新疆上市公司治理结构与财务绩效的关联性研究
发布时间：2018-11-17 15:29
【摘要】：公司治理结构主要体现在四个方面,即股权结构、董事会特征、监事会规模、管理层激励。股权结构和董事会特征之间存在的差别,反映了不同性质利益相关者在上市公司中的利益和价值取向,这种利益和价值取向将直接作用在公司治理中,进而影响公司的经营状况,所以股权结构和董事会特征是公司治理的基础和前提。而监事会能够对公司管理层形成一定约束和监督,管理层激励有利于促使管理层勤勉工作义务,能够对内部的信息实现及时、充分披露,尤其是对存在的关联交易予以及时遏制、约束,保护于中小投资者的权益。本文基于对新疆上市公司治理结构及财务绩效的公开数据,分别选取公司治理结构的四个维度研究新疆上市公司治理结构与财务绩效的关联性。借助委托代理、激励理论等,分析新疆上市公司治理结构中四个维度的量化指标及作用程度,研究这四个维度对财务绩效的影响。选用因子分析法对从公司创造价值、资金周转、扩张能力等角度综合考虑确定财务绩效的评价体系,将其确定为被解释变量;选取股权结构、董事会特征、监事会规模、管理层激励相关指标作为解释变量,通过多元回归处理,检验其与财务绩效的关联性。研究发现:股权集中度、独立董事占比、管理层人员独立性与财务绩效呈现正相关且显著;高管年薪、与财务绩效呈现正相关,但不显著;流通股占比、董事会人数、两职合一、监事会规模、持股人数占比与财务绩效没有关联性。分别从优化股权结构、完善董事会建设、强化监事会职能、加强管理层激励四个方面提出相应的优化建议,进而推动新疆上市公司完善治理结构,提升整体的财务绩效。
[Abstract]:The corporate governance structure is mainly embodied in four aspects, namely, ownership structure, board characteristics, board of supervisors scale, and management incentive. The difference between the ownership structure and the characteristics of the board of directors reflects the interest and value orientation of different stakeholders in the listed company, which will directly affect the corporate governance. Therefore, ownership structure and board characteristics are the foundation and premise of corporate governance. And the board of supervisors can form certain constraints and supervision to the management of the company, and the incentive of the management is conducive to promoting the diligent work obligation of the management, and can realize timely and full disclosure of the internal information. In particular, the existence of related-party transactions to timely contain, constraints, to protect the rights and interests of small and medium investors. Based on the public data on the governance structure and financial performance of listed companies in Xinjiang, this paper selects four dimensions of corporate governance structure to study the relationship between governance structure and financial performance of listed companies in Xinjiang. With the aid of principal-agent and incentive theory, this paper analyzes the quantitative indexes and the degree of action of the four dimensions in the governance structure of listed companies in Xinjiang, and studies the impact of these four dimensions on financial performance. The evaluation system of financial performance is considered synthetically from the angles of creating value, capital turnover, expanding ability and so on, and it is determined as the explanatory variable. The ownership structure, the characteristics of board of directors, the size of the board of supervisors and the relevant indicators of management incentive are selected as explanatory variables to test its relevance to financial performance through multiple regression analysis. It is found that the ownership concentration, the proportion of independent directors, the independence of management personnel and financial performance are positively correlated and significant, the annual executive salary is positively correlated with financial performance, but it is not significant. The proportion of circulating shares, the number of the board of directors, the combination of two positions, the size of the board of supervisors, and the proportion of the number of shares held are not related to the financial performance. From four aspects of optimizing the ownership structure, perfecting the board of directors construction, strengthening the function of the board of supervisors and strengthening the incentive of the management, the paper puts forward the corresponding optimization suggestions, and then promotes the listed companies in Xinjiang to improve the governance structure and enhance the overall financial performance.
【学位授予单位】：新疆大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F271
[Abstract]:The corporate governance structure is mainly embodied in four aspects, namely, ownership structure, board characteristics, board of supervisors scale, and management incentive. The difference between the ownership structure and the characteristics of the board of directors reflects the interest and value orientation of different stakeholders in the listed company, which will directly affect the corporate governance. Therefore, ownership structure and board characteristics are the foundation and premise of corporate governance. And the board of supervisors can form certain constraints and supervision to the management of the company, and the incentive of the management is conducive to promoting the diligent work obligation of the management, and can realize timely and full disclosure of the internal information. In particular, the existence of related-party transactions to timely contain, constraints, to protect the rights and interests of small and medium investors. Based on the public data on the governance structure and financial performance of listed companies in Xinjiang, this paper selects four dimensions of corporate governance structure to study the relationship between governance structure and financial performance of listed companies in Xinjiang. With the aid of principal-agent and incentive theory, this paper analyzes the quantitative indexes and the degree of action of the four dimensions in the governance structure of listed companies in Xinjiang, and studies the impact of these four dimensions on financial performance. The evaluation system of financial performance is considered synthetically from the angles of creating value, capital turnover, expanding ability and so on, and it is determined as the explanatory variable. The ownership structure, the characteristics of board of directors, the size of the board of supervisors and the relevant indicators of management incentive are selected as explanatory variables to test its relevance to financial performance through multiple regression analysis. It is found that the ownership concentration, the proportion of independent directors, the independence of management personnel and financial performance are positively correlated and significant, the annual executive salary is positively correlated with financial performance, but it is not significant. The proportion of circulating shares, the number of the board of directors, the combination of two positions, the size of the board of supervisors, and the proportion of the number of shares held are not related to the financial performance. From four aspects of optimizing the ownership structure, perfecting the board of directors construction, strengthening the function of the board of supervisors and strengthening the incentive of the management, the paper puts forward the corresponding optimization suggestions, and then promotes the listed companies in Xinjiang to improve the governance structure and enhance the overall financial performance.
【学位授予单位】：新疆大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F271
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