CAJ | 학술논문

创业板上市公司的股权结构是公司治理的重要内容之一，直接影响其企业价值。选取2012年12月31日前在深交所创业板上市的267家上市公司为样本，以2009年至2012年的数据作为研究对象，采用股权集中度、股权性质、管理层持股以及基于概率投票模型的股权控制度指标衡量企业的股权结构，运用主成分分析法衡量企业价值，结合多元线性、非线性回归模型和分段回归模型研究企业价值与股权结构的关系。研究结果表明，企业价值与第1大股东持股比例呈回归式抛物线关系，企业价值随第1大股东持股比例的增加先降低后升高最后再降低，第1大股东对企业的绝对控制不利于企业价值的提升，前5大股东持股比例与企业价值呈显著正相关关系，法人股持股比例的增加有利于提升企业价值，管理层持股比例与企业价值之间没有显著的相关关系。研究结果及建议对提升创业板上市公司企业价值有一定借鉴意义。
창업판상시공사적고권결구시공사치리적중요내용지일，직접영향기기업개치。선취2012년12월31일전재심교소창업판상시적267가상시공사위양본，이2009년지2012년적수거작위연구대상，채용고권집중도、고권성질、관리층지고이급기우개솔투표모형적고권공제도지표형량기업적고권결구，운용주성분분석법형량기업개치，결합다원선성、비선성회귀모형화분단회귀모형연구기업개치여고권결구적관계。연구결과표명，기업개치여제1대고동지고비례정회귀식포물선관계，기업개치수제1대고동지고비례적증가선강저후승고최후재강저，제1대고동대기업적절대공제불리우기업개치적제승，전5대고동지고비례여기업개치정현저정상관관계，법인고지고비례적증가유리우제승기업개치，관리층지고비례여기업개치지간몰유현저적상관관계。연구결과급건의대제승창업판상시공사기업개치유일정차감의의。
The ownership structure of growth enterprise market listed companies is an important part of corporate governance, which directly affects their enterprises′value.The research selects 267 companies which are listed before December 31, 2012 as the objects, and collect financial data of these companies since 2009 to 2012.The paper not only uses ownership concentration, equity nature and managerial ownership, but also uses the degree of equity control which based on the Probabilistic Voting Model to measure ownership structure.The enterprises′value is measured by principal component analysis and we combine multivariate linear, nonlinear and segmented regression analysis method to examine on the relationship between ownership structure and enter-prises′value.The research results show the parabolic relation between the largest shareholder′s stake and corporates′value, i. e., as the largest shareholder′s stake increases, corporates′value first decreases, and then increases, finally decreases.The lar-gest shareholder′s absolute control of the enterprise is not conducive to enhance the corporates′value.The shareholding ratio of top five shareholders has a significant and positive correlation with enterprises′value.The proportion of corporate shares is very conducive to enhance corporates′value.The impact of management-owned shares on the enterprise value is not significant.The findings and recommendations of this research provide some significance for the GEM listed companies to enhance their enterpri-ses′value.