摘要
股权结构是公司治理的核心要素,是体育公司发展研究的重要内容之一。文章基于国泰安数据库、瑞思金融数据库以及上市公司年报相关数据,对2017一2020年我国A股17家体育产业上市公司的股权性质、股权集中度和股权制衡度的变化特点进行分析,阐述股权结构的演变规律、发展趋势并提出相应的优化策略。通过研究,主要得出以下结果:A股体育上市公司股权性质主要集中在境内非国有法人和境内自然人,国有法人持股比例逐年增加,境外资本持股比例逐年降低。不同公司股权集中度变化不同,但整体上呈现下降的趋势。股权制衡度变化呈现波动性特点,第二、三、四、五大股东对第一大股东行为的实施具有一定的制约作用。在股权结构与经营绩效相关性方面,股权集中度与经营绩效呈现正相关关系,股权制衡度与经营绩效呈现负相关关系。基于此,提出以下发展策略:适当增加国有股份比例,促进公司存续能力;保持股权适度集中,提高公司应对风险的能力;避免股权过度分散,降低管理高层监管的成本。
Equity structure is a core element of corporate governance and is one of the important elements in the study of sports company development.Based on the Guotaian database,Rex Financial database and relevant data from annual reports of listed companies.The article analyzes the characteristics of changes in the equity nature,equity concentration and equity checks and balances of 17 A-share listed companies in the sports industry in China from 2017 to 2020,expounding the evolution pattern of equity structure,development trend and proposes corresponding optimization strategies.Through the study,the following results were mainly obtained:the nature of equity ownership of A-share listed sports companies is mainly concentrated in domestic non-state-owned legal persons and domestic natural persons,with the proportion of shares held by state-owned legal persons increasing year by year and the proportion of shares held by foreign capital decreasing year by year.The changes in equity concentration varied from company to company,but showed an overall downward trend.Changes in the degree of equity checks and balances show fluctuating characteristics,with the second,third,fourth and fifth largest shareholders exerting a certain degree of restraint on the implementation of the actions of the first largest shareholder.In terms of the correlation between equity structure and operating performance,equity concentration shows a positive relationship with operating performance,and equity checks and balances shows a negative relationship with operating performance.Based on this,the following development strategies are proposed:appropriately increase the proportion of state-owned shares to promote the company's ability to survive;maintain a moderate concentration of equity to improve the company's ability to cope with risks;and avoid excessive fragmentation of equity to reduce the cost of supervision by top management.
作者
宋昱
李书玲
王凯圆
林爽
SONG Yu;LI Shu-ling;WANG Kai-yuan;LIN Shuang(School of Economics and Management,Shanghai University of Sport,Shanghai 200438,China;Shandong University of Finance and Economics,Jinan 250014,China)
出处
《广州体育学院学报》
北大核心
2023年第1期63-70,共8页
Journal of Guangzhou Sport University
基金
2016年国家社科基金项目(16CTY008)。
关键词
A股体育上市公司
股权结构
演变规律
发展趋势
A-share sports listed company
equity structure
evolution law
development trend
