董事会治理特征对企业财务风险影响的实证研究

发布时间：2018-02-25 19:09

本文关键词： 董事会治理特征财务风险国有企业民营企业实证研究　出处：《西北大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国公司起步晚,一直以来把公司绩效和公司价值作为衡量公司经营好坏的一项标准,却往往忽视“风险”这一关键后果指标。如此一来,一些看似业绩好的公司一夜之间轰然倒塌也不足为奇。在人们唏嘘不已的时候,却很少分析其背后的原因。不过,在金融危机发生之后,内部治理及财务风险的管控问题逐渐成为企业管理的重要内容。如今面临经济下行压力,市场环境严峻,越来越多的上市公司暴露出管理问题,尤其是财务方面。而影响财务风险的因素一般有两大类,即外部因素和内部因素,外部因素企业无法控制,但内部因素是企业可以改善的,且内部因素重于外部因素。内部因素由公司治理构成,公司治理中最核心的便是董事会治理,为了令文章更加细化、深入,本文将董事会治理从“横向”和“纵向”两个角度出发,横纵结合研究董事会治理特征对财务风险的影响,保证了文章内容的丰富性。本文采用规范研究与实证分析相结合的研究方法,以沪深上市公司2011-2015年数据为样本,经过相关性分析和多元回归得出实证结论。研究结果显示,董事会治理特征的“横向角度”,即国有企业和民营企业董事会治理特征对财务风险的影响不一样,具体来说,国有企业董事会规模、董事平均年龄与财务风险呈正相关,独立董事比例、董事会会议频率与财务风险呈负相关;民营企业董事平均年龄与财务风险呈正相关,董事持股比例、董事会会议频率与财务风险呈负相关。与此同时,本文结合实证结果和现实情况分别对国有和民营企业作出针对性政策建议。希望对实务界和后续研究有所帮助。
[Abstract]:Our company started late, always regard corporate performance and company value as a measure of good or bad company management, but often ignore the "risk" as a key outcome indicator. It's no surprise that some companies that seem to be doing well have collapsed overnight. When people are sobbing, they rarely analyze the reasons behind them. But after the financial crisis, The management of internal governance and financial risk has gradually become an important part of enterprise management. Nowadays, faced with economic downward pressure and severe market environment, more and more listed companies are exposed to management problems. Especially in the financial aspect, there are generally two kinds of factors that affect financial risk, namely, external factors and internal factors. External factors can not be controlled by enterprises, but internal factors can be improved by enterprises. And internal factors are more important than external factors. Internal factors are composed of corporate governance, the core of corporate governance is board governance, in order to make the article more detailed, in-depth, In this paper, the governance of the board of directors from the "horizontal" and "vertical" two angles, horizontal and vertical study of governance characteristics of the board of directors on the financial risk, This paper adopts the method of combining normative research with empirical analysis, taking the data of Shanghai and Shenzhen listed companies from 2011 to 2015 as a sample, through correlation analysis and multiple regression analysis, the empirical conclusions are obtained. The "horizontal angle" of the governing characteristics of the board of directors, that is, the influence of the governing characteristics of the board of directors of state-owned enterprises and private enterprises on the financial risk is different. Specifically, the size of the board of directors and the average age of the directors of state-owned enterprises are positively correlated with the financial risks. The proportion of independent directors, the frequency of board meetings and the financial risk are negatively correlated, the average age of the directors is positively correlated with the financial risk, the proportion of directors holding shares and the frequency of board meetings are negatively correlated with the financial risks. Combined with the empirical results and the actual situation, this paper makes targeted policy recommendations to state-owned and private enterprises, hoping to be helpful to the practice and follow-up research.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F271

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