董事会治理与企业财务风险的相关性研究

发布时间：2018-01-18 09:03

本文关键词：董事会治理与企业财务风险的相关性研究　出处：《西北大学》2012年硕士论文　论文类型：学位论文

【摘要】：企业财务风险的问题一直是国内外学者研究的热点,也是财务领域中的重要研究课题。导致企业出现财务风险的原因很多,有的是由企业外部原因造成的,有的是由企业内部原因造成的,但其内部原因是影响企业财务风险大小的关键所在。加之,我国现阶段上市公司存在“三强五弱”的社会现象,使我国上市公司的公司治理问题尤为严重,而董事会治理作为公司治理的核心,对企业财务风险有极大的影响。可见,将董事会治理引入企业财务风险的研究,可以有效地降低企业财务风险。本文采用实证研究法,以2006—2010年沪、深两市的一般上市公司为样本,通过偏相关和描述性统计方法进行分析,并建立多元线性回归模型,探讨分析董事会治理对企业财务风险的影响。实证研究结果表明：董事会治理结构中仅有董事会规模、董事长与总经理两职设置情况两个因素没有通过显著性检验；独立董事比例通过了显著性检验,且与企业财务风险呈正相关,独立董事比例越高,企业财务风险越大；委员会设置通过了显著性检验,且与企业财务风险呈正相关,即在我国现阶段设置委员企业的财务风险将比不设置委员会企业的财务风险大；董事激励的董事薪酬与董事持股比例也都通过了显著性检验,且与企业财务风险呈负相关,即股东对董事提供有效的激励措施,可以促使董事会成员采取积极措施降低企业财务风险；董事行为的董事会会议次数也通过了显著性检验,且与企业财务风险呈正相关,说明董事会议越多,企业财务风险越大。针对实证分析结果,提出完善董事会治理的相关对策建议,并对后续研究进行进一步展望。
[Abstract]:The issue of corporate financial risk has been the research focus of scholars, but also an important research topic in the financial field. Many reasons lead to corporate financial risk, some are caused by external reasons, some are caused by internal reasons, but the internal cause is the key to impact the size of the corporate financial risk there are "social phenomenon. In addition, five strong weak" at this stage of our listed companies, the corporate governance of Listed Companies in China is particularly serious, board governance as the core of corporate governance of financial enterprise is greatly affected by the risk. Obviously, the board of directors of corporate financial risk management. Can effectively reduce the risk of corporate finance.
In this paper, empirical research is used to analyze the general listed companies in Shanghai and Shenzhen two cities from 2006 to 2010, and analyze them by partial correlation and descriptive statistics, and establish multiple linear regression models to explore the impact of Board Governance on corporate financial risk.
The empirical results show that: the only board governance structure will scale the situation, the chairman and general manager of two positions in two did not pass the significant test; the proportion of independent directors through a significant test, and corporate financial risk was positively related, the higher the ratio of independent directors, the greater the risk of corporate finance committees; through the test of significance, and corporate financial risk was positively related, set the member enterprises at the present stage of our country's financial risk than do not set the financial risk of the Commission; the board of directors incentive compensation and board ownership have passed the significant test, and negatively correlated with corporate financial risk, i.e. the shareholders to provide effective incentives for directors, can make the members of the board of directors to take positive measures to reduce financial risk; the behavior of board meetings through The significance test is positively correlated with the financial risk of enterprises, indicating that the more board meetings, the greater the financial risk of enterprises. Based on the results of empirical analysis, suggestions and Countermeasures for improving board governance are put forward, and further research is prospected.

【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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