国际经济与贸易学院知识库

自20世纪末的市场经济体制改革在我国全面铺开，现代企业制度在越来越多的企业中建立起来。与此同时，随着股权分置改革的落地，资本市场在我国也逐步完善，长期以来，作为公司治理的重要内容，股权结构与企业绩效的关系也在国内相关领域成为关注的焦点之一。在这之前，国外的研究已经相对充分，但对比国内外研究可以发现，出于研究对象的不同与变量指标选取的差异，各学者对此的研究结果却各不相同。具体来说，各个国家政治、经济及法律环境不同，地区资本市场的发展水平不尽一致，即使在一个国家内部，经济的发展与政策的变更，也为此类研究提供了更多的不确定性。诸如此类的差异很难在一项研究中全部囊括与控制，因此，针对具体问题具体分析的方法是十分有必要的。

中国经济发展进入新常态，从高速发展向高质量发展转型，以互联网公司为代表的创新型企业将对我国经济发展注入动力，研究该行业具有较强的现实意义，而且互联网行业作为新兴产业，发展年限较短，其上市公司受我国资本市场遗留问题的影响较小（我国早期上市公司多以国有企业改制为主，股份流通受到很大限制）。本文在参考既有研究的基础上，选择我国互联网上市企业作为研究对象，通过文献研究法总结梳理现有成果及不足，回顾公司治理相关理论，并提出研究假设与研究设计，对股权结构与我国互联网企业绩效的关系开展研究。

在企业绩效的衡量上，传统的净资产收益率（ROE）等会计指标、企业价值指标（托宾Q等）都有其局限性，前者受到会计谨慎性原则要求，低估了企业利润，尤其是对互联网企业此类轻资产运营、重研发投入的公司的利润，同时由于没有扣除资本成本而忽视了企业的机会成本，而后者则太过依赖企业在资本市场的市值表现，不确定因素更多。EVA则可以克服上述缺陷，考虑到上述因素，本文选用EVA率（经济增加值率）作为被解释变量。

本文选取股权集中度、股权制衡度、国有股持股比例以及机构持股比例等指标作为解释变量，对EVA率与股权结构的关系进行实证检验。研究结果表明，股权集中度与机构持股比例对相关企业的EVA率有显著的正向影响，在此基础上通过分析管理费用率的中介效应和控制权集中的调节效应，探讨股权结构对EVA率的影响机制，并根据研究结论，提出加强股权与控制权集中、引入机构投资、改善公司治理等相关建议。

Since the deepening reform of enterprises at the end of the 20th century has been rolled out in my country, the modern enterprise system has been established in more and more enterprises. At the same time, with the implementation of the split share structure reform, the capital market has gradually improved in my country. For a long time, as an important part of corporate governance, the relationship between shareholding structure and corporate performance has also become one of the focuses of attention in relevant domestic fields. Prior to this, foreign research has been relatively sufficient, but comparing domestic and foreign research, it can be found that due to the difference in research objects and the selection of variable indicators, the research results of various scholars are different. Due to different political, economic and legal environments, the development level of regional capital markets is not consistent. Even within a country, economic development and policy changes provide more uncertainty for such research. Differences such as these are difficult to cover and control for in a single study, so a method of analyzing specific problems is necessary.

China's economic development has entered a new normal, and it has transformed from high-speed development to high-quality development. Innovative enterprises represented by Internet companies will inject impetus into my country's economic development. Research on this industry has strong practical significance, and the Internet industry is an emerging industry. The development period is short, and its listed companies are less affected by the problems left by my country's capital market (most of the early listed companies in my country are mainly state-owned enterprises, and the circulation of shares is greatly restricted). On the basis of referring to the existing research, this paper selects my country's Internet listed companies as the research object, summarizes and sorts out the existing achievements and deficiencies through the literature research method, reviews the relevant theories of corporate governance, and proposes research hypotheses and research designs. Research on the relationship between Internet business performance.

In the measurement of corporate performance, traditional accounting indicators such as return on equity (ROE) and corporate value indicators (Tobin Q, etc.) have their limitations. The former is required by the principle of accounting prudence and underestimates corporate profits, especially It is the profit for companies such as Internet companies that operate lightly on assets and invest heavily in R&D. At the same time, because the cost of capital is not deducted, the opportunity cost of the company is ignored. The latter relies too much on the market value of the company in the capital market, and the uncertain factors are even greater. many. EVA can overcome the above defects. Considering the above factors, this paper selects the EVA rate (economic value added rate) as the explained variable.

This paper selects the shareholding concentration, shareholding balance, state-owned shareholding ratio and institutional shareholding ratio as explanatory variables to empirically test the relationship between the EVA rate and the shareholding structure. The research results show that ownership concentration and institutional shareholding ratio have a significant positive impact on the EVA rate of related companies. According to the research conclusions, it puts forward relevant suggestions such as strengthening the concentration of equity and control rights, introducing institutional investment, and improving corporate governance.