公司治理、公司投资行为与公司绩效

发布时间：2018-06-09 04:26

本文选题：公司治理 + 公司投资行为　；参考：《湖南大学》2012年硕士论文

【摘要】：随着经济的发展，企业在整个社会经济体系中所扮演的角色亦越来越重要，这其实是一种相互作用的结果。在企业的发展方面，公司治理作为确保公司资金投资者获得投资回报的一项制度安排，关于公司治理的研究对企业的健康发展有着重要的参考价值，因而这一研究无论在国外还是在国内，，都引起了理论界和实务界的高度重视，推动我们对公司治理问题的研究变得越来越细致，包括对董事会结构、股东参与、独立董事薪酬、投资者保护等公司治理的某一特定方面与公司治理的经济后果进行的研究。这些研究成果为进一步完善我国公司治理提供了宝贵的经验数据。但是，在众多有关公司治理的文献中，涉及公司治理通过何种途径影响经济后果的文献较少，似乎在公司治理与经济后果之间形成了黑箱。我们基于“治理机制—行为—经济后果”的研究范式，以公司投资行为为视角，期望在公司治理与公司绩效之间架起桥梁，研究公司治理对公司绩效产生影响的可能作用机理，揭开公司治理与公司绩效之间的黑箱。我们在现有文献研究的基础上首先对公司治理水平进行量化，接着进一步研究公司治理水平与公司绩效的关系以及公司投资行为与公司绩效的关系，结合公司治理的相关理论，采用中介变量方法研究了公司投资行为通过公司治理机制作用于公司绩效的情况，并对这种中介效应的大小进行了量化。我们的实证结果显示：第一，我国公司治理水平参差不齐，但是总体而言公司治理得到了逐步提高；第二，我国投资不足的公司多于过度投资的公司，但是从程度而言，上市公司过度投资比投资不足严重；第三，公司治理指数与公司绩效显著正相关，公司治理水平的提高有助于公司绩效的提高；第四，良好的公司治理能够通过信息权配置缓解管理层与外部投资者之间的代理问题，降低公司的非效率投资行为，从效果上看，公司治理对过度投资的抑制效果要好于对投资不足的抑制效果；第五，公司治理与公司投资行为都是公司绩效的影响因素，在影响公司绩效的过程中，公司投资行为作为中介变量影响公司绩效，并且公司投资行为在公司治理与公司绩效之间只是起着部分中介传导效应，是连接公司治理与公司绩效的纽带之一。
[Abstract]:With the development of economy, enterprises play a more and more important role in the whole social and economic system, which is actually the result of interaction. In the aspect of enterprise development, corporate governance is an institutional arrangement to ensure the return on investment of corporate capital investors. The research on corporate governance has important reference value for the healthy development of enterprises. Therefore, this research has aroused the great attention of the theoretical and practical circles, and promoted our research on corporate governance, including the structure of the board of directors, the participation of shareholders, and the compensation of independent directors. The study of a particular aspect of corporate governance, such as investor protection, and the economic consequences of corporate governance. These research results provide valuable empirical data for further improvement of corporate governance in China. However, among the many literatures about corporate governance, there are few documents about how corporate governance affects the economic consequences, which seems to form a black box between corporate governance and economic consequences. Based on the paradigm of "governance mechanism, behavior and economic consequences", we hope to build a bridge between corporate governance and corporate performance from the perspective of corporate investment behavior, and study the possible mechanism of corporate governance's impact on corporate performance. To uncover the black box between corporate governance and corporate performance, we first quantify the level of corporate governance on the basis of existing literature. Then it further studies the relationship between corporate governance level and corporate performance, as well as the relationship between corporate investment behavior and corporate performance, combining with the relevant theory of corporate governance. This paper studies the effect of corporate investment behavior on corporate performance through corporate governance mechanism by using the method of intermediary variables, and quantifies the magnitude of this intermediary effect. Our empirical results show that: first, the level of corporate governance in China is uneven, but overall corporate governance has been gradually improved; second, there are more underinvested companies than overinvested companies in China, but in terms of degree, The overinvestment of listed companies is more serious than the underinvestment. Thirdly, the corporate governance index is positively correlated with corporate performance, and the improvement of corporate governance level contributes to the improvement of corporate performance. Good corporate governance can alleviate the agency problem between management and external investors through the allocation of information rights, and reduce the inefficient investment behavior of the company. The inhibition effect of corporate governance on overinvestment is better than that on underinvestment. Fifth, corporate governance and corporate investment behavior are both factors affecting corporate performance, and in the process of affecting corporate performance, Corporate investment behavior as an intermediary variable affects corporate performance, and corporate investment behavior only plays a part of the intermediary conduction effect between corporate governance and corporate performance, which is one of the links between corporate governance and corporate performance.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】