作　　者： ;

机构地区： 广东外语外贸大学

出　　处： 《技术经济与管理研究》 2013年第1期87-93,共7页

摘　　要： 民营上市企业在我国资本市场迅速发展,已经成为上市企业的重要组成部分。民营上市企业能否健康发展,既关系到民营企业能否通过资本市场完成二次创业,也关系到我国资本市场的健康发展。本文以A股市场的民营上市公司为样本,考察了我国证券发行审核制度和民营企业买壳上市的动机以及成本,并进一步比较了民营与非民营上市公司及直接上市与间接上市民营公司在股权特征以及绩效方面的特征和差异,探讨了造成此种差异可能的原因,结果发现不同类型的企业在上市背景和上市目的上存在着巨大差异,这种差异会影响到其股权结构,然后通过具体的经营行为反映到公司治理领域,最终作用到公司绩效上面。因此对于我国民营上市企业来说,间接上市民营企业的大小股东之间的代理成本可能比间接上市民营企业的大小股东之间的代理成本更加严重。 Private-controlled listed companies have experienced a rapid growth in recent years,and as a result,they have become an important ingredient of Chinese listed companies.Whether the private-controlled listed companies could develop healthily is concerned not only with restart of private enterprises,but also with the healthy development of the domestic capita market.The paper sampled private listed companies in A-share market,studied the system of listing and motives and cost of indirect listing of non stated-owned companies,compared the difference of ownership structure and firm performance between the stated-owned companies and non stated-owned companies,direct listed private companies and indirect listed private companies,explore the deep reason which faced currently by private listed companies.Finally we find the ownership structure which occurred by the listing background and purpose in the mean time influenced the area of company governance and behaviors of companies,finally play an important role in the performance of companies.So for the Private-controlled listed companies of China,the agency cost of Indirect Listed between large shareholders and small shareholders is more serious than that of Direct Listed.

关 键 词： 股权特征 市场绩效 直接上市 间接上市 民营企业

分 类 号： [F272]

领　　域： []