我国物流上市公司财务治理效率的实证研究

发布时间：2018-04-16 05:36

本文选题：物流上市公司 + 财务治理结构　；参考：《江苏师范大学》2017年硕士论文

【摘要】：随着我国经济社会的快速发展,以物流业为代表的服务业成为投资的最大热点之一,对我国制造业和商贸流通业的发展起到了重要支撑作用。与此同时,随着公司治理研究的兴起,财务治理效率的研究也引起了诸多学者的关注,财务治理效率的高低反映了公司竞争力的强弱。物流上市公司是我国物流业的“标杆”企业,经过二十多年的努力,取得了一定的成绩,但是由于种种因素的影响和制约,仍然存在诸如总体发展相对缓慢、财务业绩不好、竞争力偏弱等问题,这些问题的产生在一定程度上是由财务治理的不健全,财务治理效率低下所引致。因此深入研究我国物流上市公司财务治理效率问题对于提升公司财务业绩、提高物流业的竞争力具有十分重要的意义。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物流上市公司的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,从国泰安数据库、金融研究数据库(RESSET)选取物流上市公司2007-2015年的相关数据,运用Eviews统计软件进行描述性统计和回归分析。研究发现:?低债权比例、高股权集中度、低股权制衡度和有效的董事会对我国物流上市公司有着较好的财务治理效率;?低长期债务比例能较小程度上提高我国物流上市公司的财务治理效率;?监事会的勤勉和审计委员会的设置对我国物流上市公司财务治理效率的提高并不明显。基于此,本文提出了提高我国物流上市公司财务治理效率的有效途径和政策建议。
[Abstract]:With the rapid development of our country's economy and society, the service industry, represented by the logistics industry, has become one of the biggest hot spots of investment, which has played an important supporting role in the development of our manufacturing and trade circulation industries.At the same time, with the rise of corporate governance research, the study of financial governance efficiency has also attracted the attention of many scholars, the level of financial governance efficiency reflects the strength of the competitiveness of companies.The listed logistics company is a benchmark enterprise in the logistics industry of our country. After more than 20 years of efforts, it has made certain achievements. However, due to the influence and restriction of various factors, there still exists such problems as relatively slow overall development and poor financial performance.To some extent, these problems are caused by the unsound financial governance and the low efficiency of financial governance.Therefore, it is of great significance to study the financial governance efficiency of Chinese listed logistics companies in order to improve their financial performance and enhance the competitiveness of the logistics industry.This paper analyzes the characteristics of the financial governance structure of China's logistics listed companies and the financial governance efficiency brought about by the allocation of the 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, selects the relevant data of logistics listed companies from 2007 to 2015 from Cathay Pacific database and financial research database, and carries out descriptive statistics and regression analysis using Eviews statistical software.Research finds that?Low debt ratio, high equity concentration, low equity checks and balances and effective board of directors have better financial governance efficiency for China's logistics listed companies.Low long-term debt ratio can improve the financial governance efficiency of Chinese logistics listed companies to a lesser extent?The diligence of the supervisory board and the setting up of the audit committee are not obvious to the improvement of the financial governance efficiency of the logistics listed companies in China.Based on this, this paper puts forward effective ways and policy suggestions to improve the efficiency of financial governance of listed logistics companies in China.
【学位授予单位】：江苏师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F259.23;F253.7

【相似文献】