CAJ | 학술논문

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。
이농업상시공사2008～2012년적수거위실증기출，연구료농업상시공사적정체현상，병종고권집중도화고권속성량개방면연구료농업상시공사적고권결구적재무치리효응，기중고권집중도선택료제일대화전십대고동적지고비례작위해석변량，고권속성칙이고관지고비례작위해석변량，통과SPSS적상관성분석화곡선고계급회귀분석，진이득출여하결론：일시농업상시공사정체규모교소，대투자자결핍흡인력；고권집중도교고，몰유형성고권상호제형적궤제；고관지고비례교저，고권격려궤제몰유발휘상응적작용；종정체상간，농업상시공사적고권결구환불완선。이시농업상시공사제일대고동지고비례적치리효응정현도U형결구，이전십대고동지고비례칙정현정적치리효응。삼시고관지고비례재정체상시정향적치리효응，단재불동적구간칙정현출불동적치리효응。병침대연구결론제출료상응적건의。
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's 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 corresponding Suggestions.