中小板上市公司治理结构与绩效相关性研究

发布时间：2018-01-05 09:48

本文关键词：中小板上市公司治理结构与绩效相关性研究　出处：《吉林财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：上世纪八十年代，一个新名词作为全新领域出现在人们视野中就是公司治理，，同时它也首次在英文文献里出现。在经济高速运转，技术水平和观念意识逐渐增强的今天，公司治理问题就成为大家的焦点，越来越受到各方面关注。完善公司治理结构不仅仅是现代化企业制度最关键部分和重要结构框架，更是一个企业增强其核心竞争力、提高企业绩效的重要手段。由于中小企业是新兴的企业，比较有活力，所以我们在借鉴前人经验基础上对我国中小企业上市公司进行实证研究，本文选取2011年在深圳证券交易所上市的所有中小板上市公司作为研究对象，从中国证监会官方网站、深圳国泰安信息技术有限公司开发的CSMAR数据库、巨潮资讯数据库以及上市公司年报中搜集数据，最终得到106家样本数据，借助SPSS13.0统计分析软件进行描述性和多元统计分析，进而对我国中小板上市公司治理结构与企业绩效相关性进行研究。本文将公司治理结构分为三点内容：股权结构、管理层、董事会，并通过这三方面内容来讨论公司治理结构与企业绩效之间关系。具体探讨第一大持股比例、董事会规模、独立董事占董事会的比例、监事会规模、高管薪酬、公司规模等分别与企业绩效之间关系，进而建立模型并进行线性回归分析发现：（1)第一大股东持股比例与企业绩效正相关，说明股东持股比例一定程度对企业绩效存在影响；(2)董事会人数与企业绩效负相关，说明企业董事会规模不宜过于庞大，如果企业董事会规模过于庞大，他们就会为平衡彼此之间利益而增加相关成本，从而影响到企业绩效；（3)独立董事占董事会规模的比例与企业绩效没有显著相关性，这其中原因可能是这方面机制不完善，需要以后在这方面加强完善；（4)监事会规模与企业绩效没有显著相关性，从而我们可以得出监事会监督作用并没有很好得到发挥，需要在以后公司治理过程中不断得到完善；（5)高层薪酬与企业绩效成显著相关，说明我们需要对高管薪酬激励这方面做的更好一些；（6)企业大小与企业效益成正相关，从而得出随着企业规模扩大，会导致企业业绩会随之变好。针对以上的结论，我们提出相关建议与措施：（1)优化上市公司中小规模的股权结构；（2)完善中小企业板上市公司董事会制度；（3)完善中小企业板上市公司高管薪酬激励机制；（4)完善有关法律法规。
[Abstract]:In 80s, a new term as a new field appears in the horizon is the corporate governance, but also for the first time in English appeared in literature. In the rapid economic operation, technical level and consciousness of growing today, the problem of corporate governance has become the focus of everyone, has attracted more and more attention in all aspects. The perfection of corporate governance the structure of the modern enterprise system is not only the key part and important structure, is an enterprise to enhance its core competitiveness, an important means to improve enterprise performance.
Because of the small and medium-sized enterprise is a new enterprise, so we have a lot of energy, in reference to the previous experience on the basis of small and medium-sized enterprises of our country listed companies empirical research, this paper selects all the small plates in 2011 listed on the Shenzhen Stock Exchange listed companies as the research object, from the Chinese Commission official website, the development of Shenzhen's Tai'an Information Technology Co. Ltd. the CSMAR database, data collection cninfo database and the annual report of listed companies, finally obtained 106 sample data, using descriptive and multivariate statistical analysis SPSS13.0 statistical analysis software, and then the listed companies in China's SME Board Governance and corporate performance. This paper conducts a study on the relationship between the corporate governance structure is divided into three points: equity the structure, management, board of directors, and through these three aspects to discuss the relationship between corporate governance structure and corporate performance. To discuss the largest stake, board size, the proportion of independent directors, the size of the board of supervisors, executive compensation, firm size and firm performance relationship between respectively, and then establish the model and a linear regression analysis found that: (1) the first major shareholder equity ratio is positively correlated with corporate performance, that shareholder the proportion of a certain degree has effect on corporate performance; (2) the number of directors is negatively correlated with firm performance, corporate board size should not be too large, if the board of directors of the enterprise scale is too large, they will balance between interests and increase costs, which affects the performance of enterprises; (3) the independent directors of the board there was no significant correlation between the size of the proportion and enterprise performance, which may be due to this mechanism is not perfect, need to strengthen and improve later in this respect; (4) the size of the board of supervisors and enterprises There was no significant correlation between industry performance, so we can conclude that the supervisory role of the board of supervisors is not very good play, need to continuously improve in the future in the process of corporate governance; (5) the executive compensation and enterprise performance, we need to explain executive compensation incentive which do better; (6) the size of the enterprise and the enterprise benefit is positively related, so that with the expansion of enterprise scale, will lead to business performance will become better. According to the above conclusion, we put forward some suggestions and measures: (1) optimize the equity structure of listed companies of small and medium scale; (2) improve the SME board, the board of directors of listed companies (3) to improve the system; small and medium-sized enterprises in the incentive mechanism of executive compensation of listed companies; (4) improve the relevant laws and regulations.

【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F832.51

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