创业板上市公司“内部人控制”问题与企业绩效研究

发布时间：2018-06-20 15:21

本文选题：创业板 + 公司治理结构　；参考：《南京财经大学》2012年硕士论文

【摘要】：公司治理问题自从受到广泛关注以来，便一直集中于委托代理关系下所有者与经营者之间的代理问题的研究，以经营管理者为主的“内部人控制”问题一直是公司治理研究的核心内容。随着公司的所有权由分散趋向集中，由大股东的控制行为引发的问题在公司治理中日益显现，同样成为当前业界讨论的热门话题。针对创业板市场设立运行近两年来暴露出的诸多如资金超募、变相挪用、原始股东圈钱、高管辞职套现、上市前突击入股、财务和专利造假、业绩变脸的问题，本文将内部人控制问题放在广义的角度去考虑，认为由于创业板企业的性质和治理特点，其内部出现的种种内部人控制问题是管理者控制和大股东控制问题的交织。在对国内外学者研究成果的回顾和述评及对现有理论梳理的基础上，本文探究了内部人控制问题的形成机理、表现和影响、内部人控制行为与企业治理结构和绩效的相互关系等问题；借鉴产业分析中的结构、行为和绩效（SCP）模式，构建了创业板上市公司内部人控制衡量的指标体系，以及“治理结构—控制行为—公司业绩”的研究框架，再就问题提出假设。本文选取现实中创业板上市公司的样本数据来验证影响公司治理行为的内部人控制结构因素，，证明内部人控制问题与公司经营业绩的关系。研究发现创业板上市公司的内部治理机制和治理行为对经营业绩确实存在影响，从而为完善创业板企业治理结构和控制“内部人控制”，提高企业绩效找到经验依据。
[Abstract]:Since the problem of corporate governance has been widely concerned, it has been concentrating on the research on the agency problem between the owner and the manager under the principal-agent relationship. The "insider control" problem based on the manager has always been the core content of the research on corporate governance. The problems caused by control behavior are becoming more and more evident in corporate governance.
For the first two years of the establishment of the gem, many of them have been exposed in the past two years, such as fund raising, misappropriation, the original shareholders' money, the resignation of the senior executives, the assault and the stock before the market, the financial and patent counterfeiting, and the performance change. In this paper, the problem of insider control is considered in a broad sense, considering the nature and treatment of the enterprise. The internal control problems are the interlacing of management control and major shareholder control.
On the basis of reviewing and reviewing the research results of domestic and foreign scholars and combing the existing theories, this paper explores the formation mechanism, performance and influence of insider control, the relationship between insider control behavior and corporate governance structure and performance, and the construction of structure, behavior and performance (SCP) model in industrial analysis. The index system of insider control measurement in the GEM listed company, and the research framework of "governance structure control behavior - company performance", and then put forward the hypothesis. This paper selects the sample data of the GEM listed companies in reality to verify the internal control structure factors affecting the corporate governance behavior, and proves the insider control. The study found that the internal governance mechanism and governance behavior of the GEM listed companies have a real impact on the operating performance, thus finding the empirical basis for improving the governance structure of the enterprise board and controlling the "insider control" and improving the performance of the enterprise.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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