新三板挂牌企业治理结构与成长性的关系研究

发布时间：2018-03-24 00:15

本文选题：新三板挂牌企业　切入点：治理结构　出处：《东华大学》2017年硕士论文

【摘要】：由于新三板市场挂牌的便利性、融资的高效性,吸引了众多中小企业,成为中小企业和投资者之间的桥梁。在挂牌企业数量急剧井喷的同时,市场政策、规范制定的不足也逐渐显现。目前,新三板市场尚未对挂牌企业的治理结构制定详细的规范要求,对于中小企业而言治理结构在企业发展的过程中与企业的经营成长息息相关,然而又容易被经营者所忽视。为了提升企业经营绩效和可持续发展能力,以吸引更多的优秀投资,企业必然要关注治理效率、行业地位、决策机制的完善等问题。企业成长性是企业治理水平和治理结构健全与否的直接且有效的反应,企业持续健康的发展必然与良好的企业治理相联系。可以说,企业治理结构的合理性、治理机制的有效性是提高企业成长性的必要条件。对于新三板挂牌企业而言,多数企业处于快速成长阶段,但同时又普遍存在治理结构不完善的问题,改善企业治理结构迫在眉睫。从该意义出发,本文研究新三板挂牌企业治理结构与成长性的选题具有重要的理论价值和现实意义。本文选取新三板挂牌企业治理结构与成长性的关系作为研究对象,选取新三板软件与信息技术服务业挂牌企业作为研究样本,采用理论与实践相结合、规范研究与实证分析相结合的研究方法,在中小企业理论、成长理论和企业治理理论的基础上,通过分析我国新三板挂牌企业治理结构及成长性现状,剖析治理结构对中小企业成长性的作用。在借鉴杨丽苗(2014)所建立的新三板企业成长性评价指标体系和曾江洪(2007)所建立中小企业成长性评价指标体系后,根据新三板企业的特点,运用主成分分析法构建由1个一级指标、3个二级指标、9个三级指标所构成的新三板挂牌企业成长性综合得分评价体系,运用该体系计算2013年之前挂牌的软件与信息技术服务业共计117家企业的成长性得分并排名。然后,在控制资产规模、上市时间等因素的情况下,分别从董事会治理和股权结构两个维度研究它们与新三板挂牌企业成长性之间的关系,并对样本按照第一大股东是否绝对控股进行分组,进一步探究第一大股东绝对控股与非绝对控股分别对企业成长性的影响。通过描述统计和回归分析,得到以下结论:在董事会治理与成长性方面,董事会规模与企业成长性呈正相关关系;是否设立独立董事与企业成长性不相关;董事会与总经理两职兼任有利于企业成长性的提高。在股权结构与成长性方面,总体而言,股权集中度与企业成长性正相关,高管持股和股权制衡度与企业成长性不相关。当第一大股东绝对控股时,股权集中度、高管持股和股权制衡度均与企业成长性正相关;当第一大股东非绝对控股时,股权集中度、高管持股和股权制衡度与企业成长性之间均不存在相关性。最后,本文根据研究结果并结合我国新三板市场现状,从董事会治理、股权结构和管理层激励三方面提出了完善企业治理结构、提高新三板挂牌企业成长性的对策建议。通过本文研究,能够弥补现有对新三板企业治理结构与成长性关系研究的不足,有利于完善企业治理理论和中小企业成长理论,同时有助于建立合理的新三板企业治理结构政策,完善新三板企业的治理结构。
[Abstract]:Due to the convenience of three new board market listing, financing efficiency, to attract a large number of small and medium-sized enterprises, has become a bridge between small and medium-sized enterprises and investors. The number of Listed Companies in sharp blowout at the same time, the market policy, lack of norms gradually. At present, the new three board market is not listed on the corporate governance structure to develop detailed specification for small and medium enterprises governance structure is closely related with the business growth in the process of enterprise development, but also easily ignored by the operator. In order to improve business performance and the ability of sustainable development, in order to attract more outstanding investment, enterprises must pay attention to the efficiency of governance, industry status, problems such as the decision-making mechanism. Enterprise growth is the level of corporate governance and governance structure directly related and effective response, sustained and healthy development of enterprises is inevitable and good Corporate governance related. It can be said that the rationality of corporate governance structure, the effectiveness of corporate governance is a necessary condition to improve the company's growth. For the new board listed companies, the majority of enterprises are in the stage of rapid growth, but also exists imperfect governance structure, improve corporate governance structure from the point of view of the significance of imminent. In this paper, three new board listed companies governance structure and growth of the topic has important theoretical value and practical significance. This paper selects the relationship between the three new board listed companies governance structure and growth as the research object, selects the new board software and information technology services industry listed companies as the research sample, using a combination of theory and practice, research methods combination of normative research and empirical analysis, in the small and medium-sized enterprise basic theory, growth theory and corporate governance theory, through the analysis of our country Three new board listed companies governance structure and development of the status quo, analysis of the governance structure of the growth of the role of small and medium enterprises. In reference to Yang Limiao (2014) of the evaluation index system and the growth of Ceng Jianghong to establish a new board of enterprise (2007) the establishment of small and medium-sized enterprise growth evaluation index system, according to the characteristics of the new board of the enterprise, the use of the main component is constructed by 1 first level indexes analysis, 3 level two indexes, which are composed of 9 new board listed three indicators of the comprehensive scores of the enterprise growth evaluation system, using the system to calculate before 2013 growth scores of software and information technology services letter listed a total of 117 enterprises and then ranking. In the control, asset size, time to market factors, respectively, the two dimensions of governance and ownership structure of listed enterprise growth and the relationship between the new board of directors from the sample, and in accordance with Article A shareholder is definitely holding group, to further explore the first shareholder holding and non absolute holding respectively on the impact of business growth. Through descriptive statistics and regression analysis, get the following conclusions: in the aspect of board governance and growth, the size of the board of directors and enterprise growth positively relationship; whether the establishment of independent directors and enterprise growth is not related to the board of directors and the general manager; two part-time staff is conducive to the growth of enterprises to improve the effectiveness. In ownership structure and growth, overall, the ownership concentration degree and enterprise growth is positively related to managerial ownership and equity balance degree and enterprise growth is not relevant. When the first major stockholder. Ownership concentration, managerial ownership and equity balance degree and corporate growth are related; when the first major shareholders of non absolute control, ownership concentration, managerial ownership and equity balance degree and enterprise There was no correlation between the growth. Finally, according to the research results and combined with the status quo of China's new third market, from the governance of the board of directors, ownership structure and management incentive three aspects put forward to perfect the corporate governance structure, improve the new three board listed enterprise growth countermeasure suggestion. Through this research, to make up for lack of existing study on corporate governance and the growth of the new three business, is conducive to the improvement of corporate governance theory and the theory of the growth of small and medium-sized enterprises, and help to establish the policy of three new board enterprise reasonable governance structure, improve the governance structure of the new board of the enterprise.

【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F271

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