我國能源上市公司股權結構與效率關系的實證分析.pdf

1、廈門大學碩士學位論文我國能源上市公司股權結構與效率關系的實證分析姓名：王超申請學位級別：碩士專業(yè)：金融工程指導教師：魏巍賢20070301AbstractTherelationshipbetweenequitystructureandtheefficiencyoflistedcompanieshasbeenahottopicintheacademiaButthepresentresearchseldomrefertotheenergyc

2、ompaniesTheenergyindustryisanimportantpartofnationeconomyandisalsothebaseofeconomyoperationOnDec18th2006，SACofStateDepartmentdenotedatthefirsttimethattheenergyindustrywouldbecontrolledbytheStateEconomythestatecapitalmust

3、owntheenergyindustryorabsolutelycontrolitSoitisofimportanceintheacademiaandpracticeforthestudyontherelationshipbetweenequitystructureandcorporationefficiencyintheenergyfieldInOurresearchwedon’tusetheconventionalfinancein

4、dexsuchasROE、ROA、EPSthatmeasurethecorporationefficiencyFirstweuseSFAtoconstructastochasticfrontiercostfunctionmodelforthecompaniesandfigureouttheefficiencybytheFrontiersoftwareSecond，weconstructavariableinterceptfixed—ef

5、fectsmodelandarandomeffectsmodelbasedontheunbalancedpaneldataAtlastweuseHausmanTestforthechoicebetweenthetwomodelsOurresultshows：1、Theconcentrationratioofsharesisnegativecorrelationwiththeenergycompanies’efficiency；2、The

6、ratioofstateownedshareshasnosignificanteffectontheenergycompanies’efficiency，becausealmostallofthefirstmajorshareholdersoftheenergycompaniesarethestateownedshares，SOitispossiblethattheconcentrationratioofsharesinthemodel

7、mayweakentheeffectofthestate—ownedshares；3、Withtheincreaseoftheratioofcorporatesharestheenergycompanies’efficiencyhasatrendofreversed“U”；whentheratioofcorporatesharesproportionis40％theefficiencycometoahead；4、Theratioofsh