中国上市公司视角下的资本结构和公司治理的关联性研究

发布时间：2018-01-20 23:52

本文关键词： 股权结构公司治理企业核心竞争力　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文主要研究中国上市公司的股权结构和公司治理之间的关系。首先，本文回顾了管理学中对于股权结构和公司治理的主要理论和思想，并且深入分析了委托代理理论和交易成本理论。然后，本文比较了美国、日本、德国和中国的上市公司具体情况，从公司股权集中度、公司治理的组织结构、外部市场对上市公司的要求这三个角度比较了各国的情况，并在此基础上提出了国外相关经验对中国上市公司的启示。在此基础上，，本文通过实证模型，论证了股权集中度和股东性质对于公司风险控制能力以及公司核心竞争能力的影响，证实了股权高度集中和国家控股的上市公司有良好的公司治理，但是存在阻碍公司的技术创新，增加公司合规风险的问题。综上所述，本文对上市公司的股权结构和公司治理提出了优化途径。其中内部治理的优化方式包括完善董事会结构、完善监事会建设、完善管理层薪酬体系；外部治理的优化方式包括规范资本市场治理、增强资本市场定价的有效性以及提高司法监管体系。
[Abstract]:This paper mainly studies the relationship between ownership structure and corporate governance of listed companies in China. Firstly, this paper reviews the main theories and ideas of equity structure and corporate governance in management. Then, this paper compares the specific situation of listed companies in the United States, Japan, Germany and China, from corporate equity concentration, corporate governance organizational structure. The external market requirements of listed companies are compared from these three angles, and on the basis of this, the enlightenment of foreign experience to Chinese listed companies is put forward. On this basis, this paper demonstrates the impact of ownership concentration and shareholder nature on the risk control ability and the core competitiveness of the company through empirical model. It is proved that the listed companies with high concentration of equity and state control have good corporate governance, but there are some problems that hinder the technological innovation of the company and increase the company compliance risk. To sum up, this paper puts forward the optimization approach to the ownership structure and corporate governance of listed companies. The optimization of internal governance includes improving the structure of the board of directors, improving the board of supervisors construction, and perfecting the management compensation system; The optimization of external governance includes standardizing capital market governance, enhancing the efficiency of capital market pricing and improving the judicial supervision system.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51;F271

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