中小板上市公司外部治理与绩效的相关性研究

发布时间：2018-01-12 00:33

本文关键词：中小板上市公司外部治理与绩效的相关性研究　出处：《西南政法大学》2012年硕士论文　论文类型：学位论文

【摘要】：中小企业板（以下全都简称为中小板）是深圳交易所主板市场的一个重要组成部分，成立的目的在于为主业突出、具有高成长性和科技含量的中小企业搭建直接融资平台，有效解决其融资难的问题。随着我国市场经济的快速发展，中小企业在国民经济中的作用日益突出，在我国证券市场上，中小板上市公司逐渐成为社会各界关注的焦点。自成立以来，中小板六年多的发展取得了辉煌的成绩，但同时也暴露出诸多不足，在外部治理方面还存在各种各样的问题。因此，本文在我国中小板市场上选取了2010年以前上市的523家公司作为研究样本，以2010年的数据为窗口，在分析中小板上市公司外部治理现状的基础上，基于文献和理论的研究，从外部治理的四个维度对中小板上市公司外部治理与公司绩效的相关关系进行了实证分析。本文实证研究结果表明：中小板上市公司产品的市场竞争程度、高管变更与公司绩效之间存在正相关关系，，第一大股东性质为国有股的公司绩效相对较高。政府干预程度和证监会的特别处理会对公司绩效产生负面效应，而健全的法律法规体系的约束有助于公司提高治理效率，提高公司绩效。样本公司年度审计意见与净资产收益率和托宾Q值都存在负相关关系，但这种相关性并不显著。信息披露质量与公司绩效呈显著正相关。中小板上市公司的资产负债率与公司绩效之间的关系为显著正向关系，这说明债权治理对公司绩效产生了显著的正面效应。股权集中度、董事会人数以及总资产的自然对数与净资产收益率的回归系数均为正，但是除了公司规模与净资产收益率的相关性具有显著性外，其余两个变量与净资产收益率的相关性不显著。文章最后针对本文的研究结论，并结合当前我国中小板上市公司的特征和外部治理现状，提出了改善我国中小板上市公司外部治理绩效的政策性建议：加强中小板上市公司外部治理市场主导机制建设；完善中小板上市公司外部治理政府控制机制建设；加快中小板上市公司外部治理社会辅助机制建设；重视中小板上市公司外部治理债权融资机制建设。
[Abstract]:Small and medium-sized enterprise board (hereinafter referred to as small and medium-sized board) is an important part of the main market of Shenzhen Stock Exchange, the purpose of its establishment is to stand out for the main industry. With the rapid development of market economy in China, small and medium-sized enterprises with high growth and scientific and technological content have established direct financing platform to effectively solve the problem of financing difficulties. With the rapid development of our market economy, the role of SMEs in the national economy is increasingly prominent. In China's securities market, small and medium-sized board listed companies have gradually become the focus of attention of the community. Since its establishment, the development of small and medium-sized boards has made brilliant achievements for more than six years, but at the same time, it also exposed many shortcomings. There are still a variety of problems in external governance. Therefore, this paper selects 523 companies listed before 2010 as the research sample in Chinese small and medium board market. Taking the data of 2010 as the window, based on the analysis of the current situation of the external governance of the small and medium-sized board listed companies, based on the literature and theoretical research. From the four dimensions of external governance, this paper empirically analyzes the correlation between external governance and corporate performance of small and medium-sized listed companies. The empirical results of this paper show that there is a positive correlation between the market competition degree of the products of the small and medium-sized board listed companies, the change of executives and the corporate performance. The first major shareholder is the state-owned shares of the company performance is relatively high. The degree of government intervention and the special treatment of CSRC will have a negative effect on corporate performance. A sound system of laws and regulations can help the company to improve the efficiency of governance and improve corporate performance. The annual audit opinion of the sample company has a negative correlation with the return on net assets and Tobin Q value. However, this correlation is not significant. The quality of information disclosure is significantly positive correlation with corporate performance. The relationship between asset-liability ratio and corporate performance of small and medium-sized board listed companies is a significant positive relationship. This shows that the governance of creditor's rights has a significant positive effect on corporate performance. The equity concentration, the number of board members, the natural logarithm of total assets and the regression coefficient of net asset return are all positive. However, except for the significant correlation between the size of the company and the return on net assets, the correlation between the other two variables and the return on net assets is not significant. Finally, according to the conclusion of this paper, combined with the current characteristics of small and medium-sized board listed companies and external governance status. The paper puts forward some policy suggestions to improve the external governance performance of the small and medium-sized board listed companies: strengthening the construction of the market leading mechanism of the external governance of the small and medium-sized board listed companies; Perfecting the construction of government control mechanism of external governance of small and medium-sized board listed companies; Accelerating the construction of the social auxiliary mechanism of the external governance of the small and medium-sized board listed companies; Attach importance to the external governance of small and medium-sized board listed companies creditor's rights financing mechanism construction.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F272.92;F832.51

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