创业板企业独立董事社会资本与企业绩效关系研究

发布时间：2018-01-11 21:31

本文关键词：创业板企业独立董事社会资本与企业绩效关系研究　出处：《吉林大学》2014年硕士论文　论文类型：学位论文

【摘要】：企业两权分离现状导致公司所有者不能对企业进行有效管理和控制，出现了“内部人”的现象，且经过“水门事件”“洛克希德丑闻案”等一系列事件后，经济学家们发现外部市场机制对“内部人”的约束十分有限。因此，，为了保证董事会的独立性，解决上述问题，独立董事制度应运而生。该制度在以美国为首的一些西方国家被证明是一种行之有效、并广泛采用的制度，在提高公司决策过程的科学性、安全性、效益性，加强公司竞争力，预防公司总裁和其他内部控制人为所欲为、鱼肉公司和股东利益，强化公司内部民主机制，维护小股东和其他公司利害关系人的利益等方面发挥了积极作用。因此，我国证监会在2001年8月发布的《关于在上市公司建立独立董事制度的指导意见》中，强制要求所有上市公司必须聘请独立董事，建立独立董事制度。经过十几年的发展，独立董事在我国上市公司董事会中所占比例越来越重，在以往的研究中多从独立董事特征或者背景进行研究，但是在我国注重关系的这一特殊背景下，有必要从独立董事社会资本和社会网络角度来考察独立董事与企业绩效的关系。并且，在以往研究中多采用大样本数据进行分析，且多为主板和中小板企业，虽然研究结论具有一定的普适性，但是忽略了行业和企业规模的影响，相对于这些企业来说，创业板企业又有其自身的特殊性，上市时间短、公司规模小、以高新技术企业和制造业为主、企业可利用外部资源有限，在这种情况下，独立董事社会资本与企业绩效间的关系可能与主板和中小板企业存在差异。因此，本文采用创业板数据对上市公司独立董事社会资本及其企业绩效关系进行研究，实证检验我国创业板企业独立董事制度的实施效果与独立董事社会资本的作用。在查阅相关文献时，作者发现国内外针对独立董事与企业绩效领域的研究结论较混乱，因此本文首先将国内外相关文献进行分类整理，接下来对社会资本理论、委托代理理论、资源依赖理论、利益相关者理论等理论进行系统阐述，为本文研究奠定理论基础，在此基础上，确定衡量独立董事社会资本的4个维度，分别是纵向关系网络、横向关系网络、声誉和认知，并参考以往文献，选取财务指标净资产收益率及市场指标托宾Q作为衡量企业绩效的指标，同时将企业层面的相关变量作为控制变量，结合创业板企业的现状，作出相关研究假设，进行实证分析，并结合我国市场制度和创业板特征对回归结果进行解释分析，最后根据本文结论从优化独立董事选聘机制、明确独立董事职权、推进独立董事职业化发展以及完善独立董事激励机制四方面对如何完善我国上市公司独立董事制度提出建议。
[Abstract]:The separation of the two rights of enterprises leads to the inability of the owners to manage and control the enterprises effectively, the phenomenon of "insiders", and after a series of events such as the Watergate incident and the Lockheed scandal. Economists find that external market mechanisms have very limited constraints on "insiders". Therefore, in order to ensure the independence of the board of directors, to solve these problems. The independent director system emerged as the times require. This system has been proved to be an effective and widely used system in some western countries led by the United States. It can improve the scientific, security and efficiency of the decision-making process of the company. Strengthen the competitiveness of the company, prevent the company president and other internal controllers from doing whatever they want, the interests of the fish company and shareholders, and strengthen the internal democratic mechanism of the company. The interests of minority shareholders and other corporate stakeholders have played an active role. In August 2001, China Securities Regulatory Commission issued the guidance on establishing Independent Directors system in listed companies, which required all listed companies to hire independent directors and establish independent director system. After more than ten years of development, the proportion of independent directors in the board of directors of listed companies in China is more and more heavy. In the previous studies, the characteristics or background of independent directors are studied more and more. However, under this special background, it is necessary to examine the relationship between independent directors and corporate performance from the perspective of independent directors' social capital and social network. In the previous studies, large sample data are used to analyze, and most of them are main board and small and medium-sized board enterprises. Although the conclusions of the study have certain universality, they ignore the influence of industry and enterprise scale. Compared with these enterprises, gem enterprises have their own particularity, short time to market, small scale, mainly high-tech enterprises and manufacturing industries, enterprises can use limited external resources, in this case. The relationship between social capital and corporate performance of independent directors may be different from that of main board and small and medium-sized board enterprises. This paper uses gem data to study the relationship between social capital and corporate performance of independent directors of listed companies. Empirical test of the implementation of the gem independent director system and independent director of the role of social capital. The author found that the domestic and foreign independent directors and corporate performance research conclusions are more confused, so this paper first classified the relevant literature at home and abroad, then social capital theory, principal-agent theory. Resource dependence theory, stakeholder theory and other theories are elaborated systematically, which lays a theoretical foundation for this study. On this basis, it determines the four dimensions to measure the social capital of independent directors, which are vertical relationship network. Horizontal relationship network, reputation and cognition, and refer to the previous literature, select financial indicators of net asset return and market indicators Tobin Q as indicators to measure corporate performance. At the same time, the related variables at the enterprise level as control variables, combined with the current situation of gem enterprises, making relevant research assumptions, empirical analysis. And combined with the market system and gem characteristics of the regression analysis of the results, and finally according to the conclusion of this paper from the optimization of the mechanism of independent director selection and appointment, to clarify the authority of independent directors. To promote the professionalization of independent directors and to improve the incentive mechanism of independent directors, this paper puts forward some suggestions on how to improve the independent director system of listed companies in China.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F271;F832.51

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