我国创业板上市公司财务治理效率研究

发布时间：2019-01-07 19:52

【摘要】：创业板是我国资本市场为了解决中小高科技企业融资问题而在2009年10月23日挂牌上市的一个特殊的板块。截至2012年12月31日，我国创业板上市公司已有355家，占深交所上市公司总数的23.05%，表现出极大的成长优势。但因创业板上市公司处于初始阶段，各方面没有得到有效规范，存在很多公司治理和财务治理方面的问题，因此以我国创业板上市公司作为研究对象有着较强的现实意义。与此同时，随着公司治理研究的兴起，财务治理的研究也引起了诸多学者的关注。财务治理效率是财务治理的根本目标，没有对效率的深入研究，就不可能有财务治理理论的真正成熟。我们要保证创业板市场高速运行，效率必然是应该放在首要位置的。所以说任何制度包括公司财务治理结构的设计都不能脱离效率而存在，都应为提高上市公司的效率而服务。财务治理结构是提高财务治理效率的关键。财务治理结构是一套关于如何分配财权的制度安排，可以分为微观层面的财务资本结构和宏观层面的财务组织结构。本文从财务资本结构和财务组织结构两个角度深入分析了我国创业板上市公司财务治理结构的特征和财务治理结构配置所带来的财务治理效率。在理论分析的基础上构建实证模型，运用SPSS统计软件从国泰安数据库中选取创业板上市公司2010-2012年的相关数据进行描述统计和回归分析。研究发现对于我国创业板上市公司而言，低债权比例、低股权集中度、高股权制衡度和有效的审计委员会有着较好的财务治理效率；其次国有股持股能较小程度上提高财务治理效率；另外长期债务比例、董事会和监事会的勤勉性对财务治理效率的提高并不明显。最后本文提出了改善财务治理结构的几点建议：去家族化完善股权结构，使公司决策有效率；合理负债经营，提高上市超募所得资金的使用效率；营造良好的财务组织结构环境，促进创业板上市公司有效率成长。
[Abstract]:Growth Enterprise Market (gem) is a special board listed on October 23, 2009 in order to solve the financing problem of small and medium-sized high-tech enterprises in China's capital market. As of December 31, 2012, there are 355 gem listed companies in China, accounting for 23.05% of the total listed companies in Shenzhen Stock Exchange, showing great growth advantage. However, due to the gem listed companies are in the initial stage, the various aspects have not been effectively standardized, there are many problems in corporate governance and financial governance, so the gem listed companies as the object of study has a strong practical significance. At the same time, with the rise of corporate governance research, financial governance research has also attracted the attention of many scholars. Financial governance efficiency is the fundamental goal of financial governance, without in-depth study of efficiency, there can be no real maturity of financial governance theory. We want to ensure growth enterprise market high-speed operation, efficiency must be placed in the first place. Therefore, any system, including the design of corporate financial governance structure can not be separated from efficiency and exist, should improve the efficiency of listed companies and services. Financial governance structure is the key to improve the efficiency of financial governance. The financial governance structure is a set of institutional arrangements on how to allocate the financial power, which can be divided into the financial capital structure at the micro level and the financial organization structure at the macro level. This paper analyzes the characteristics of the financial governance structure of listed companies in gem and the efficiency of financial governance brought about by the allocation of financial governance structure from the two angles of financial capital structure and financial organization structure. On the basis of theoretical analysis, this paper constructs an empirical model and uses SPSS statistical software to select the relevant data of listed companies in the gem from 2010 to 2012 to carry out descriptive statistics and regression analysis from the Cathay Pacific database. The research found that for the listed companies of gem, the low debt ratio, the low concentration of equity, the high degree of equity balance and the effective audit committee have better financial governance efficiency; Secondly, state-owned stock holding can improve the efficiency of financial governance to a lesser extent; in addition, the proportion of long-term debt, the diligent nature of board of directors and supervisory board is not obvious to improve the efficiency of financial governance. Finally, this paper puts forward some suggestions to improve the financial governance structure: to improve the ownership structure of the company by delisting the family, to make the company decision-making efficient, to manage the debts reasonably, and to improve the efficiency of the use of the funds raised by the listed companies. Create a good financial organization structure environment to promote the growth of gem listed companies.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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