我国创业板上市公司治理结构与成长性关系的研究

发布时间：2018-08-24 16:12

【摘要】：随着世界经济的发展,公司已经成为推动经济增长与发展的重要主体,而公司的发展却离不开良好的公司治理。完善的公司治理结构是决定企业高效运作和保持竞争力的重要条件之一。对于我国创业板上市公司来说,目前公司治理的现状能否促进企业的成长,这一问题的研究是非常有必要的。因而,本文关于我国创业板上市公司治理与成长性的研究选题具有时代紧迫性及重要的理论价值和现实意义。首先,我们采用规范分析方法对国内外公司成长性影响因素、公司成长性评价以及创业板上市公司治理与成长性关系的研究的现状进行综合比较,并在分析研究了创业板上市公司理论、公司治理理论与企业成长理论的基础上,选择了委托代理理论作为研究我国创业板上市公司治理结构与成长性关系的基础理论。由于成长性指标的选择会对实证研究我国创业板上市公司治理结构与成长性的关系产生非常重要的影响,所以我们在分析已有研究的基础上,构建了一套符合我国创业板上市公司特点的成长性指标体系,并运用主成分分析法对该指标体系进行了综合评价,评价结果用以衡量公司治理的效率在实证研究我国创业板上市公司治理结构与成长性的关系中,我们主要从股权结构、董事会、高层管理与监事会四个维度进行了研究。研究发现,在股权结构方面,第一大股东持股比例与成长性存在负相关关系,反映股权集中度的前五大股东持股比例与成长性存在弱的负相关关系,反映股权制衡度的第二至第五大股东持股比例与成长性存在弱的正相关关系,而第一大股东性质和国有股比例与成长性没有相关性。在董事会方面,董事会素质与成长性是正相关的,独立董事比例与成长性呈弱的负相关关系,家族成员比例与成长性存在弱的正相关关系,而董事会规模与两职兼任情况与成长性没有表现出相关性。在高层管理方面,高管人均年度薪酬与成长性存在正相关关系,而高管素质和高管持股比例与成长性存在弱的正相关关系。在监事会方面,外部监事比例和监事会会议次数与成长性存在正相关关系,而监事会规模与成长性没有表现出相关性。研究结果与我国创业板上市公司中存在的问题基本吻合。最后,本文针对我国创业板上市公司治理中的问题,提出了一些改进公司治理结构的对策建议。
[Abstract]:With the development of the world economy, the company has become an important subject to promote economic growth and development, but the development of the company can not be separated from good corporate governance. Perfect corporate governance structure is one of the most important conditions for enterprises to operate efficiently and maintain competitiveness. It is necessary to study whether the current situation of corporate governance can promote the growth of enterprises. Therefore, the research on the governance and growth of listed companies in gem has the urgency of the times, important theoretical value and practical significance. First of all, we make a comprehensive comparison of the factors affecting the growth of companies at home and abroad, the evaluation of corporate growth and the research status of the relationship between the governance and growth of listed companies on the gem. On the basis of analyzing the theories of listed companies, corporate governance and enterprise growth, we choose the principal-agent theory as the basic theory to study the relationship between the governance structure and growth of listed companies on the gem. Since the choice of growth indicators will have a very important impact on the empirical study of the relationship between the governance structure and growth of listed companies on the gem, we have analyzed the existing research. A set of growth index system according with the characteristics of gem listed companies in China is constructed, and the index system is evaluated by principal component analysis (PCA). The evaluation results are used to measure the efficiency of corporate governance in the empirical study of the relationship between the governance structure and growth of listed companies on the gem, we mainly from the equity structure, board of directors, The four dimensions of senior management and board of supervisors are studied. In the aspect of ownership structure, there is a negative correlation between the proportion of the first largest shareholder and growth, and a weak negative correlation between the proportion of the first five shareholders and the growth, which reflects the degree of ownership concentration. The proportion of the second to fifth largest shareholders which reflects the degree of equity balance has a weak positive correlation with growth, while the nature of the first largest shareholder and the proportion of state-owned shares have no correlation with growth. In the aspect of board of directors, the quality of board of directors is positively correlated with growth, the proportion of independent directors is negatively correlated with growth, and the proportion of family members is weakly positively correlated with growth. There is no correlation between the size of the board and the relationship between the two positions and growth. In the aspect of senior management, there is a positive correlation between the per capita annual compensation and growth, and a weak positive correlation between executive quality and the proportion of ownership. In the aspect of the board of supervisors, there is a positive correlation between the proportion of external supervisors and the number of meetings of supervisors and the growth, but there is no correlation between the scale of the board of supervisors and the growth. The research results are consistent with the problems of gem listed companies in China. Finally, in view of the problems in the governance of listed companies in gem, this paper puts forward some countermeasures and suggestions to improve the corporate governance structure.
【学位授予单位】：天津师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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