股权分置改革与公司治理绩效关系的实证分析

中国股市存在着同股不同权、同股不同利的“ 股权分置” 问题。始于去年的股权分置改革正在有序进行中。以完成股改的46 家公司为研究对象, 运用统计分析软件SPSS13.0 , 通过配对样本T 检验、含量相等的单因素方差分析等方法检验我国上市公司股价人为操纵及股改与公司绩效的关系, 通过中国证监会披露的信息及金融网提供的数据分析股东和机构投资者行为变化, 得出股权分置改革有利于公司治理的改善, 企业业绩的提高。

Empirical Analysis on the Relationship between the Reforms of Split Share Structure and Performance of Company Governance

Chinese stock market has the problem of split share structure which results in the same share's holding different rights and benefits.The reforms of split share structure which began last year are still underway in order.The 46 companies were taken as the study objects,statistical analysis software SPSS13.0 was utilized and the method of the paired-sample T test and one-way ANOVA were applied in order to verify purposive manipulation factors of share price and the relationship between reforms of split share structure and the performance of the company.In addition,depending on the information given by CSRC and the fund data provided by financial Network,the shareholders and investors' behavior changes were analyzed.The results show that the reforms of split share structure are beneficial to the improvement of company governance and enhancement of the performance of the company.