管理层特征与上市公司资金使用效率研究

发布时间：2018-03-04 20:07

本文选题：资金使用效率　切入点：管理层特征　出处：《北方工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着经济的快速发展,提高公司资金的使用效率进而提高公司的价值创造能力,对于处于激烈市场竞争中的企业的生存与稳步发展具有非常重要的意义。近年来我国上市公司热衷于追求高速扩张,存在严重的过度投资现象。一些上市公司在不考虑投资风险和投资收益的情况下急速扩大企业规模,造成过度投资,使企业资金使用效率低下。我国上市公司的这种非理性投资,将给企业带来一定的经营风险。由此可见,研究如何提高上市公司资金使用效率的重要性和必要性。由于信息不对称和代理冲突的存在,为了获得更多的个人利益,管理层有权利也有动机做出逆向选择采取背离股东利益的自利策略。特别是在我国,由于国有控股上市公司占多数,委托代理管理错综复杂,导致上市公司治理效率不高,存在严重的资金使用代理问题。因此,在我国上市公司过度投资现象普遍存在的背景下,如何从管理层特征出发建立有效的公司治理机制,以使管理层做出高效的经营计划和投资方案,提高资金使用效率,是需要研究的一个重要问题。本文以上市公司为研究对象,运用统计学方法构建理论模型,并进行实证检验分析管理层特征中各指标对上市公司资金使用效率的影响。本文选取经济增加值率(经济增加值／资本总额)作为资金使用效率的量化指标,选取管理层特征的四个重要指标与资金使用效率进行了实证检验。并对我国上市公司资金使用效率现状进行统计分析,在一定程度上验证了我国上市公司价值创造能力不足,存在资金使用效率低下的问题。研究结果表明管理层特征中董事会规模、管理层薪酬和管理层持股对上市公司资金使用效率的提高具有显著的正相关关系,而管理层平均年龄与上市公司资金使用效率之间的关系不显著。我国上市公司通过薪酬激励和股权激励使管理层自身利益与公司利益趋于一致,从而促使其通过提高公司资金使用效率来增加自身利益；在法定范围内增大董事会规模董事会可以起到更好的相互制约作用,避免个别董事受制于大股东,且多人合力使董事能有更大的工作投入,从而提高上市公司的治理效率,对上市公司资金使用效率的提高产生积极作用；管理层平均年龄的大小对上市公司资金使用效率没有影响,说明管理层平均年龄的大小不影响企业的经营管理。因此,上市公司可以通过适当增加董事会人数,提高管理层薪酬,适当地对管理层实施股权激励政策等方式来加强公司治理,建立并完善企业的内部约束和激励机制,形成能有效提高上市公司资金使用效率的公司治理机制。
[Abstract]:With the rapid development of the economy, the efficiency of the use of the company's funds will be improved, and then the value creation ability of the company will be enhanced. It is of great significance for the survival and steady development of enterprises in the fierce market competition. In recent years, China's listed companies are keen to pursue high-speed expansion, There is a serious phenomenon of overinvestment. Some listed companies have rapidly expanded their size without considering investment risks and investment returns, resulting in overinvestment. This kind of irrational investment of listed companies in our country will bring certain operating risks to enterprises. Therefore, it is important and necessary to study how to improve the efficiency of capital use of listed companies. Due to the existence of asymmetric information and agency conflicts, in order to obtain more personal interests, the management has the right and the motivation to make adverse selection and adopt self-interest strategy which deviates from the interests of shareholders. Due to the majority of state-owned holding listed companies and the complexity of principal-agent management, the governance efficiency of listed companies is not high and there is a serious problem of using funds as agents. Therefore, under the background of overinvestment of listed companies in our country, How to set up an effective corporate governance mechanism based on the characteristics of management, in order to make management make efficient business plan and investment plan and improve the efficiency of capital use, is an important problem that needs to be studied. Using statistical methods to build a theoretical model, The paper analyzes the influence of each index in the management characteristics on the capital efficiency of listed companies. This paper selects the economic added value ratio (economic added value / total capital) as the quantitative index of the capital use efficiency. This paper selects four important indicators of management characteristics and the efficiency of capital use to carry on the empirical test, and carries on the statistical analysis to our country listed company's capital use efficiency present situation, to some extent has verified that our country listed company's value creation ability is insufficient. There is a problem of inefficient use of funds. The results show that there is a significant positive correlation among the size of board of directors, management compensation and management shareholding on the efficiency of capital use of listed companies. However, the relationship between the average age of management and the efficiency of capital use of listed companies is not significant. In order to improve the efficiency of the use of funds to increase their own interests, increase the size of the board of directors within the statutory scope of the board of directors can play a better role in mutual restraint, to avoid individual directors subject to large shareholders, And many people work together to enable directors to have greater work investment, thus improving the governance efficiency of listed companies, and the efficiency of capital use of listed companies has a positive effect; The average age of management has no effect on the efficiency of capital utilization of listed companies, which means that the average age of management does not affect the management of enterprises. To strengthen the corporate governance and establish and perfect the internal restraint and incentive mechanism of the enterprise, and form the corporate governance mechanism which can effectively improve the efficiency of the use of funds of the listed companies by improving the salary of the management, appropriately implementing the equity incentive policy to the management, and so on.
【学位授予单位】：北方工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F276.6;F275

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