金融发展、公司治理与公司价值

发布时间：2018-01-29 12:34

本文关键词： 金融发展公司治理监督机制激励机制公司价值　出处：《贵州财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：自金融危机之后,国家对金融业的扶持和一系列宏观经济政策的出台,我国的金融市场逐渐恢复并有了一定程度的发展。截止到2014年底,我国的金融货币化比率为1.93,金融相关比率高达2.55,说明我国已经建立了比较完善的金融市场和金融机构体系。金融市场和金融机构的不断发展和完善一方面为公司带来了更多的融资渠道,缓解信息不对称和代理问题,扩大公司投资,提高公司价值;另一方面由于现代公司中所有权和经营权分离,股东和管理层的利益不一致,金融机构作为债权人或者股东参与公司治理,能够对公司管理层的行为约束和监督,减少管理层的机会主义行为,提升公司价值。因此,在外部金融环境不断发展的情况下,更全面地观察金融发展与公司价值之间的关系变得极为重要。本文以2007—2014年为样本期间,在对金融发展、公司治理和公司价值国内外相关文献进行梳理的基础上,综合运用财务学、经济学、管理学和行为学的相关知识,以金融发展理论、公司治理理论为理论基础,结合我国金融发展背景,应用规范和实证研究相结合的方法。首先,选取金融发展水平、公司治理和公司价值的衡量指标,将公司治理分为监督机制和激励机制,并通过因子分析法对监督机制和激励机制计算综合得分;其次构建金融发展、公司治理与公司价值关系模型,从公司治理视角研究金融发展与公司价值之间关系,并探索公司治理如何影响金融发展与公司价值之间的关系。面板数据模型回归结果发现金融发展水平的提高能够显著提高公司价值;公司治理水平能够显著提高公司价值,但是在监督机制的公司治理水平下,对公司价值的作用效果更显著;公司治理机制能够促进金融发展对公司价值的影响,激励机制对两者之间的影响作用效果并不显著,所以监督机制促进金融发展与公司价值之间正相关关系的效果优于激励机制效果。基于这些发现,本文针对金融发展和公司治理两个方面提出相应的政策建议,以期我国上市公司能够快速的发展。
[Abstract]:Since the financial crisis, the national support to the financial industry and the introduction of a series of macroeconomic policies, China's financial market has gradually recovered and developed to a certain extent. Until end of 2014. The financial monetization ratio of our country is 1.93, the ratio of financial correlation is as high as 2.55. It shows that China has established a relatively perfect financial market and financial institutions system. The continuous development and improvement of financial markets and financial institutions on the one hand has brought more financing channels for the company. To alleviate the problem of information asymmetry and agency, to expand the investment of the company and to increase the value of the company; On the other hand, due to the separation of ownership and management in modern companies, the interests of shareholders and management are inconsistent, so financial institutions participate in corporate governance as creditors or shareholders. It can restrain and supervise the behavior of the management, reduce the opportunistic behavior of the management, and promote the value of the company. Therefore, under the circumstances of the continuous development of the external financial environment. A more comprehensive view of the relationship between financial development and corporate value has become extremely important. Corporate governance and corporate value at home and abroad on the basis of literature combing, comprehensive use of financial science, economics, management and behavior related knowledge, based on financial development theory, corporate governance theory as the theoretical basis. Combined with the background of financial development in China, the application of norms and empirical research methods. First, select the level of financial development, corporate governance and corporate value measurement indicators. Corporate governance is divided into supervision mechanism and incentive mechanism, and the comprehensive score of supervision mechanism and incentive mechanism is calculated by factor analysis. Secondly, it constructs a model of financial development, corporate governance and corporate value, and studies the relationship between financial development and corporate value from the perspective of corporate governance. And explore how corporate governance affects the relationship between financial development and corporate value. Panel data model regression results show that the level of financial development can significantly improve corporate value; The level of corporate governance can significantly improve the value of the company, but under the level of corporate governance of the supervision mechanism, the effect on the value of the company is more significant. Corporate governance mechanism can promote the impact of financial development on the value of the company, and the effect of incentive mechanism on the impact between the two is not significant. Therefore, the effect of positive correlation between financial development and corporate value is better than that of incentive mechanism. Based on these findings, this paper puts forward corresponding policy recommendations for financial development and corporate governance. With a view to rapid development of listed companies in China.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832;F271;F275

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