基于信息传染效应的我国上市公司财务治理结构有效性研究

发布时间：2018-05-06 01:02

本文选题：财务治理结构 + 信息传染效应　；参考：《重庆工商大学》2012年硕士论文

【摘要】：我国资本市场的飞速发展为世人瞩目，其速度与成就前所未有，但是近年来，由于财务治理结构的缺陷而危及公司治理和证券市场的中外案例屡见不鲜，“一股独大”，大股东侵害中小股东的利益，国有股所占比例较大，财权的争夺，经营者舞弊行为等一系列问题层出不穷，究其根本，在很大程度上与我国上市公司财务治理结构不完善有关。鉴于此，对我国上市公司财务治理结构进行深入研究已经刻不容缓。本文从财务治理结构的核心—财务资本结构出发，深入探索公司财务治理结构的内涵，分析治理结构的影响因素，通过理论和实证的研究，利用累积非正常报酬探讨我国证券市场上是否存在信息传染效应，并在此基础上运用实证模型检验不同的公司财务治理结构对信息传染效应的影响。相较于以往财务治理结构方面的研究，本文最大的创新在于：并未采用已有研究中常见的收益类指标作为因变量考察财务治理结构对企业绩效的影响，而是引入信息传染效应，在日本福岛核电危机的背景下，分析不同的财务治理结构对信息传染效应的敏感程度，进而发掘不同财务治理结构的有效性。研究结果表明：我国证券市场确实存在信息传染效应，在核电危机发生后，呈现出负面信息的影响从核电行业向核电相关行业传递，在（-1，+1）的事件窗口内，与核电相关的上市公司的非正常报酬率显著为负，并表现出与核电相关上市公司一致的波动；在负面信息传染效应的影响下，作为财务治理结构核心的股权结构中，控股股东持股比例与受负面信息传染效应影响的程度呈负相关，，股权性质对信息传染效应的影响没有实质相关性；与债券结构相关的资产负债水平对公司受负面信息传染效应影响有正面效应，带息债务变量与上市公司受负面信息传染效应影响的程度显著正相关；董事会特征方面，独立性和规模与上市公司受负面信息传染效应影响的程度显著相关性，董事会规模的适度增大以及股权适度集中可以有效抵御负面信息传染的影响。
[Abstract]:The rapid development of China's capital market has attracted worldwide attention, and its speed and achievements have never been seen before. However, in recent years, there are common cases in China and foreign countries that endanger corporate governance and the securities market because of the defects in the financial governance structure. Large shareholders encroach on the interests of small and medium-sized shareholders, the proportion of state-owned shares is large, the contention of financial rights, operators' fraudulent behavior and a series of problems emerge endlessly. The root of these problems is to a large extent related to the imperfect financial governance structure of listed companies in our country. In view of this, it is urgent to study the financial governance structure of listed companies in China. Starting from the core of the financial governance structure-financial capital structure, this paper explores the connotation of the corporate financial governance structure, analyzes the influencing factors of the corporate financial governance structure, and through theoretical and empirical research, This paper discusses whether there is information contagion effect in China's securities market by using cumulative abnormal returns, and then uses empirical model to test the influence of different corporate financial governance structure on information contagion effect. Compared with the previous research on financial governance structure, the biggest innovation of this paper lies in that the influence of financial governance structure on enterprise performance has not been investigated by using the common income categories as dependent variables, but the information contagion effect has been introduced. In the context of the Fukushima nuclear power crisis in Japan, the sensitivity of different financial governance structures to information contagion effect is analyzed, and the effectiveness of different financial governance structures is explored. The results show that the information contagion effect does exist in China's securities market. After the nuclear power crisis, the negative information is transmitted from the nuclear power industry to the nuclear power related industries. The abnormal rate of return of the listed companies associated with nuclear power is significantly negative and shows the same volatility as the listed companies associated with nuclear power. Under the influence of the negative information contagion effect, the equity structure, which is the core of the financial governance structure, is the core of the financial governance structure. The proportion of controlling shareholders is negatively related to the degree of negative information contagion effect, and the nature of ownership has no substantial relevance to the information contagion effect. The level of assets and liabilities related to the bond structure has a positive effect on the negative information contagion effect, and the debt variable with interest has a significant positive correlation with the extent of the negative information contagion effect on the listed company. Independence and scale are significantly related to the degree of negative information contagion. The moderate increase of board size and moderate concentration of equity can effectively resist the influence of negative information contagion.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275;F224

【参考文献】