创业板上市公司董事会特征对公司绩效的影响研究

发布时间：2018-03-02 23:37

本文选题：创业板　切入点：董事会特征　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：2009年10月23日,首批28家创业板上市公司在深圳证券交易所挂牌上市,创业板市场经过十年的跌宕起伏,正式开始交易。创业板市场作为我国主板市场的重要补充,面向的服务对象多为初创期或成长期的中小型企业,这些企业多由民营企业或家族类企业发展而来,采取家族或类家族式的运营模式,具有独特的治理结构特征,有很好的成长性和发展潜力,但往往存在治理结构不完善,业绩不够稳定等问题。本文选取创业板上市公司为研究对象,运用实证方法,探究作为公司治理核心的董事会的特征对公司绩效的影响,从加强董事会建设的角度为完善创业板上市公司治理结构提供经验数据。本文由以下五部分构成：第一部分绪论。这部分主要介绍了本文的研究背景和意义、研究方法和内容,同时对国内外研究现状进行了回顾和简要评述,并对本文研究的贡献与不足进行阐述。第二部分理论基础部分。首先就董事会特征进行界定,并从结构特征、行为特征、激励特征和人文特征四个方面阐明了董事会特征的表现形式。其次,阐述董事会特征对公司绩效影响的理论基础,为下文的研究设计和实证分析做理论铺垫。第三部分研究设计部分。首先,以代理成本理论、资源依赖理论及新经济增长理论为依据,结合创业板上市公司的特点,就创业板上市公司董事会各项特征对公司绩效的影响机理进行分析并提出本文的研究假设,其次,阐述本文实证研究选择的样本和数据来源,再次,对本文模型中选择的变量(被解释变量、解释变量、控制变量)进行定义,最后,对本文使用的实证模型进行列示。第四部分实证分析部分。通过对实证结果进行描述性统计分析,阐述创业板上市公司董事会特征的现状；通过相关性分析和多元回归分析,探究董事会特征对公司绩效的影响情况。第五部分结论与建议部分。首先对实证分析的结论进行阐述,然后根据实证分析的结果提出相关的政策建议。本文采用实证研究的方法,选择创业板上市公司2009-2011年的年报数据为样本数据,运用相关性分析和多元回归分析,从而得出以下结论：创业板上市公司董事会规模与公司绩效显著负相关,董事长与总经理两职合一情况与公司绩效之间存在显著的正相关关系,独立董事比例对公司绩效没有显著影响；创业板上市公司董事会年度会议次数与公司绩效之间呈现显著的负相关关系；创业板上市公司激励特征,即董事薪酬、董事会持股比例对公司绩效有显著的正向影响；董事会人文特征会影响创业板上市公司的绩效水平,其中董事受教育水平与公司绩效显著正相关,但董事会成员的年龄不会对公司绩效水平产生显著影响。根据实证分析结果,从完善董事会结构、提高董事会会议机制效率、完善董事会激励机制和提高董事的专业胜任能力四个方面提出加强董事会建设的建议。不同于以往的研究,本文选择创业板市场这一新兴市场展开研究,并以新经济增长理论为基础,结合创业板上市公司的特征,同时引入董事会人文特征变量,试图全面探究创业板上市公司董事会特征对公司绩效的影响,具有一定的现实意义。
[Abstract]:In October 23, 2009, the first batch of 28 companies listed on GEM listed on the Shenzhen stock exchange, the GEM market after ten years of ups and downs, started trading. The GEM market as an important supplement of China's main market, for the service object for the start-up or long-term of small and medium enterprises, these enterprises by private enterprises family or development of enterprises to adopt family or family business model, has the unique characteristics of the governance structure, growth and development potential is very good, but there are problems of governance structure is not perfect, the performance is not stable enough. This paper selects the GEM listed companies as the research object, use empirical methods to explore the characteristics as the core of corporate governance of the board of directors of the impact on the company's performance, from the perspective of strengthening the construction of the board of directors for perfecting the governance structure of GEM listed companies to provide empirical data.
This article is composed of the following five parts:
The first part is the introduction. This part mainly introduces the research background and significance, research methods and contents. At the same time, it reviews and comments on the research status at home and abroad, and elaborates the contributions and shortcomings of this research.
The second part is the theoretical basis. First, the board defines the characters, and the structure characteristics, behavior characteristics, four aspects of incentive characteristics and cultural characteristics of the form features of the board of directors. Secondly, theoretical basis of board characteristics influence the performance of the company, to pave the way for the following research design and empirical analysis.
The third part of the study design. First, the agency cost theory, resource dependence theory and new economic growth theory, combined with the characteristics of GEM listed companies, business director board of listed companies will affect corporate performance mechanism of all features are analyzed and put forward the research hypothesis, this paper expounds the second, samples and data sources. In this paper, an empirical study on the choice of again, this choice of model variables (explanatory variables, explanatory variables and control variables) are defined, finally, the empirical model used in this paper are shown.
The fourth part is the empirical analysis part. Through descriptive statistics analysis of the empirical results, the paper describes the current situation of board characteristics of GEM companies, and explores the impact of board characteristics on company performance through correlation analysis and multiple regression analysis.
The fifth part of the conclusion and the suggestion part. First of all, the conclusion of the empirical analysis is elaborated, and then the relevant policy suggestions are put forward according to the results of the empirical analysis.
This paper uses empirical research methods, selection of GEM listed companies 2009-2011 annual report data as sample data, using correlation analysis and multiple regression analysis, thus draws the following conclusion: the board of directors of companies listed on GEM board size and corporate performance is negatively correlated, there was a positive correlation between the chairman and general manager of the two level one with the company performance, the proportion of independent directors has no significant effect on the performance of the company; director of the GEM listed companies has a significant negative correlation between the number of the annual meeting and company performance; the incentive characteristics of GEM companies, namely the remuneration of directors, the board of directors shareholding ratio has a significant positive impact on corporate performance; the board of directors of humanistic characteristics will affect the GEM listed company performance level, the board of education level is positively correlated with company performance, but the members of the board of directors of the Age does not have a significant impact on company performance. According to the results of empirical analysis, suggestions for strengthening board construction are put forward from four aspects: improving board structure, improving the efficiency of board meeting mechanism, improving the incentive mechanism of board of directors and improving the professional competency of directors.
Different from previous studies, this thesis chooses this emerging market gem market research, and the new theory of economic growth, combined with the characteristics of GEM listed companies, while the introduction of the board of directors of the humanities characteristic variables, trying to explore a comprehensive company listed on the GEM board characteristics influence the performance of the company, has a certain practical significance.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51;F224

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