我国上市公司管理效率的影响因素研究

发布时间：2017-12-31 11:21

本文关键词：我国上市公司管理效率的影响因素研究　出处：《太原理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：当前,经济全球化趋势日益增强,国外大批企业的纷纷涌入使我国上市公司面临着激烈的市场竞争。为了更好地顺应社会经济发展阶段性转变的要求,我国上市公司必须努力寻找提高企业管理效率的途径,通过提升管理效率,达到降低公司管理成本、提升员工工作效率的目的,进而促使公司创新能力与综合实力的提高,增强企业发展动力。本文将对我国上市公司的管理效率及其影响因素进行研究,旨在了解目前我国上市公司管理效率的具体状况以及影响管理效率的具体因素,继而提出相应措施来提高公司的管理效率,增加公司的核心竞争力。本研究对于丰富现有关于管理效率方面的研究以及提升我国上市公司管理效率具有一定的理论意义和实践意义。本文以沪深股票市场类所有A股的上市公司为研究样本,从管理效率相关理论分析入手,进而对公司规模、公司属性、人力资本水平、资本结构和股权集中度进行了分析,并分别对其与管理效率之间的关系作出假设;其次,构建了异质性随机前沿管理效率模型,运用2011-2015年的相关数据对我国上市公司的管理效率进行测算,根据模型估计结果对所作假设进行验证,并根据相关理论知识及我国上市公司的实际情况对模型估计结果进行分析,之后,进一步分析了40家上市公司的详细情况,再次验证了前文的研究假设;最后,根据实证分析结果从政府和上市公司两个角度提出了提升我国上市公司管理效率的对策建议。根据对我国上市公司管理效率以及有关影响因素的实证分析,可知:(1)从总体来看,我国上市公司的管理效率水平普遍偏低,且各上市公司之间的管理效率水平差距很大,但总体水平在不断提升;(2)我国东、中、西部上市公司管理效率呈依次递减,但总体效率均有提升,其中,东部地区的管理效率提升幅度最大,西部地区次之,中部地区提升幅度最小;(3)国有上市公司的管理效率低于非国有上市公司,但管理效率提升幅度较非国有上市公司大;(4)由模型估计结果可知,公司规模与管理效率及管理不确定性均呈显著正相关;(5)公司属性与管理效率显著负相关,与管理不确定性显著正相关,即非国企的管理效率较国企管理效率要高;(6)公司人力资本水平对管理效率有显著正向影响,而对管理不确定性并没有显著影响;(7)资本结构与管理效率及管理不确定性均呈显著负相关;(8)股权集中度与管理约束显著负相关,但与管理不确定性没有显著关系。本文创新之处在于:(1)本研究以我国沪深A股所有上市公司的管理效率为主要研究内容,扩大了管理效率的研究范围;(2)在吸收国内外研究成果的基础上构建了我国上市公司异质性随机前沿管理效率模型,在该模型框架下定量估算了公司中存在的管理约束给管理效率带来的损失。
[Abstract]:At present, with the increasing trend of economic globalization and the influx of a large number of foreign enterprises, China's listed companies are facing fierce market competition, in order to better comply with the requirements of the stage change of social and economic development. China's listed companies must strive to find ways to improve the efficiency of enterprise management, through improving the efficiency of management, to achieve the purpose of reducing the cost of corporate management and improving the efficiency of employees. This paper will study the management efficiency and its influencing factors of listed companies in China. In order to understand the specific situation of the management efficiency of listed companies in our country and the specific factors that affect the management efficiency, then put forward the corresponding measures to improve the management efficiency of the company. This study has certain theoretical and practical significance for enriching the existing research on management efficiency and improving the management efficiency of listed companies in China. All A-share listed companies for the study sample. Based on the theoretical analysis of management efficiency, this paper analyzes the scale, attributes, level of human capital, capital structure and ownership concentration, and makes some assumptions about the relationship between them and management efficiency. Secondly, the heterogeneity random frontier management efficiency model is constructed, and the management efficiency of listed companies in China is measured by using the relevant data from 2011-2015. According to the model estimation results to verify the assumptions made, and according to the relevant theoretical knowledge and the actual situation of listed companies in China to analyze the model estimation results. Further analysis of the detailed situation of 40 listed companies, again verify the previous research hypothesis; Finally. According to the results of empirical analysis from the government and listed companies to improve the management efficiency of listed companies countermeasures and suggestions. According to the management efficiency of listed companies in China and related factors of empirical analysis. From the general point of view, the level of management efficiency of listed companies in China is generally low, and the level of management efficiency between listed companies is very large, but the overall level is constantly improving; 2) the management efficiency of listed companies in the east, middle and west of China is decreasing in turn, but the overall efficiency has been improved, among which, the management efficiency in the eastern region is the largest, followed by the western region. The promotion range in the central region is the least; 3) the management efficiency of the state-owned listed companies is lower than that of the non-state-owned listed companies, but the extent of the improvement of the management efficiency is larger than that of the non-state-owned listed companies. 4) from the results of the model estimation, it can be seen that the size of the company is positively correlated with the efficiency and uncertainty of management. (5) Company attributes are negatively correlated with management efficiency and positively correlated with managerial uncertainty, that is, the management efficiency of non-state-owned enterprises is higher than that of state-owned enterprises. (6) the level of human capital has a significant positive impact on management efficiency, but has no significant impact on management uncertainty; (7) Capital structure is negatively correlated with management efficiency and management uncertainty; (8) there is a significant negative correlation between ownership concentration and management constraints. However, there is no significant relationship with the uncertainty of management. The innovation of this paper is that the research takes the management efficiency of all listed companies in Shanghai and Shenzhen as the main research content, and expands the scope of the research on management efficiency. 2) on the basis of absorbing the domestic and foreign research results, this paper constructs the heterogeneity stochastic frontier management efficiency model of listed companies in China. Under the framework of this model, the loss of management efficiency caused by management constraints in the company is estimated quantitatively.
【学位授予单位】：太原理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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