我国上市公司董事会治理与企业风险承担

发布时间：2018-06-22 15:36

本文选题：董事会治理 + 企业风险承担　；参考：《暨南大学》2012年硕士论文

【摘要】：董事会是企业最重要的决策机构和管理机构，是公司内部治理结构的核心。提高董事会治理水平有助于增强企业的风险承担能力，实现企业价值最大化。本文以1998-2009年在我国沪深两市上市的企业为研究对象，，运用OLS回归模型和固定效应平行面板数据模型，对企业董事会特征与风险承担行为之间的关系进行了研究并发现：（1）企业董事会规模与企业风险承担呈显著的负相关关系，独立董事比例和董事会持股比例与企业风险承担呈显著的正相关关系，而董事会的领导结构与企业风险承担关系不显著。（2）本文充分考虑到我国转轨经济时期特殊制度背景下的股权约束特征对以上结论的影响，通过对企业终极控制权性质进行控制、以及对股权分置改革这一事件进行研究，得出了一系列新的发现。通过对企业终极控制权性质进行控制，发现国有控股企业的董事会规模与企业风险承担的负相关关系要明显显著于民营控股企业，而民营控股企业独立董事比例和董事会持股比例与企业风险承担的正相关关系要比国有控股企业显著。本文的研究是对国内现有文献体系的有益补充，对于我国上市企业的董事会治理、企业风险控制以及股权结构调整等均具有一定的政策导向性作用，为其他针对发展中国家的研究提供了重要的比较和借鉴依据。
[Abstract]:The board of directors is the most important decision-making and management organization, and the core of the internal corporate governance structure. Improving the governance level of the board of directors is helpful to enhance the risk bearing ability of the enterprise and to maximize the value of the enterprise. In this paper, OLS regression model and fixed effect parallel panel data model are used to study the enterprises listed in Shanghai and Shenzhen stock markets in China from 1998 to 2009. The relationship between the characteristics of the corporate board of directors and risk-bearing behavior is studied and found: (1) there is a significant negative correlation between the size of the board of directors and the risk bearing of the enterprise. There is a significant positive correlation between the proportion of independent directors and the proportion of holding shares of the board of directors and the risk-taking of enterprises. However, the relationship between the leadership structure of the board of directors and the risk bearing of the enterprise is not significant. (2) this paper fully takes into account the influence of the characteristics of equity restraint on the above conclusions under the background of the special system in the transitional economic period of our country. By controlling the nature of the ultimate control of the enterprise and studying the reform of the split share structure, a series of new discoveries are made. By controlling the nature of the ultimate control of the enterprise, it is found that the negative correlation between the size of the board of directors of the state-owned holding enterprise and the risk assumption of the enterprise is significantly higher than that of the private holding enterprise. The proportion of independent directors and the proportion of board of directors holding shares in private holding enterprises have significant positive correlation with the risk assumption of enterprises compared with state-owned holding enterprises. The research in this paper is a useful supplement to the existing literature system in China, and has a certain policy-oriented effect on the governance of the board of directors, the risk control of enterprises and the adjustment of equity structure of listed enterprises in China. It provides an important basis for comparison and reference for other research on developing countries.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F832.51;F276.6

【参考文献】