基于制造业上市公司治理溢价的实证研究
发布时间：2018-10-09 11:18
【摘要】：2008年度全球金融危机影响深远，世界各国的研究机构专家学者国际组织对本次金融危机进行了深刻的反思，得出的共识是，除了金融监管缺失和金融工具创新过度以外，公司治理机制的不完善也是其中一个关键性因素，企业建立科学有效的公司治理机制显得尤为重要金融危机之后，关于我国公司治理机制的研究备受关注，尤其是使用综合评价体系对作为资本市场主体的制造业上市公司治理溢价方面的研究 本文以2007年至2010年我国377家制造业上市公司为研究样本，从股权结构股权集中度董事会和股东大会经理层激励监事会5个公司治理维度选取15个公司治理变量，采用因子分析法构建了一个反映治理总水平的公司治理综合指数采用实证研究的方法，分析公司治理溢价的存在性各维度公司治理指标与企业价值的相关性实证分析结果表明：公司治理总水平与企业价值正相关，中国制造业上市公司存在公司治理溢价；监事与高管持股高管固定报酬因子与企业价值显著正相关，股权集中度董事独立性三会因子与企业价值不具有显著相关性；控制变量中销售收入与企业价值显著正相关，资产规模与企业价值负相关，而财务杠杆与企业价值不具有显著相关性
[Abstract]:The 2008 global financial crisis has a profound impact. The international organizations of experts and scholars from all over the world have made a profound reflection on the financial crisis. The consensus reached is that, in addition to the lack of financial supervision and excessive innovation of financial instruments, The imperfect corporate governance mechanism is also one of the key factors. After the financial crisis, the research on the corporate governance mechanism in China has attracted much attention. In particular, using the comprehensive evaluation system to study the governance premium of listed manufacturing companies as the main body of capital market, this paper takes 377 listed manufacturing companies in China from 2007 to 2010 as a sample. Selecting 15 corporate governance variables from five corporate governance dimensions of the board of directors and the shareholders' general meeting manager from five corporate governance dimensions of equity structure equity concentration. A corporate governance index reflecting the total level of governance is constructed by factor analysis. The empirical analysis shows that the total level of corporate governance is positively related to the corporate value, and the listed companies in Chinese manufacturing industry have corporate governance premium; The fixed compensation factor of supervisor and executive stock holding executives was significantly positively correlated with the enterprise value, while the three factors of the independence of the board of directors had no significant correlation with the enterprise value, while the sales income in the control variable was significantly positively correlated with the enterprise value. There is a negative correlation between asset size and enterprise value, but no significant correlation between financial leverage and firm value.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F425;F832.51;F224
本文编号：2259147
[Abstract]:The 2008 global financial crisis has a profound impact. The international organizations of experts and scholars from all over the world have made a profound reflection on the financial crisis. The consensus reached is that, in addition to the lack of financial supervision and excessive innovation of financial instruments, The imperfect corporate governance mechanism is also one of the key factors. After the financial crisis, the research on the corporate governance mechanism in China has attracted much attention. In particular, using the comprehensive evaluation system to study the governance premium of listed manufacturing companies as the main body of capital market, this paper takes 377 listed manufacturing companies in China from 2007 to 2010 as a sample. Selecting 15 corporate governance variables from five corporate governance dimensions of the board of directors and the shareholders' general meeting manager from five corporate governance dimensions of equity structure equity concentration. A corporate governance index reflecting the total level of governance is constructed by factor analysis. The empirical analysis shows that the total level of corporate governance is positively related to the corporate value, and the listed companies in Chinese manufacturing industry have corporate governance premium; The fixed compensation factor of supervisor and executive stock holding executives was significantly positively correlated with the enterprise value, while the three factors of the independence of the board of directors had no significant correlation with the enterprise value, while the sales income in the control variable was significantly positively correlated with the enterprise value. There is a negative correlation between asset size and enterprise value, but no significant correlation between financial leverage and firm value.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F425;F832.51;F224
【参考文献】
相关期刊论文 前8条
1 孙月静;;公司治理与公司绩效实证研究[J];长春大学学报;2007年07期
2 王世权;李维安;;监事会治理理论的研究脉络及进展[J];产业经济评论;2009年01期
3 施光耀;刘国芳;梁彦军;;中国上市公司市值管理评价研究[J];管理学报;2008年01期
4 鲁桐;党印;仲继银;;中国大型上市公司治理与绩效关系研究[J];金融评论;2010年06期
5 南开大学公司治理研究中心课题组;中国上市公司治理评价系统研究[J];南开管理评论;2003年03期
6 张国萍 ,徐碧琳;公司治理评价中经理层评价指标体系设置研究[J];南开管理评论;2003年03期
7 安占强;;中国上市公司治理溢价研究[J];生产力研究;2009年01期
8 胡乐明;;从国际金融危机看公司治理模式[J];管理学刊;2009年06期
，本文编号：2259147
本文链接：https://www.wllwen.com/guanlilunwen/zhqtouz/2259147.html
最近更新
教材专著
