摘要：随着中国经济进入新常态，能源转型也步入新常态，主要表现为能源消费增长减速换挡，结构优化步伐加快，发展动力开始向新能源过渡。
本文通过反映企业经营绩效的指标净资产收益率和股权结构指标、激励制度指标的描述性分析，探讨了2013年至2015年能源行业上市企业的经营绩效状况；然后对被解释变量和解释变量进行相关性分析和回归分析，结果表明：（1）我国能源行业国有股所占比例与企业的绩效正相关；（2）第一大股东持股比例与企业的绩效无显著相关关系；（3）前五大股东持股比例与企业的绩效正相关；（4）反映股权制衡度的Z指数和第一大股东持股比例与S指数的比值都与企业的绩效无显著相关关系；（5）高管薪酬激励与企业绩效无显著相关关系；（6）高管股权激励与企业绩效正相关。
最后根据实证分析的结果对如何提高企业经营绩效，促进传统能源行业稳定增速发展提出若干建议。
关键词：能源行业；股权结构；激励制度；公司绩效
Ownership Structure, Incentive System and Performance——Take the energy industry as an example
Abstract：With the Chinese economy into the new normal, energy transformation has entered a new normal, mainly for energy consumption growth slowdown shift, structural optimization to accelerate the pace of development began to transition to new energy.
This paper explores the performance status of listed companies in the energy industry from 2013 to 2015 by analyzing the descriptive analysis of the indicators of net assets yield and equity structure indicators and incentive system indicators, which are reflected in the business performance. Then, the explanatory variables and explanatory variables。 The results show that: (1) the proportion of state-owned shares in China's energy industry is positively related to the performance of enterprises; (2) the proportion of the largest shareholder holdings is not significantly related to the performance of the enterprises; (3) the proportion of the top five shareholders and enterprises; (4) There is no significant correlation between the Z index and the ratio of the largest shareholder's shareholding ratio and the S index, which are reflected in the equity balance of the firm; (5) There is no significant difference between the executive compensation incentive and the firm's performance; (6) executive equity incentive is positively related to firm performance.
Finally, according to the results of empirical analysis on how to improve business performance and promote the development of the traditional energy industry, stable development of the proposed.
Key Words: Energy industry Ownership structure Incentive System Corporate Performance
目录
摘 要 I
Abstract II
一、引言 1
(一)研究背景 1
(二)研究目的及意义 1
(三)研究思路及方法 1
(四)创新点 2
二、文献综述 3
(一)股权结构与公司绩效关系的研究现状 3
(二)激励制度与公司绩效关系的研究现状 4
(三)简评 5
三、股权结构、激励制度和公司绩效的相关理论分析 6
(一)相关定义 股权结构激励制度和公司绩效以能源行业为例:http://www.chuibin.com/guanli/lunwen_205259.html