国有企业的公司治理有效性分析

发布时间：2017-12-28 00:03

本文关键词：国有企业的公司治理有效性分析　出处：《江西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：伴随着科学技术的发展,企业规模不断扩大,经营管理也日益复杂,公司治理则成为了现代企业发展进程的必然产物。一百多年前,英国经济学家马歇尔最早提出了“公司治理”的问题。英国凯伯里委员会(Cadbury Committee)于1992年发表了《公司治理的财务方面》,使得公司治理成为全球关注的热点。西方国家对公司治理的学术研究在20世纪90年代达到了顶峰。亚洲金融危机,尤其是美国安然、世界通信等公司的财务丑闻,更加使得公司治理成为了世界性的研究课题。与西方国家不同的是,我国现代企业制度多属于传统计划经济体制下的国有企业改革后的产物。国有企业作为我国经济体制改革的重要组成部分,它的改革历程也反映着公司治理的变革历程。从1978年起,国有企业不断改革,从最开始的放权让利、承包经营,到后来的股份制改造。也正是随着改革进程的加快,使得国有企业公司治理不完善的基础问题突显出来。大家也逐渐认识到,改革需要从公司治理开始。到目前,上海证券交易所(1990年)和深圳证券交易所(1991年)相继成立,《公司法》、《合同法》、《会计法》《独立董事制度》等支持公司体制的法律也陆续出台,我国基本法律框架和国资监管体系已经初步建成。如何形成有效的公司治理,构建有效、规范的治理结构,应当成为现阶段我国国有企业和国有资产监管机构思考的重要问题。股东治理、董事会治理和管理层激励这三个方面是公司治理结构中的重要部分,如果认清它们在公司治理中扮演的角色,解释它们与公司绩效的关系,应该能够为现阶段我国国有企业治理结构的改善提供切实有效的指导依据。本文以产权理论、委托代理理论、监督和激励理论为基础,选取了2012年沪深两市A股国有上市公司(包括地方和中央所属国有上市公司)共674个样本数据,结合国有企业的公司治理制度变迁和特征,先后通过因子分析、描述性统计、相关性分析、均值比较以及多元回归分析方法,检验样本企业的公司治理总体水平(根据因子分析得出)、公司治理要素方面的股东治理(第一大股东持股比例、年度股东大会出席率、前五大股东持股比例平方和、前十大股东持股比例平方和)、董事会治理(董事会规模、独立董事比例)和管理层激励(董事及高层管理前三名薪酬总额、董事及高层管理持股比例)与公司绩效(净资产收益率)的线性和可能存在的非线性关系,并利用总资产收益率对实证模型进行了稳健性测试。实证结果表明,国有上市公司的公司治理总体有效,公司治理水平与企业绩效存在着显著的正相关关系。公司治理评价指标的分组检验结果表明,只有当公司治理达到一定水平时,才能对企业绩效起到积极促进的作用。公司治理要素方面,表示股东治理的公因子(变量第一大股东持股比例、股权集中度、股东会议出席率在该因子上有较高载荷)与净资产收益率显著正相关,表示董事会治理的公因子(变量独董比例、董事会规模在该因子上有较高载荷)与净资产收益率的线性关系不显著,表示管理层货币薪酬激励的公因子(董事及高层管理前三名薪酬总额在该因子上有较高载荷)与净资产收益率显著正相关,但表示管理层股权激励的公因子(董事及高层管理持股比例在该因子上有较高载荷)未显示明显的线性关系。稳健性测试的结果与上述实证结果基本一致,只是表示管理层股权激励的公因子与总资产报酬率呈现了显著的正相关关系。综合以上实证研究结果反映出,国有企业在公司治理方面取得了一定的成绩。国有企业股权集中度较高、“一股股大”现象严重,但并没有影响到公司绩效,应当适当肯定它们带来的积极作用。独立董事没有充分发挥其监督、制衡的作用,没有对公司决策起到很好的辅助,对企业绩效的影响并不显著。管理人员的货币薪酬激励效果要大于股权激励,激励机制还是过于传统和单一,需要建立综合性激励体系以激发国有企业的活力。国有企业公司治理的有效性仍需秉承国务院的改革方针,随着国有企业股份制改革的深入不断提高。
[Abstract]:With the development of science and technology, the scale of enterprises is expanding and business management is becoming more and more complex. Corporate governance has become an inevitable outcome of the development process of modern enterprises. More than 100 years ago, Marshall, a British economist, first raised the question of "corporate governance". The British Kabir (Cadbury Committee) in the Committee in 1992 published the "financial" aspects of corporate governance, corporate governance has become the focus of global concern. The academic research on corporate governance in the West reached its peak in 1990s. The financial crisis in Asia, especially the financial scandals of Enron and world communications in the United States, has made corporate governance a worldwide research topic. Different from the western countries, the modern enterprise system in our country belongs to the result of the reform of the state-owned enterprises under the traditional planned economic system. As an important part of the reform of our country's economic system, the reform process of the state-owned enterprises also reflects the process of the reform of corporate governance. Since 1978, the state owned enterprises have been constantly reformed, from the beginning of decentralization to profit making, contract management, and later joint-stock reform. With the acceleration of the reform process, the basic problem of the imperfect governance of the state-owned enterprises has been highlighted. It is also gradually realized that the reform needs to begin with corporate governance. At present, the Shanghai Stock Exchange (1990) and the Shenzhen Stock Exchange (1991) have been established, the "company law", "contract law", "accounting law" and "independent directors" legal system support companies are gradually introduced, China's basic legal framework and supervision system has been built. How to form effective corporate governance and build effective and standardized governance structure should be an important issue for our state-owned enterprises and state-owned assets supervision institutions at this stage. Shareholders governance, board governance and management incentive three aspects which is an important part of the corporate governance structure, if they recognize the play in corporate governance role, explain the relationship between them and the performance of the company, should be able to provide effective guidance for the current governance structure of state-owned enterprises in China to improve.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.1;F271

【共引文献】