董事会改革试点是否提高了央企的绩效？

发布时间：2018-05-17 18:15

本文选题：董事会试点 + 董事会治理结构　；参考：《山东大学》2017年硕士论文

【摘要】：从1993年开始我国国有企业开始建立现代企业制度,完善国有企业的治理结构。经过十年的改革虽然取得了一些明显的成效,但是仍有部分国有独资企业的治理结构还不完善。为了完善部分国有独资企业的治理结构,提高国有企业的市场竞争力,国资委自2004年开始董事会改革试点,至今已经过了十余年的时间。当前,对于董事会改革成效的评估仍然是学术界讨论的热点。从2005年国资委公布第一批试点企业开始,到2016年底多数央企均被纳入试点范围,经过这十多年的改革历程,试点央企是否建立了完善有效的董事会制度?董事会改革试点的实施是否促进了企业经营绩效的提升?在董事会改革已经持续十二年的今天,对于此政策效果的论证具有重要的现实意义。本文的研究方法注重理论分析与实证分析相结合的方式,综合运用规范性定性研究、实证性定量研究、分组比较分析等方法,在现有理论与案例研究的基础上深入研究实际问题,以2005-2015年公布的全部试点企业集团旗下的上市公司的面板数据作为研究样本,对董事会改革试点与试点企业经营绩效之间的关系进行实证研究。第一层次,通过描述性统计分析以及线性回归模型得出董事会改革对试点企业的董事会设置的有利影响。第二层次,运用相关性分析以及分组比较的方法得出董事会结构设置与企业绩效的相关关系。最后进行第三层次的实证研究,基于第一层次和第二层次的研究结果,运用双重差分模型具体分析董事会试点对企业绩效的影响程度。研究结果表明,董事会试点加速了董事会规范化和合理化设置:董事会设置的优化(包括董事会人数减少、独立董事比例增加、董事长与总经理两职分离以及专业委员会的设立与完善)与试点企业的绩效提高有正向关系;基于上述逻辑关系,运用双重差分模型得出董事会试点的实施最终提高了试点企业的经营绩效;试点对企业绩效的提高具有滞后性,试点企业需要一定的时间对董事会进行完善,在试点当年并没有绩效的提高,而随着时间的发展,试点效果逐渐凸显出来;在控制了行业类别的情况下,董事会试点所带来的政策效果更加明显。
[Abstract]:Since 1993, the state-owned enterprises of our country began to establish the modern enterprise system, perfect the management structure of the state-owned enterprises. After ten years of reform, although some obvious achievements have been made, there are still some state-owned enterprises with imperfect governance structure. In order to improve the governance structure of some wholly state-owned enterprises and improve the market competitiveness of state-owned enterprises, SASAC has started the pilot reform of the board of directors since 2004, and it has been more than ten years since then. At present, the evaluation of the effectiveness of board reform is still a hot topic in academic circles. Since the SASAC announced the first batch of pilot enterprises in 2005, by the end of 2016, most of the central enterprises have been included in the scope of the pilot. After more than 10 years of reform, has the pilot set up a perfect and effective board of directors system? Does the implementation of the board of directors reform pilot promote the improvement of business performance? Today, the reform of the board of directors has lasted for 12 years, the demonstration of the effect of this policy has important practical significance. The research methods of this paper focus on the combination of theoretical analysis and empirical analysis, and make comprehensive use of normative qualitative research, empirical quantitative research, grouping comparative analysis and so on. Based on the existing theories and case studies, the panel data of all listed companies under the pilot enterprise groups published from 2005 to 2015 are taken as the research samples. This paper makes an empirical study on the relationship between the pilot reform of the board of directors and the operating performance of the pilot enterprises. In the first level, through descriptive statistical analysis and linear regression model, the beneficial effect of board reform on the establishment of board of directors of pilot enterprises is obtained. In the second level, the relationship between the structure of the board of directors and the performance of the firm is obtained by using the method of correlation analysis and grouping comparison. Finally, the third level of empirical research, based on the first and second levels of research results, using the dual difference model to analyze the impact of the board of directors on corporate performance. The results show that the board pilot accelerates the standardization and rationalization of the board of directors: the optimization of the board setting (including the decrease in the number of board members, the increase in the proportion of independent directors), The separation of the chairman from the general manager and the establishment and perfection of the professional committee) have positive relationship with the performance improvement of the pilot enterprise. The double difference model is used to conclude that the implementation of the board of directors pilot ultimately improves the operating performance of the pilot enterprise; the pilot project has a lag in improving the performance of the enterprise, and the pilot enterprise needs a certain time to improve the board of directors. In the year of the pilot there is no improvement of performance, but with the development of time, the effect of the pilot is gradually prominent; in the case of controlling the industry category, the policy effect brought by the board of directors pilot is more obvious.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F276.1

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