我国创业板上市公司董事会特征与企业成长关系研究

发布时间：2018-01-08 16:22

本文关键词：我国创业板上市公司董事会特征与企业成长关系研究　出处：《西南政法大学》2013年硕士论文　论文类型：学位论文

【摘要】：在我国，创业板市场刚刚起步，是二板证券市场。创业板市场在证券市场上的地位次于主板市场，有区别于主板市场的突出特征，如上市门槛低，监管制度不健全。所以，创业板市场受市场影响明显，波动幅度大。而创业板市场上市公司多属于中小型或高新技术企业，企业的当前利润不高，但成长性较显著。所以，应当关注创业板上市公司的成长性。我国创业板市场上市规则对在创业板上市的企业成长性的要求较高，同时高成长性也是广大投资者关注的热点之一。企业成长性正是创业板的重要特征，也是投资者对创业板上市企业评价的重要依据。但这些企业大多成立时间短，规模小，治理结构不完整或存在缺陷，高成长背后隐藏着高风险性。如何控制风险，，保持持续增长，是创业板上市企业面临的重要课题。另一方面，创业板上市企业频频暴露治理问题，引起社会各界纷纷热议，严重影响了投资者对创业板的信心。企业治理与企业成长有着紧密关系，而创业板上市企业混乱的治理结构与它的高成长极不相符。从长期来看，混乱的企业治理结构必然阻碍企业成长。学界关于加强创业板监管体系建设的呼声越来越高，提出由市场行为监管到企业治理监管的转变。从规范我国创业板市场和帮助创业企业成长双重目标考虑，研究我国创业板市场首先应着眼于企业成长性。董事会结构是企业治理结构的重要组成部分，所以要完善企业治理结构，董事会结构的完善尤为重要。针对我国创业板上市企业董事会结构的研究，对于促进创业板上市企业持续的成长有着重要意义。本文通过数据采集、分析，找出创业板上市企业董事会的相关特征：董事会规模、独立董事比例和董事薪酬，对此三项特征做了详细的描述性分析；然后结合企业成长性评价，利用回归分析法，分析了董事会特征和企业成长之间的关系。通过研究，识别出创业板上市企业的董事会是否有效发挥了职能，董事会特征中哪些在董事会职能发挥中产生了作用，并由此得出结论：其中董事会规模与企业成长呈负相关关系，但不显著；独立董事比例与企业成长不存在相关关系；董事薪酬与企业成长存在正相关关系。在此基础上，提出了董事会治理的政策建议。本文突破了研究董事会特征与企业绩效的关系这个单一的研究模式，大胆尝试将企业成长性评价研究相关成果与董事会特征研究相结合。其中，根据创业板市场及上市企业的特点，设计了多层面多指标构造的成长性评价体系，选取企业盈利能力、营运能力、偿债能力、现金流量能力、发展能力五个维度，每个维度选取2-4个有代表性的财务比率，采用因子分析法对企业的成长性进行综合评价，获得企业成长性综合得分。本文科学评定了企业成长性，也丰富了董事会特征的相关研究。此外，本文基于我国创业板市场展开研究，丰富了董事会特征研究成果在我国创业板市场的应用。
[Abstract]:In China, the GEM market has just started, is the stock market. The GEM market position in the stock market in the motherboard market, has the prominent characteristic is different from the motherboard market, such as listing threshold is low, the regulatory system is not perfect. So, the GEM market influenced significantly, large fluctuations and entrepreneurship. The board market listed companies belonging to the small or high-tech enterprises, the profit is not high, but the growth is more significant. So, should growth on GEM listed companies. The higher requirement to the growth enterprises listed on the gem of China's GEM Listing Rules, one of the hot and high growth but also for the vast number of investors. The enterprise growth is an important feature of the gem, but also an important basis for evaluation of investors of GEM listed companies. But most of these companies set up a short time, small scale, governance structure The incomplete or defective, behind high growth is a high risk. How to control the risk, to maintain sustained growth, is an important issue facing the GEM listed companies. On the other hand, the GEM listed companies frequently exposed to governance issues, aroused hot debate, has seriously affected the confidence of investors in the gem corporate governance and business growth has a close relationship, and high growth entrepreneurial governance structure of Listed Companies in chaos and its very inconsistent. In the long term, corporate governance chaos will hinder the growth of enterprises. To strengthen the construction of academic circles on the gem supervision system is more and more high, proposed by market regulation to corporate governance regulatory changes. Considering the norms of our gem market and help the growth of venture enterprises dual goals, on the GEM market in China should first focus on the growth of enterprises. The board of directors. Structure is an important part of corporate governance structure. Therefore, it is particularly important to improve corporate governance structure and improve the structure of board of directors.
Through data collection, analysis, find out the relevant characteristics of the GEM listed companies board: board size, proportion of independent directors and the remuneration of directors, the three characters do a detailed descriptive analysis; and then combined with the enterprise growth evaluation, using regression analysis, analysis of the relationship between board characteristics and corporate growth. Through the research, identify the GEM listed companies board are effective play the function, characteristics of the board of directors in the board of directors which play the functioneffectively, and conclude that the board of directors is negatively related to the scale and growth of enterprises, but not significantly; the proportion of independent directors and firm growth are not related the relationship between; there is a positive correlation between director compensation and enterprise growth. On this basis, put forward the governance of the board of directors of policy recommendations. This study breaks through the characteristics of the board of directors and enterprise This single mode of performance relationship, and the related results will be a bold attempt to study on the evaluation of the growth of enterprises will feature research combined. Among them, according to the characteristics of the GEM market and the listed companies, the growth evaluation system design of multi index structure, selection of corporate profitability, operating capacity, solvency. Cash flow capacity, the five dimensions of development capacity, dimensions of each selected 2-4 financial ratio representative, comprehensive evaluation on the growth of enterprises by using factor analysis method, obtained the comprehensive score of enterprise growth. The scientific evaluation of enterprise growth, but also enrich the research characteristics of the board of directors. In addition, research the GEM market in China based on the abundant research results in the application of the board characteristics of China's gem.

【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.9;F832.51

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