．cIlreandcorporateperformanceisgettingmoreimportant．Asalong-termresearchproject，studyonownershipstructurea

2、ndcorporateperformanceisconstantlymovingforward，theangleofitsresearchandtechnologyupdatescontinuouslyimprovetheissue．IfweCanthecorporatelifecyclefromtheperspectiveofunderstandingthecomplexrelationshipbetweenownerships仃Ilctureandcorporateperformance，undoubtedlythatitCanprovideanewway

3、ofthinkinghowtoimproveourequitystructI

4、reoflistedcompaniesandthenimproveperformance．Studyonthelifecycletheoryinthefieldoffinancialwell，wecanclearlyseefromthemanytopics，ifweputdifferentstagesofthelifecycleofcorporateinthesamesample，isadeparturefromwiththeactualsituation,thisiSuseless

5、tousclosertotheessenceoftheobjectyouwanttostudy．Thispaperarguesthattherelationshipbetweenstocksnl】ctllreandformperformanceshouldbeplacedamongthebusinessenvironmentinwhichwecananalyzethespecificconditionsofbusinesslifecycle．Thenwecallselecttheappropriateownerships仇lcturetoimprovethef

6、ormperformance．HopingthestudyofthisarticleCanrichtheresearchresultsofthisarea,thuspromotehealthydevelopmentofChina'scapitalmarket．Thetheorysectionofthisarticleisbasedonprincipal-agenttheoryandAsymmetricInformation,combinedwitllCharacteristicsofenterprisesindifferentstagesofthelifecy

7、cle,analyzetheissuesofcorporategovernanceandmanagementdecisionatdifferentstagesofdevelopment(Growth，Mature，Decline)．Onthisbasis，researchbalancemechanismofshareholdingplayadifferentroleatdifferentstages，becausethedifferenceofagencyandmanagementdecisionproblems．Throughempiricalresearc

8、h,testtherelationshipbetweenbalancemechanismofshareholdingandfirmperformance．SelectsampleoflistedcompaniesinChina,usingthemethodoffinancialcomprehensiveindextoclassify,togetthreesamplegroupsrepresentingIII浙江理工大学硕士学位论文thestageofgrowth，matureanddecline．Alsoconsiderindustryfactors，choo

9、sefullgovernment—mo