新能源上市公司治理结构与成长性的关系研究

发布时间：2018-04-12 11:45

本文选题：公司治理结构 + 企业成长性　；参考：《西北农林科技大学》2014年硕士论文

【摘要】：随着经济全球化脚步地不断加快、世界各国经济飞速增长,新能源的开发与利用已经成为了全球发达国家重要能源战略。在我国新能源产业迅速发展的同时,新能源行业仍然存在产业投资过热、市场不成熟、自主创新能力较弱等问题。如何克服发展过程中出现的各种问题,使新能源产业可持续发展,将是新能源产业必须面对的问题。众所周知,良好的公司治理结构是公司持续健康成长的基础,为了使公司可持续发展,公司治理结构对成长性的影响越来越受到关注。因此,本文选择新能源上市公司治理结构与成长性关系作为研究课题,对解决新能源产业直面的问题,增强新能源上市公司成长性具有重要的现实意义。本文以我国新能源上市公司作为研究对象,以委托代理理论为理论基础,结合国内外学者关于公司治理结构对成长性影响的相关研究成果,通过主成分分析构建成长性评价指标体系,并采用突变级数法对30家新能源上市公司2010-2012年的成长性状况进行评价研究。随后本文选取股权结构、董事会治理和管理层激励等三个维度代表公司治理结构分别展开研究,结合突变级数法计算的30家新能源上市公司成长性评分,以多元线性回归模型深入研究了我国新能源上市公司治理结构与公司成长性之间的关系。最终通过理论分析和实证研究表明,新能源上市公司治理结构对企业成长性产生了重要的影响。首先,在新能源上市公司成长性方面,各公司成长性具有明显异质性,与行业分类有较大关联；新能源企业其盈利能力是影响其成长性的关键性因素,而偿债能力、营运能力、发展能力排名趋势与成长性总体排名趋势关系相对较弱；行业链细分精细化的企业,成长性排名较为靠前,而行业链为多元发展的企业,成长性排名较后。其次,在股权结构与成长性方面,第一大股东持股比例与成长性呈弱负相关关系；公司股权制衡度与企业成长性呈弱正相关关系；国有股比例、直接控股股东性质与企业成长性之间显著不相关。再次,在董事会治理与成长性方面,董事会规模、独立董事比例与企业成长性之间存在较弱的正相关关系；董事长与总经理兼任情况、专业委员会设置情况与企业成长性没有显著相关性。最后,在管理层激励与成长性方面,管理层平均年薪对企业成长性存在正相关关系；管理层平均持股比例对公司成长性有积极的正面影响,但不显著。综上所述,本文通过对新能源上市公司治理结构与成长性之间关系的研究,弥补了国内外学者对于新能源领域相关研究的不足,丰富和发展了相关公司治理理论,完善了我国新能源上市公司成长性评价体系,为日后提升我国新能源国上市公司成长性提供了现实指导作用。
[Abstract]:With the accelerated pace of economic globalization and the rapid economic growth of various countries in the world, the development and utilization of new energy has become an important energy strategy in developed countries.With the rapid development of new energy industry in China, the new energy industry still has some problems, such as overheated investment, immature market, weak independent innovation ability and so on.How to overcome the various problems in the process of development and make the sustainable development of new energy industry will be the problem that the new energy industry must face.As we all know, the good corporate governance structure is the foundation of the company's sustained and healthy growth. In order to make the company sustainable development, the influence of the corporate governance structure on the growth is paid more and more attention.Therefore, this paper chooses the relationship between the governance structure and growth of new energy listed companies as the research topic, which has important practical significance to solve the problem of new energy industry facing directly and to enhance the growth of new energy listed companies.Based on the principal-agent theory and the research results of domestic and foreign scholars on the influence of corporate governance structure on growth, this paper takes the listed companies of new energy in China as the research object and the principal-agent theory as the theoretical basis.Through principal component analysis (PCA), the growth evaluation index system is constructed, and the growth status of 30 new energy listed companies from 2010 to 2012 is evaluated and studied by using the catastrophe series method.Then this paper selects three dimensions of ownership structure, board governance and management incentive to study the corporate governance structure, and calculates the growth score of 30 new energy listed companies by using the sudden progression method.The relationship between corporate growth and governance structure of new energy listed companies in China is studied with multiple linear regression model.Finally, through theoretical analysis and empirical research, it is shown that the governance structure of new energy listed companies has an important impact on the growth of enterprises.First of all, in the aspect of the growth of listed companies of new energy, the growth of each company has obvious heterogeneity, which is closely related to the classification of the industry; the profitability of new energy enterprises is the key factor affecting their growth, and the ability to repay debt, the ability to operate,The relationship between the rank trend of development ability and the overall rank trend of growth is relatively weak; the growth rank of the enterprise with fine subdivision of industry chain is higher than that of the industry chain, while the industry chain is the enterprise with multiple development, and the growth rank is lower.Secondly, in the aspect of ownership structure and growth, the proportion of the first largest shareholder has a weak negative correlation with growth; the degree of equity balance is weakly positive correlation with the growth of enterprise; the proportion of state-owned shares.There is no significant correlation between the nature of the direct controlling shareholder and the growth of the enterprise.Thirdly, in the governance and growth of the board of directors, there is a weak positive correlation between the size of the board of directors, the proportion of independent directors and the growth of the enterprise.There is no significant correlation between the setting up of professional committees and the growth of enterprises.Finally, in terms of management motivation and growth, the average annual salary of management has a positive correlation with the growth of the company, while the average proportion of management holding shares has a positive impact on the growth of the company, but it is not significant.To sum up, through the research on the relationship between the governance structure and growth of listed companies of new energy, this paper makes up for the deficiencies of domestic and foreign scholars in the field of new energy, enriches and develops the relevant corporate governance theory.It improves the evaluation system of the growth of new energy listed companies in China, and provides practical guidance for improving the growth of listed companies in new energy countries in the future.
【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F426.2

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