中小板上市企业独立董事有效性的实证研究

发布时间：2018-03-30 13:41

本文选题：中小企业　切入点：独立董事　出处：《北京林业大学》2013年硕士论文

【摘要】：近年来,在国家的不断扶持下,我国的中小企业得到了巨大的发展。中小企业的良好发展对于增加就业、促进地区经济发展和社会进步等都发挥了重大的作用,越来越受到国家和地方政府的重视。然而,由于大多数中小板上市公司为民营企业转化而来,这些企业都带有浓重的家族企业色彩。在这种情况下,将独立董事制度引入中小板上市公司中,不仅有利于完善公司的法人治理结构,而且可以使董事会更公正的代表股东利益尤其是中小股东的利益。自上世纪90年代我国引入独立董事制度以来,已经取得了不小的进步,但同时也带来了一些问题。由于治理机制和法律环境的差异等因素,学术界对于独立董事制度对公司绩效是否有效一直存在争议。本文以2008-2010年深交所中小板上市公司为研究样本,旨在找出我国中小企业中独立董事制度的有效性。文章的研究结论如下：第一,上市企业多数正处于成长期,独立董事实施状况总体良好,其多项特征好于主板市场；第二,独立董事的各项特质与公司绩效的相关性呈现出多样化的结果,其中,独立董事的平均年龄、会议出席率以及薪酬与公司绩效之间为显著的正相关关系,而年龄在50岁以上独立董事所占比例、兼职数目以及董事会中独立董事所占的比例几项特征与公司绩效之间为不显著的正相关关系；独立董事所具备的专业背景与公司绩效之问呈现出显著的负相关关系,人数、任期与公司绩效之间同样为负相关关系,但是统计结果并不显著。第三,独立董事制度所包含的因素之中,主要促使独立董事发挥作用的是年龄,其次为他们的人数以及独立董事在董事会中所占的比例；其余特质影响程度的排名依次为独立董事的勤勉程度、任期、薪酬,专业背景及兼职数目只是起到了很微弱的效果。
[Abstract]:In recent years, with the continuous support of the state, the small and medium-sized enterprises in our country have been greatly developed. The good development of the small and medium-sized enterprises has played an important role in increasing employment, promoting regional economic development and social progress. More and more attention has been paid by the state and local governments. However, because most of the small and medium-sized board listed companies have been transformed into private enterprises, these enterprises have a strong family business color. In this case, The introduction of the independent director system into the small and medium-sized board listed companies is not only conducive to the improvement of the corporate governance structure of the company, Moreover, it can make the board of directors more just to represent the interests of shareholders, especially the interests of minority shareholders. Since the introduction of the independent director system in China in the 1990s, no small progress has been made. However, it also brings some problems. Due to the differences of governance mechanism and legal environment, there has always been controversy in academic circles about whether the independent director system is effective to the performance of the company. This paper takes the small and medium board listed companies of Shenzhen Stock Exchange from 2008 to 2010 as the research sample to find out the effectiveness of the independent director system in the small and medium-sized enterprises of our country. The research conclusions are as follows: first, most of the listed enterprises are in the growing stage. The implementation status of independent directors is good in general, and its many characteristics are better than the main board market. Secondly, the correlation between the characteristics of independent directors and corporate performance shows a variety of results, among which, the average age of independent directors, There was a significant positive correlation between attendance and compensation and corporate performance, and the proportion of independent directors over 50 years of age, There is no significant positive correlation between the number of part-time jobs and the proportion of independent directors in the board of directors, and there is a significant negative correlation between the professional background of independent directors and the question of corporate performance. There is also a negative correlation between tenure and corporate performance, but the statistical results are not significant. Third, age is the main factor in the independent director system. The number of independent directors and the proportion of independent directors in the board of directors are followed by the degree of diligence, tenure, salary, professional background and the number of part-time jobs of independent directors.
【学位授予单位】：北京林业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F275;F832.51

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