基于竞争性国有上市公司绩效的董事会结构有效性研究

发布时间：2018-01-08 03:08

本文关键词：基于竞争性国有上市公司绩效的董事会结构有效性研究　出处：《重庆工商大学》2012年硕士论文　论文类型：学位论文

【摘要】：董事会是连接股东与管理层的桥梁,在公司治理中处于核心地位,其运行是否有效直接影响到企业的绩效。而董事会能否正常运转，其内部结构是一个最为重要的影响因素。我国竞争性国有上市公司董事会建设是国企改革最重要的一环，到2006底已经形成了较为规范的董事会结构。但是初步建立的董事会结构是否会对公司绩效产生积极影响呢？本文期望通过结构特征与公司业绩关系的研究，从而进一步优化董事会的内部结构，最终促进竞争性国有上市公司的更好发展。论文主体部分是采用理论与实证研究相结合的方式，首先从理论上分析了董事会规模、独立董事比例、专业委员会数量、董事长和总经理两职状态、派驻董事比例等五方面与及绩效的关系，并作出研究假设，，然后以2005年至2010年为数据区间，选取的中国沪、深两市2004年12月31日前上市交易的86家竞争性国有上市公司作为研究对象，运用相关性分析和回归分析等统计方法研究了董事会结构对公司绩效的影响，结果表明：我国竞争性国有上市公司董事会规模与绩效呈倒U型二次曲线关系；独立董事比例与绩效不存在相关关系；两职分离有利于提升公司绩效；专门委员会数量与绩效之间正相关；派驻董事比例与绩效之间存在正相关关系。最后，针对实证分析结果所反映出的董事会结构问题，提出了提高竞争性国有上市公司董事会治理水平的建议，如保持合理、适度偏大的董事会规模；加强独立董事制度建设，优化董事会内部构成；董事会领导结构设置战略导向；强化专业委员会建设，提高董事会运作效率；提高派驻董事质量，重点强化其政治领导力。
[Abstract]:The board of directors is the link between the shareholder and management, is the core of corporate governance, its operation is effective or not directly affect the performance of the enterprise. The board can operate normally, its internal structure is one of the most important factors. China's competitive state-owned listed companies in the construction of the board of directors is a ring the most important of the reform of state-owned enterprises by the end of 2006, has formed a relatively standardized board structure. But the initial establishment of the structure of the board of directors will have a positive impact on corporate performance? This thesis is expected to study on the relationship between the structure and performance of the company, so as to further optimize the internal structure of the board of directors, and ultimately promote the better development of state-owned listed companies competitive.
The main part of the thesis is the combination of theory and empirical research methods, firstly analyzes the size of the board of directors, the proportion of independent directors, the number of Specialized Committee, chairman and general manager of the two level, the relationship between the five aspects and the presence of directors proportion and performance, and make a research hypothesis, and then from 2005 to 2010 data select the Chinese interval, Shanghai, Shenzhen two city before December 31, 2004 traded 86 competitive state-owned listed companies as the research object, using statistical methods of correlation analysis and regression analysis of the influence of structure on corporate performance results show that the directors of our competitive state-owned listed companies will be inverted U type two the relation curve between size and performance; there is no correlation between the proportion of independent directors and performance; the separation of two staff will help enhance the company's performance; between the special committee and the number of performance Positive correlation; there is a positive correlation between the proportion of stationed directors and performance.
Finally, according to the empirical analysis results reflect the structure of the board of directors, the board of directors of the state-owned listed companies are put forward to improve the competitive level of governance suggestions, such as to maintain a reasonable, moderate the size; strengthen the system of independent directors, the board of directors of internal structure optimization; board leadership structure set up strategic orientation; strengthening Specialized Committee building, improve the operation of the board of directors of efficiency; improve the quality of the presence of directors, strengthen its political leadership.

【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F276.1;F832.51

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