中国创业板上市公司股权结构、多元化战略与公司绩效关系的实证研究.pdf

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1、ᨬ㽕Ё೑߯ϮᵓϞᏖ݀ৌ㙵ᴗ㒧ᵘǃ໮ܗ࣪៬⬹Ϣ݀ৌ㒽ᬜ݇㋏ⱘᅲ䆕ⷨお߯ϮᵓᏖഎথሩᗕ࢓བ☿བ㥐ˈ䩜ᇍ߯Ϯᵓⱘⷨおг⏤⏤៤Ўᄺᴃ⬠ⱘⷨお⛁⚍DŽ㗠ϞᏖ݀ৌ㙵ᴗ㒧ᵘϢ݀ৌ㒽ᬜⱘⷨおˈϔⳈᰃ⧚䆎⬠੠ᅲϮ⬠ⷨおⱘ⛁⚍੠䲒⚍䯂乬ˈϡৠⱘ㾖⚍Ѹ㒛⺄ᩲˈ㒧䆎ⳌᏂ⫮䖰DŽ㙵ᴗ㒧ᵘ԰Ў݀ৌѻᴗ෎⸔ϡԚއᅮ݀ৌ⊏⧚ⱘ᳝ᬜᗻˈ㗠Ϩއᅮ݀ৌⱘ㒣㧹㒽ᬜDŽা᳝ড়⧚ⱘ㙵ᴗᅠ୘݀ৌⱘ⊏⧚㒧ᵘˈᠡ㛑Փ݀ৌপᕫ㡃དⱘ㒣㧹Ϯ㒽DŽᇍѢ߯ϮᵓϞᏖ݀ৌ㗠㿔ˈϔᮍ䴶߯ϮᵓϞᏖ݀ৌ݋᳝催៤䭓ᗻǃ催߯ᮄᗻⱘ⡍⚍ˈ݀ৌⱘ䖙⣯থሩ៤Ў݊ᅲᮑ໮ܗ࣪៬⬹ⱘݙ೼থሩ㽕∖ˈ঺ϔᮍ䴶߯ϮᵓϞᏖ݀ৌ催䍙ࢳ⥛⦄䈵ˈ䖿

2、ՓӕϮᇏᡒড়⧚䏃ᕘܙߚ਌ᬊ䍙ࢳ䌘䞥ˈ಴ℸ໮ܗ࣪៬⬹г᮹Ⲟ៤Ў߯ϮᵓϞᏖ݀ৌⱘ៬⬹䗝ᢽDŽҹᕔⱘⷨお䛑ᰃऩ㒃ⱘⷨお㙵ᴗ㒧ᵘϢ݀ৌ㒽ᬜⱘ݇㋏ˈ៪㗙໮ܗ࣪៬⬹Ϣ݀ৌ㒽ᬜⱘ݇㋏ˈ㗠Ϩ໻䛑ᰃᡞЏᵓ੠ЁᇣᵓϞᏖ݀ৌ԰Ўⷨおᇍ䈵DŽϧ䮼䩜ᇍ߯ϮᵓϞᏖ݀ৌⱘⷨおⳌᇍ䕗ᇥDŽℸ໪ˈ䖭ѯⷨお໻䛑≵᳝ᇱ䆩ᡞ㙵ᴗ㒧ᵘǃ໮ܗ࣪៬⬹੠݀ৌ㒽ᬜᬒࠄϔ䍋এ᥶䅼䖭ϝϾব䞣П䯈ⱘѸѦ԰⫼DŽ಴ℸᴀ᭛䆩೒䖤⫼㙵ᴗ㒧ᵘüü໮ܗ࣪៬⬹üü݀ৌ㒽ᬜ䖭ḋⱘ㣗ᓣএ᥶䅼㙵ᴗ㒧ᵘᇍ݀ৌ㒽ᬜⱘᕅડᴎ⧚ǃ໮ܗ࣪៬⬹ᇍ݀ৌ㒽ᬜⱘᕅડᴎ⧚ǃ㙵ᴗ㒧ᵘᇍ໮ܗ࣪៬⬹ⱘᕅડᴎ⧚ҹঞ໮ܗ࣪៬⬹೼㙵ᴗ㒧ᵘϢ݀ৌ㒽ᬜ䯈ⱘЁҟ

3、԰⫼DŽᴀ᭛䖤⫼⧚䆎Ϣᅲ䆕ߚᵤⳌ㒧ড়ⱘⷨおᮍ⊩ˈ佪ܜᰃᇍϢᴀⷨおⳌ݇ⱘ⧚䆎䖯㸠ẇ⧚ˈࣙᣀྨᠬҷ⧚⧚䆎੠߽ⲞⳌ݇㗙⧚䆎ˈ✊ৢᇍҹᕔⱘⷨお䖯㸠㋏㒳ⱘᭈ⧚੠䆘䗄ˈᡒߎҹᕔⷨおⱘぎⱑ⚍ˈ೼ℸ෎⸔Ϟᦤߎњᴀ᭛ⱘ⧚䆎Ḛᶊ੠ⷨお؛䆒DŽᅲ䆕ߚᵤᮍ䴶ˈҹ2012ᑈҹࠡϞᏖⱘ355ᆊ߯Ϯᵓ݀ৌⱘᑈ᡹᭄᥂Ўḋᴀˈ䗮䖛಴ᄤߚᵤǃᦣ䗄ᗻ㒳䅵ߚᵤǃⳌ݇ߚᵤ੠ಲᔦߚᵤ᥶お៥೑߯ϮᵓϞᏖ݀ৌ㙵ᴗ㒧ᵘǃ໮ܗ࣪៬⬹੠݀ৌ㒽ᬜϝ㗙П䯈ⱘ݇㋏DŽI䗮䖛ᅲ䆕ⷨおˈᴀ᭛ᕫߎབϟ㒧䆎˖៥೑߯ϮᵓϞᏖ݀ৌ㙵ᴗ䲚Ёᑺǃ⊩Ҏ㙵↨՟Ϣ催ㅵᣕ㙵↨՟Ϣ݀ৌ㒽ᬜਜᰒ㨫ℷⳌ݇݇㋏ˈ⌕䗮㙵↨՟Ϣ݀ৌ㒽ᬜਜᰒ㨫ⱘ

4、䋳Ⳍ݇݇㋏ˈ㗠㙵ᴗࠊ㸵ᑺϢ݀ৌ㒽ᬜϡᄬ೼ᰒ㨫ⱘⳌ݇݇㋏˗៥೑߯ϮᵓϞᏖ݀ৌ໮ܗ࣪៬⬹Ϣ݀ৌ㒽ᬜП䯈ᄬ೼ᰒ㨫ⱘℷⳌ݇݇㋏˗㙵ᴗ䲚Ёᑺǃ催ㅵᣕ㙵↨՟Ϣ໮ܗ࣪៬⬹ᰒ㨫ℷ৥Ⳍ݇ˈ㙵ᴗࠊ㸵ᑺǃ⌕䗮㙵↨՟Ϣ໮ܗ࣪៬⬹ᰒ㨫䋳Ⳍ݇ˈ⊩Ҏ㙵↨՟Ϣ໮ܗ࣪៬⬹ᄬ೼ℷⳌ݇݇㋏ˈԚ≵᳝䗮䖛ᰒ㨫ᗻẔ偠˗㙵ᴗ㒧ᵘЁ㙵ᴗ䲚Ёᑺǃ⌕䗮㙵↨՟Ϣ催ㅵᣕ㙵↨՟ϡҙᇍ݀ৌ㒽ᬜѻ⫳Ⳉ᥹ᕅડˈг䗮䖛໮ܗ࣪៬⬹ⱘᅲᮑˈᇍ݀ৌ㒽ᬜѻ⫳䯈᥹ᕅડDŽ೼ҹϞⷨおⱘ෎⸔Ϟˈᴀ᭛ᦤߎབϟᓎ䆂˖ᬍ䴽㙵ᴗ㒧ᵘˈ๲ࡴᴎᵘᡩ䌘㗙ᣕ㙵↨՟ˈ⿃ᵕ᥶㋶催ㅵ▔ࢅⱘ᳔Ӭ῵ᓣˈ〇ℹ᥼䖯៥೑߯ϮᵓϞᏖ݀ৌⱘ໮ܗ࣪থሩˈᅲ⦄݀ৌ

5、Џ㧹ϮࡵϢᢧሩϮࡵⱘणৠথሩDŽ݇䬂䆡˖߯ϮᵓϞᏖ݀ৌˈ㙵ᴗ㒧ᵘˈ໮ܗ࣪៬⬹ˈ݀ৌ㒽ᬜIIAbstractAempiricalStudyontheRelationamongOwnershipStructure,DiversificationStrategyandCorporatePerformanceaboutCompaniesListedonGEMBecauseofvigorousgrowthofGEMmarketdevelopment,theGEMstudyforacademichasgraduallybecomearesearchhotpo

6、t.Therelevanceofownershipstructureandbusinessperformanceoflistedcompanyhasalwaysbeenahotanddifficultproblemintheoreticalandempiricalresearch,buttheconclusionsdiffergreatlyasdifferentperspectivesonthissubjectexist.Theownershipstructure,whichisthebasisofthecorporatepropertynot

7、onlydecidestheeffectiveofthecompanycontrollingbutalsodeterminestheperformanceofthecompany.ontheonehandGEMlistedcompanieswithhighgrowth,highinnovativefeatures,thecompany'srapiddevelopmenthasbecomeinherentrequirementsofthedevelopmentofitsdiversificationstrategy,ontheotherGEMli

8、stedcompaniesraiseratessuperbphenomenon,forcingcompaniestofindareasonablepa