我国旅游上市公司绩效与公司治理结构的实证研究

发布时间：2018-02-24 09:09

本文关键词： 旅游上市公司治理结构指标公司绩效净资产收益率　出处：《新疆大学》2012年硕士论文　论文类型：学位论文

【摘要】：公司治理历来是公司绩效的一个核心问题，公司治理是为了保证企业科学决策而进行的制度安排与设计，这种制度安排和设计对企业的发展和社会的进步有着极其深远的实际意义。公司治理能够使企业决策更加科学化、高效化。建立良好的公司治理结构和治理机制，有助于公司建立长远的发展战略，并通过相应机制可以对公司战略的执行情况进行有效的监督。恰当的控制体系，如风险监控、财务控制、信息披露制度是对公司良性经营的有力保障，可以持续提升公司的价值。公司治理机制是提升公司价值的核心因素之一，，一个现代公司能否顺利运转，在很大程度上取决于它的公司治理是否高效。良好的公司治理结构能够吸引投资者，从而增加企业的融资能力，促进经济增长，使投资者得到更大的回报。可以协调好公司利益相关者之间的关系；良好的公司治理结构能够使企业保持与供应商、消费者及其他合作伙伴之间的稳定关系，从而有利于企业不断降低成本，与消费者和经销商之间增加信誉度，进而增加其产品的市场占有率，提升企业的社会形象和市场竞争能力，最大限度调动经营者的积极性；良好的公司治理是企业发展的基础，是资本市场稳定发展的基本保证；良好的公司治理是企业增强竞争力和提高经营绩效的必要条件。公司治理结构的优劣将直接影响到上市公司绩效。本文以中国旅游上市公司为研究对象，利用SPSS软件并综合运用委托代理理论、利益相关者理论对我国深市、沪市2006-2010年旅游上市公司公布的数据进行研究。选取的公司治理结构指标包括：董事会规模、独立董事比例、两职设置、董事薪酬、高管薪酬、信息披露、第一大股东持股比例、前五大股东持股比例、流通股比例。证监会规定连续三年盈利的公司才能上市，所以净资产收益率是衡量公司绩效的一个重要指标，加之其可获得性，所以本文公司绩效的评价指标最终选用净资产收益率（ROE）。通过描述性统计、相关性分析、回归性分析法得出公司治理结构与公司绩效之间的关系。通过实证研究表明：（1）董事会规模与公司绩效间不存在显著线性关系；（2）独立董事比例与公司绩效没有显著线性关系；（3）两职设置与公司绩效没有显著线性关系；（4）董事薪酬与公司绩效间没有显著线性关系；（5）高管薪酬与公司绩效没有显著线性关系；（6）信息披露与公司绩效存在显著正相关（7）第一大股东持股比例与公司绩效间存在显著正相关；（8）前五名大股东持股比例与经营业绩间存在显著正相关；（9）流通股比例与公司绩效没有显著线性关系。
[Abstract]:Corporate governance has always been a core issue of corporate performance. Corporate governance is the institutional arrangement and design to ensure the scientific decision-making of enterprises. This kind of system arrangement and design is of great practical significance to the development of enterprises and the progress of society. Corporate governance can make enterprise decision-making more scientific and efficient, and establish a good corporate governance structure and governance mechanism. Help the company to establish long-term development strategy, and through the corresponding mechanism to effectively monitor the implementation of the company strategy. Appropriate control system, such as risk monitoring, financial control, The information disclosure system is an effective guarantee to the company's benign operation and can continuously enhance the value of the company. The corporate governance mechanism is one of the core factors to enhance the company's value, and whether a modern company can run smoothly or not, A good corporate governance structure can attract investors, thereby increasing the financing capacity of enterprises and promoting economic growth. Better returns for investors. Good corporate governance structures that allow companies to maintain stable relationships with suppliers, consumers, and other partners. Therefore, it is beneficial to reduce the cost, increase the reputation with consumers and dealers, increase the market share of the products, promote the social image and market competition ability of the enterprises, and mobilize the enthusiasm of the operators to the maximum extent. Good corporate governance is the foundation of enterprise development and the basic guarantee of stable development of capital market. Good corporate governance is a necessary condition for enterprises to enhance their competitiveness and improve their operating performance, and the merits and demerits of corporate governance structure will directly affect the performance of listed companies. This paper takes Chinese tourism listed companies as the research object, uses SPSS software and synthetically uses the principal-agent theory, the stakeholder theory to our country deep market. The selected corporate governance structure indicators include: board size, proportion of independent directors, two-position setup, director compensation, executive compensation, information disclosure, the proportion of the largest shareholders, The stock holding ratio of the top five major shareholders and the proportion of outstanding shares. The CSRC stipulates that companies that make profits for three consecutive years can be listed, so the return on net assets is an important indicator to measure the performance of the company, plus its availability. So the evaluation index of company performance in this paper is ROE.Through descriptive statistics, correlation analysis and regression analysis, the relationship between corporate governance structure and corporate performance is obtained. An empirical study shows that there is no significant linear relationship between the size of the board of directors and corporate performance. (2) there is no significant linear relationship between the proportion of independent directors and corporate performance. There is no significant linear relationship between compensation and corporate performance. (5) there is no significant linear relationship between executive compensation and corporate performance. 6) there is a significant positive correlation between information disclosure and corporate performance. There is a significant positive correlation between the shareholding ratio of the top five major shareholders and the operating performance) there is no significant linear relationship between the proportion of circulating shares and the performance of the company.
【学位授予单位】：新疆大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F592.6;F832.51

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