传媒业上市公司治理结构比较研究

发布时间：2018-01-11 16:09

本文关键词：传媒业上市公司治理结构比较研究　出处：《山东大学》2012年硕士论文　论文类型：学位论文

【摘要】：为了改善我国传媒产业结构以及适应国际传媒产业的制度演变,提升传媒业的国际竞争力,我国传媒企业纷纷借鉴国外经验,采取控股以及参股等方式进行资本运作。公司治理结构是现代企业制度改革的关键,由于传媒行业的特殊性,传媒业上市公司改革进程面临多重压力与挑战,政治力量与资本力量的结合、管理主体的多元化、盈利模式的单一化、产业智力和技术密集等特点,决定了传媒业的治理结构与一般行业相比显著不同。传媒业上市公司治理结构一直是国内外理论界和实务界的热点,但是在众多的研究当中由于选择的方法、样本和指标不同至今没有一致的观点。本文采用规范研究、比较研究与实证研究相结合的方法,对我国传媒上市公司与电力煤气与水的供应与生产、通讯服务、专业科技服务、计算机应用服务等行业的上市公司股权结构以及三会运作、高管激励等进行了比较研究。通过大样本的比较研究发现具有严格政府监管垄断性质以及以“轻资产”经营为主的传媒上市公司的治理结构具有与其他行业显著不同的特点。传媒业上市公司呈现显著的高度集中的股权结构特征,第一大股东持股比例以及前五大股东的股权集中度显著高于电力煤气与水的生产供应业、通信服务业和计算机应用服务业,但股权制衡度却显著低于以上对比行业,表现为典型的行政型治理色彩。网络媒体、网游动漫等新兴传媒行业上市公司相对广播电影电视、平面媒体等传统传媒行业上市公司,治理结构较为完善,公司董监事和高管的选任市场化程度高,激励机制相对灵活。根据相关的比较研究,本文认为传媒上市公司应该从以下几方面优化其治理结构：传媒整体上市、优化股权结构与董事会规模、完善董事以及高管的激励、完善独立董事制度、强化监事会的制度建设等。
[Abstract]:In order to improve our media industry structure and adapt to the evolution of the international media industry system, enhance the international competitiveness of the media industry, China's media enterprises have overseas experience, and taken to holding shares and other ways to carry out capital operation. Corporate governance structure is the key of modern enterprise system reform, because of the particularity of the media industry, the reform process of the media listed companies are facing multiple pressures and challenges, combined with political power and capital strength, management main body diversification, single profit model, industry intelligence and technology intensive characteristics, compared with the general industry determines the governance structure of the media industry is significantly different. The governance structure of listed companies has been the focus of the media industry and the theoretical circles at home and abroad but in practice, many of the study because of the methods, samples and indexes of different has no consistent point of view.
This paper adopts normative research method, comparative research and empirical research combined with the supply and production of Chinese media listed companies and electricity gas and water communication services, professional and technical services, the equity structure of Listed Companies in computer application services industries and will operate three, executive incentives were studied comparatively.
Through a comparative study of the large sample found with strict government regulation of monopoly nature and governance structure to "asset light" business oriented media companies and other industries are significantly different. The media industry listed companies show the highly concentrated ownership structure significantly and the characteristic of centralized production and supply of electricity gas and water was significantly higher than that of the proportion of the first largest shareholder and the top five shareholders' equity, communication services and computer application service industry, but the equity balance degree was significantly lower than the above comparison industry, as a typical administrative governance color. Network media, online animation and other emerging media companies relative radio film and television, print media and other traditional media industry listed companies, corporate governance structure more perfect, selection of market-oriented corporations and executives, incentive mechanism is relatively flexible.
According to the comparison of the relevant research, this paper considers from the following aspects to optimize the governance structure of listed media companies: the media should be listed as a whole, to optimize the ownership structure and the size of the board of directors, directors and executives to improve the incentive, improve the independent director system, strengthen the system construction of the board of supervisors.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：G206;F832.51

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