山东上市公司独立董事制度建设研究

发布时间：2018-02-15 08:13

本文关键词： 独立董事上市公司因子分析中介效应　出处：《山东大学》2012年硕士论文　论文类型：学位论文

【摘要】：独立董事制度最早起源于美国。2001年,中国证监会发布了《关于在上市公司建立独立董事制度的指导意见》,目前该制度在我国已实行了十年,但其有效性仍备受质疑。山东作为一个经济大省,其上市公司具有独特的性质,具有较高的研究意义。通过探讨山东上市公司独立董事的制度建设问题,对促进我国证券市场的健康平缓发展具有重要的现实意义。本文通过对在国内外理论研究发现,发现国内研究更强调独立董事的监督职能,但对于能否通过保护中小股东权益进而提高公司绩效的研究并不多。在此背景下,本文首先从资本结构、经营绩效、公司治理、独立董事背景等方面将山东、北京、上海、广东、浙江和江苏六省的上市公司进行比较分析,发现山东上市公司数量偏少,证券化率较低,股权过度集中,治理结构有待完善,之后对山东上市公司独立董事背景进行现状分析,发现山东上市公司更倾向于有专业知识背景独立董事,并且都较为年轻。在现状分析的基础上,本文将影响上市公司绩效的众多因素进行因子分并,并将因子分析得出的上市公司绩效综合得分作为因变量,独立董事年龄、任职家数等特征变量作为自变量,关联交易、对外担保和大股东占款作为中介变量,并按上市公司资产规模从小到大分成三个规模建立回归模型,分析各变量之间的关系并研究是否存在中介效应。研究发现,独立董事比例对保护中小股东权益和上市公司绩效并没有起到积极作用,《指导意见》的初衷并没能完全达到；除非国有控股权特别集中,否则适当提高独立董事津贴能有效激励独立董事履行自己的职责；而且限制独立董事任职家数以及保有一定数量的本地董事能有效地发挥独立董事的作用。当上市公司内部人控制现象不严重时,应重视独立董事的专业背景,当上市公司股权集中度高,内部人控制现象很严重时,应更多聘请有丰富经验的独立董事。基于以上结论,本文提出如何加强山东上市公司独立董事制度建设的相关建议。
[Abstract]:The independent director system originated in the United States. In 2001, the China Securities Regulatory Commission issued the guidance on the Establishment of an Independent Director system in listed companies. At present, the system has been implemented in China for ten years. However, its validity is still questioned. As a big economic province, Shandong's listed companies have a unique nature and high research significance. It is of great practical significance to promote the healthy and steady development of China's securities market. Through the theoretical research at home and abroad, it is found that the domestic research emphasizes the supervisory function of independent directors, but there are few studies on whether to protect the rights and interests of minority shareholders and to improve the performance of the company. This paper first compares the listed companies in Shandong, Beijing, Shanghai, Guangdong, Zhejiang and Jiangsu provinces from the aspects of capital structure, business performance, corporate governance, background of independent directors, etc., and finds that the number of listed companies in Shandong is on the low side. The securitization rate is low, the equity is too concentrated, and the governance structure needs to be improved. After analyzing the background of independent directors of Shandong listed companies, it is found that Shandong listed companies are more inclined to have professional knowledge background independent directors, and are younger. On the basis of the analysis of the present situation, this paper points and unifies the factors that affect the performance of listed companies, and takes the comprehensive score of performance of listed companies obtained by factor analysis as the dependent variable, and the age of independent directors. The characteristic variables, such as the number of employed families, as independent variables, related party transactions, foreign guarantee and large shareholder holdings as intermediary variables, are divided into three scales according to the size of assets of listed companies to establish a regression model. The relationship between variables is analyzed and the existence of intermediary effect is studied. The study found that the proportion of independent directors did not play a positive role in protecting the rights and interests of minority shareholders and the performance of listed companies. Otherwise, properly increasing the allowance of independent directors can effectively encourage independent directors to perform their duties; Moreover, limiting the number of independent directors and maintaining a certain number of local directors can effectively play the role of independent directors. When the phenomenon of internal control is not serious, we should pay attention to the professional background of independent directors. When the ownership concentration of listed companies is high and the phenomenon of insider control is very serious, more experienced independent directors should be hired. Based on the above conclusions, this paper puts forward some suggestions on how to strengthen the construction of independent director system of listed companies in Shandong.
【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】：F832.51;F276.6;F224

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