公司治理结构对企业经营绩效影响的地区差异研究

发布时间：2018-03-28 12:29

本文选题：公司治理结构　切入点：经营绩效　出处：《山东农业大学》2017年硕士论文

【摘要】：关于公司治理结构对企业经营绩效影响的探讨,在现代企业,尤其是股份制企业,已经成为经营管理过程中不可避免的话题。虽然对于公司治理结构与上市公司经营绩效之间关系的研究热度不减,但很少有分地区来讨论的,从而忽略了地区差异这一重要的外部因素。由于我国对西部地区的建设力度只增不减,东中西部地区的政策也不尽相同,如2010年发布《中共中央国务院关于深入实施西部大开发战略的若干意见》以及2012年编制了《西部大开发“十二五”规划》,直到现在的“十三五”依然强调推动区域协调发展,深入实施西部大开发,推动东北基地振兴,促进中部地区崛起,支持东部地区率先发展,更好的辐射带动其他地区。再加之我国幅员辽阔,资源丰富,各地区的政治、经济、文化、社会等各方面的差异,导致公司治理结构对企业经营绩效也产生不同的影响。因此,本文从东中西三个地区对公司治理结构与企业经营绩效的关系进行分析,对我国区域协调发展具有指导作用和实践意义。本文选取了2013—2015年在沪深上市的公司为研究对象,从股权特征、董事会特征、监事会特征以及高管激励四个方面,对东、中、西部地区的公司治理结构分别进行了描述性统计分析,然后对这些地区从公司治理结构的四个方面对公司经营绩效的影响进行了实证分析。通过分析发现2013-2015年间,股权结构方面股权集中度只与东部地区上市公司具有显著正相关性,董事会结构方面对东中西三地区显著相关性并不稳定,监事会方面对三地区都没有显著相关性,高管激励方面的薪酬激励对三地区都具有显著正相关性,控制变量方面的资产负债率对三地区都具有显著负相关性,通过这些对比分析,可以分别为东中西三个地区的完善公司治理结构提供不同的参考意见,尤其是对西部地区上市公司的发展提供借鉴意义。
[Abstract]:On the influence of corporate governance structure on business performance, in modern enterprises, especially in joint-stock enterprises, Although the research on the relationship between the corporate governance structure and the operating performance of listed companies has not diminished, there are few regional discussions on the relationship between the corporate governance structure and the operating performance of listed companies. Thus neglecting the important external factor of regional difference. As China's construction of the western region has only increased and not decreased, the policies of the eastern, central and western regions are also different. For example, in 2010, the CPC Central Committee and the State Council issued a number of opinions on the in-depth implementation of the strategy for the development of the western region, and in 2012, the 12th Five-Year Plan for the Great Development of the Western region was compiled. Until now, the 13th Five-Year Plan still emphasizes the promotion of coordinated regional development. To carry out the large-scale development of the western region in depth, to promote the revitalization of the northeast base, to promote the rise of the central region, to support the eastern region to take the lead in development, and to promote other regions by better radiation. In addition, our country has a vast territory, rich resources, and the politics and economy of various regions. The differences in culture, society and other aspects lead to the different influence of corporate governance structure on business performance. Therefore, this paper analyzes the relationship between corporate governance structure and business performance from the three regions of East, West and West. This paper selects the companies listed in Shanghai and Shenzhen in 2013-2015 as the research object, from four aspects of equity characteristics, board of directors characteristics, board of supervisors characteristics and executive incentive. The paper makes descriptive statistical analysis on corporate governance structure in the western region, and then analyzes the impact of these areas on corporate performance from four aspects of corporate governance structure. In terms of ownership structure, ownership concentration only has significant positive correlation with listed companies in the eastern region, the board structure has no significant correlation with the three regions, while the board of supervisors has no significant correlation with the three regions. The compensation incentive of executive incentive has significant positive correlation to the three regions, and the asset-liability ratio of control variable has significant negative correlation to the three regions. It can provide different references for the improvement of corporate governance structure in the three regions of East, West and West, especially for the development of listed companies in the western region.
【学位授予单位】：山东农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51;F275

【参考文献】