基于DEA的上市公司财务治理效率研究

发布时间：2018-05-04 05:54

本文选题：财务治理效率 + 评价　；参考：《东华大学》2014年硕士论文

【摘要】：财务治理是公司治理的核心和灵魂,越来越多的学者意识到财务治理对公司的运营和绩效起着重要的作用,公司财务治理水平的高低也是公司竞争力的重要决定因素。目前对于财务治理的研究少之又少,仅有的研究也大多局限于财务治理结构上,对于诸如财务治理效率的高低衡量等研究十分匾乏。然而,效率是经济学和管理学研究的核心与主线,财务治理效率是财务治理的根本目标,因此,若要深化公司财务治理问题的研究,效率问题就是绕不过的坎。评价效率的方法有多种,数据包络分析法相对于其他方法而言,具有避免人为确定指标权重的主观性、不受计量单位影响等优势。本文通过对回归分析法、平衡计分卡、主成份分析等主要效率评价方法的研究,分析了这些方法在财务治理效率评价中的缺陷。通过分析DEA方法的特点与优势,阐述了将数据包络分析法运用于上市公司财务治理效率衡量的可行性。最终遴选出最适合评价上市公司财务治理效率的方法—DEA。本文在对现有财务治理相关理论进行分析总结的基础上,借鉴了国内外以往关于财务治理效率评价的指标体系,从财务治理结构和财务治理机制两个方面选取了输入输出指标,以纺织业为代表,分析了纺织行业35家符合要求的上市公司相对财务治理效率的高低。本文的分析分为横向分析和纵向分析。通过多2008年-2012年连续5年的平均数据的分析,得出了纺织业中财务治理效率相对较好的17家公司,对于非相对有效的其他上市公司则根据改进目标值分析,总结出了其输入输出的改进要求。通过冗余分析以及纵向分析中的有效前沿面分析,得出了影响纺织业财务治理效率的输入指标,如资产负债率、流通股比例、独立董事人数以及年度监事会会议召开次数等指标。通过以上分析可以对于纺织业整体的财务治理效率有一个大致的了解,得出影响效率的因素,给处于非有效前沿面的企业提出了改进的方向。本文采用DEA方法来衡量上市公司的财务治理效率是一种创新,使得财务治理效率的相关研究文献更加客观全面,为我国各行业财务治理效率的衡量研究提供了参考依据。
[Abstract]:Financial governance is the core and soul of corporate governance. More and more scholars realize that financial governance plays an important role in the operation and performance of the company. The level of corporate financial governance is also an important determinant of corporate competitiveness. At present, there are few researches on financial governance, most of which are limited to the structure of financial governance, such as the measurement of the efficiency of financial governance. However, efficiency is the core and main line of the study of economics and management, and the efficiency of financial governance is the fundamental goal of financial governance. There are many methods for evaluating efficiency. Compared with other methods, data envelopment analysis has the advantages of avoiding subjectivity of artificially determining index weights and not being influenced by units of measurement. Based on the study of the main efficiency evaluation methods such as regression analysis, balanced scorecard and principal component analysis, this paper analyzes the defects of these methods in the evaluation of financial governance efficiency. By analyzing the characteristics and advantages of DEA method, this paper expounds the feasibility of applying data envelopment analysis to measure the efficiency of financial governance of listed companies. Finally select the most suitable method to evaluate the efficiency of financial governance of listed companies-DEA. On the basis of analyzing and summarizing the existing theories of financial governance, this paper draws lessons from the previous evaluation index system of financial governance efficiency at home and abroad, and selects the input and output indicators from two aspects: financial governance structure and financial governance mechanism. Taking textile industry as a representative, the paper analyzes the relative financial governance efficiency of 35 listed companies in textile industry. The analysis of this paper is divided into horizontal analysis and longitudinal analysis. Through the analysis of the average data of five consecutive years from 2008 to 2012, it is concluded that 17 companies with relatively good financial governance efficiency in the textile industry, and other listed companies that are not relatively effective, are analyzed according to the improved target value. The improvement requirements of its input and output are summarized. Through redundancy analysis and effective frontier analysis in longitudinal analysis, the input indexes affecting the efficiency of financial governance of textile industry, such as the ratio of assets and liabilities, the proportion of circulating shares, are obtained. The number of independent directors and the number of meetings of the annual board of supervisors and other indicators. Through the above analysis, we can have a general understanding of the overall financial governance efficiency of the textile industry, draw the factors affecting the efficiency, and put forward the direction of improvement for the enterprises in the non-effective frontier. This paper uses DEA method to measure the financial governance efficiency of listed companies is an innovation, making the relevant research literature of financial governance efficiency more objective and comprehensive, which provides a reference for the study of the financial governance efficiency of various industries in China.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F426.81

【参考文献】