摘要
本文基于2007—2012年旅游类上市公司的财务数据,选取净资产收益率和主营业务利润率作为绩效指标,以流通股比例、国有股比例、第一大股东持股比例及前七大股东持股比例来衡量股权结构,构建了股权结构与经营绩效的面板数据模型,对我国旅游上市公司股权结构与经营绩效的关系进行了实证分析。结果表明,流通股比例、国有股比例与上市公司经营绩效相关性不显著正相关,第一大股东持股比例与公司绩效显著正相关;前七大股东持股比例与公司经营绩效负相关。最后在此基础上,提出了发展建议。
Relationship between tourism listing companies' equity structure and performance is analysed in this paper,by selecting return on equity and main business profit during 2001—2012 as the index of performance.The equity structure is measured by the ratio of state-owned shares,the proportion of tradable shares,the share ratio of the largest shareholder and the proportion of the top seven shareholders.Results indicate that the ratio of state-owned shares,the proportion of tradable shares and performance are not significant positive correlation;there was a significant negative correlation between the share ratio of the largest shareholder and performance;the proportion of the top seven shareholders is negative to performance.Finally,development proposals are proposed.
出处
《中国管理科学》
CSSCI
北大核心
2014年第S1期357-361,共5页
Chinese Journal of Management Science
基金
国家自然科学基金资助项目(70872115)
