我国上市公司独立董事特征与EVA关系研究

发布时间：2018-06-22 16:07

本文选题：上市公司 + 独立董事特征　；参考：《长安大学》2017年硕士论文

【摘要】：独立董事制度作为现代公司治理的重要内容一直是学术研究的热点之一。该制度在我国上市公司实行已有十多年,其与公司绩效的关系问题至今未得到统一的结论。EVA被认为是非常具有代表性的绩效指标,其引入中国已有一段时间,应用已比较成熟;另外,独立意见作为表征独立董事履职成果和上市公司合规经营情况的一项特征,还未被以往学者纳入到研究独立董事与企业绩效的关系中去。在经济和管理环境发生巨大变化情况下,学术界缺乏从EVA绩效指标以及独立意见数量角度对独立董事特征的研究。本文研究的目的在于廓清独立董事特征与企业绩效指标EVA之间的关系问题,以使独立董事制度更好发挥其作用。目前,中国已经成为世界第二大经济体,公司治理问题日益成为国内外学术界和企业界关注的焦点,独立董事在我国企业中扮演的角色日益重要。中国经济步入新常态,面临结构调整,独立董事制度实施以来也爆出许多问题,因此,加强独立董事制度的作用研究特别是与企业绩效的关系研究有利于我国企业完善公司治理,改善绩效。本文首先研读国内外学者的相关文献,在总结前人相关研究的优缺点基础上,发现独立董事与EVA的关系以及独立意见尚值得研究。在选取企业绩效评价理论、EVA理论以及委托代理等作理论基础后,开展研究设计。研究设计采用以往学者较少使用的EVA指标来衡量绩效,选取独立董事比例、女性比例、年龄、学历水平、薪酬、独立意见数量和出席率七个特征建立与EVA关系的假设,以沪深300指数成分股上市公司作为研究样本建立回归模型进行实证研究。实证过程采用描述性统计分析、相关性分析、共线性诊断和回归分析方法。本文研究结果显示,独立董事比例、年龄、学历水平、薪酬和出席率与EVA都具有显著正相关性,女性比例与EVA只具有微弱的相关性,独立意见数量与EVA是显著负相关。研究结果一方面验证了部分新的观点,另一方面为从公司治理角度改善EVA的研究提供了新的视角。基于实证研究的结果,本文针对独立董事比例、女性比例等七个特征提出了针对性的、较为细化的政策建议,以期对完善独立董事制度、改进公司治理以及提高企业绩效提供借鉴。
[Abstract]:As an important part of modern corporate governance, independent director system has always been one of the hot topics in academic research. The system has been implemented in China for more than ten years. The relationship between the system and corporate performance has not been unified. Eva is considered to be a very representative performance index. It has been introduced into China for a period of time, and its application has been relatively mature. In addition, as a characteristic of independent directors' performance and compliance management, independent opinion has not been included in the study of the relationship between independent directors and corporate performance. In the case of great changes in the economic and management environment, the academic community lacks of research on the characteristics of independent directors from the point of view of EVA performance indicators and the number of independent opinions. The purpose of this study is to clarify the relationship between the characteristics of independent directors and EVA, so that the independent director system can play a better role. At present, China has become the second largest economy in the world, corporate governance has increasingly become the focus of academic and business circles at home and abroad, and independent directors play an increasingly important role in Chinese enterprises. China's economy has entered the new normal and is facing structural adjustment. Since the implementation of the independent director system, many problems have emerged. Strengthening the research on the function of independent director system, especially the relationship between independent director system and enterprise performance, is beneficial to the improvement of corporate governance and performance. This paper first studies the relevant literature of domestic and foreign scholars, on the basis of summarizing the advantages and disadvantages of previous relevant studies, it finds that the relationship between independent directors and EVA and independent opinions are still worth studying. After choosing EVA theory and principal-agent theory as the theoretical basis, the research and design are carried out. In this study, EVA indicators, which were rarely used by previous scholars, were used to measure performance, and seven characteristics of independent director ratio, female ratio, age, education level, salary, number of independent opinions and attendance rate were selected to establish the hypothesis of the relationship between EVA and EVA. Shanghai and Shenzhen 300 index listed companies as research samples to establish a regression model for empirical research. The empirical process uses descriptive statistical analysis, correlation analysis, co-linear diagnosis and regression analysis. The results show that the proportion of independent directors, age, educational level, salary and attendance rate have significant positive correlation with EVA, the proportion of women has only a weak correlation with EVA, and the number of independent opinions is significantly negative correlation with EVA. On the one hand, the research results verify some new viewpoints, on the other hand, it provides a new perspective for the study of improving EVA from the perspective of corporate governance. Based on the results of the empirical research, this paper puts forward specific and detailed policy recommendations for the seven characteristics of independent director ratio and female proportion, in order to perfect the independent director system. Improve corporate governance and improve corporate performance to provide reference.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51;F275

【参考文献】