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| 上市公司股权结构与公司绩效的研究 ——以互联网企业为例
摘 要
绩效持续下滑，同时财务丑闻、虚假报告、欺诈等现象也层出不穷，让我们意识到完善公司治理迫在眉睫。本文利用描述性统计分析、逐步回归分析等方法，探讨了股权集中度对公司绩效的影响状况以及影响途径。本文选取在科创板上市的50家企业作为研究对象，以2018-2020年共3年的数据作为样本，以最大股东持股比例TOP1、前五大股东持股比例之和以及前五大股东持股比例的平方和赫芬达尔指数H5作为公司股权集中度的衡量指标，选取了近三年摊薄总资产收益率(%)、归属净利润同比增长作为公司绩效的评价指标。研究发现，股权集中度与公司绩效呈正向关系。最后基于通过研究股权集中度与公司绩效之间的关系以及研究结论，从宏观和微观两个层面提出相应的建议，为提高我国互联网企业的治理水平同时丰富完善公司治理理论提供一定的理论依据。
关键词：公司治理；公司绩效；股权集中度
ABSTRACT
Performance continues to decline, while financial scandals, false reports,fraud and other phenomena also emerge in endlessly, let us realize that improving corporate governance is imminent. This paper uses descriptive statistical analysis,stepwise regression analysis and other methods to explore the impact of ownership concentration on corporate performance. This paper selects 50 enterprises listed on the science and technology innovation board as the research object,takes the data of three years from 2018 to 2020 as the sample,takes the top 1 of the largest shareholder's shareholding ratio, the sum of the top five shareholders' shareholding ratio andthe Herfindahl index H5 of the top five shareholders' shareholding ratio as the measurement index of the company's equity concentration, and selects the diluted return on total assets (%) and attributable net profit in recent three years Run year-on-year growth as the company's performance evaluation index. It is found that ownership concentration has a positive relationship with corporate performance.Finally, based on the research of the relationship between the Internet and corporate governance,this paper provides some theoretical basis to improve the level of corporate governance.
Key words: corporate governance ; corporate performance ; ownership concentration
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