创业板上市公司股权结构对其绩效的影响会计学专业论文.docx

（四）研究方法 ··················································· (21) 1．主成分分析方法的可行性分析 ··························· (21) 2．主成分的提取 ················································ (22) 3．得分模型的确定 ············································· (23) 四、创业板上市公司股权结构对其绩效影响的实证 结果分析 ·································································· (24) （一）创业板上市公司股权集中度对其绩效的影响 ····· (24) 1．创业板上市公司第一大股东持股比例对其绩效的 影响 ································································· (25) 2．创业板上市公司第二至第五大股东持股比例对其 绩效的影响 ························································ (26) 3．创业板上市公司 Z 值对其绩效的影响 ················· (26) （二）创业板上市公司股权属性对其绩效的影响 ········ (26) 1．创业板上市公司国有股比例对其绩效的影响 ········ (27) 2．创业板上市公司法人股比例对其绩效的影响 ········ (28) 3．创业板上市公司流通股比例对其绩效的影响 ········ (28) （三）控制变量对绩效的影响 ································· (29) 五、研究结论与建议······················································· (29) （一）研究结论 ··················································· (29) （二）政策建议 ··················································· (30) 1．控制过高的第一大股东比例，增加其他大股东持股 比例 ································································· (30) 2．优化创业板上市公司国有股比例························ (31) 3．构建相互制衡的股权结构，形成多元股权结构 ····· (32) 4．保护中小投资者的利益，“用脚投票”代替 “用手投票” ····················································· (33) 5．加强创业板上市公司的监管 ······························ (29) 六、研究的局限性及展望 ··············································· (34) 参考文献 ························································(37) 一、引言 （一）研究背景 创业板市场，也称二板市场、第二类股票交易市场、增长型股票市场等，是 指专门协助中小企业、新兴创新公司融资、筹资并进行资本运作的市场。创业板 公司涉及多个行业，其中以信息技术、高端设备制造、电子、生物医药等行业为 主，这些企业的成长性特点突出，具备一定的规模和盈利能力，在技术创新、经 营模式、创新等方面非常活跃。在市场经济日渐完善和发达的中国，大批新兴创 新企业、高科技企业不断涌现，迅速发展和壮大，2009 年 9 月，经国务院同意， 证监会批准了首批中小企业创业板股票首次公开发行（IPO）的申请，深圳证券 交易所设立创业板，中国开设了创业板市场，这些新兴创新企业又获得了一个新 的、更方便的融资渠道，拥有了强有力的保障。创业板通过市场化的手段，通过 多元化的投资渠道和多方式的融资手段，解决了中小企业融资难的问题，有效评 价了创业资产价值，促进了高科技投资的良性循环，提高了高科技投资资源的使 用效率，加深了市场化的探索和创新。 创业板自设立以来，得到了迅猛发展。上市公司数量迅速增加，对国民经济 的示范、引导和促进作用日益增强。据深圳证券交易所统计，创业板首批 28 家 公司于 2009 年 10 月 30 日挂牌，而到 2011 年 5 月