基于企业异质性的上市公司治理溢价研究

发布时间：2018-02-07 12:00

本文关键词： 股权溢价公司治理溢价企业异质性盈利能力高管薪酬差距　出处：《重庆交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：自股权溢价之谜提出以后，国内外对其进行了大量研究，主要有四个研究视角：古典经济学角度、经济运行视角、行为金融视角和公司治理视角，这些研究在均一定程度上解释了股权溢价。其中，公司治理溢价是相对较新的研究视角，通常采用分析公司综合治理质量或水平与公司价值之间关系，进而解释股权溢价存在或大小，然而尚缺乏从具体的公司治理因素对溢价原因的研究。此外，以往有关公司治理溢价的研究是基于企业同质性假设开展的，随着企业异质性假设提出后，公司治理转向具体治理因素的研究。基于以上两点，本文尝试以企业异质性假设为前提，研究公司治理的具体因素对公司治理溢价的影响，主要研究内容及结论如下： ①梳理国内外关于股权溢价的研究，概括出四个主要研究视角：古典经济学角度、经济运行角度、行为金融学角度和公司治理溢价角度。其后，重点对公司治理溢价的概念进行界定，并探究治理溢价的来源及衡量方法。 ②阐述企业异质性与公司治理的关系，提取公司治理异质性因子。首先，对企业异质性假设的理论来源和与公司治理的关系进行研究。其次，评述公司治理水平的研究，构建融入财务因素的公司治理指标体系。最后，采用因子分析法提取8个公司治理异质性因子：基本财务、高管薪酬、董事高管持股、董事会构成、股权结构、会议参与、信息披露、非法侵占，并以此为公司治理溢价的研究方向。 ③以公司盈利能力作为基本财务因子的代表，探究盈利能力对公司治理溢价的解释能力。首先，，对公司盈利能力的进行概念界定及其影响因素分析。其次，选取销售净利润率、净资产收益率、投资报酬率、总资产收益率、基本每股收益和股价收益率这6个指标构建盈利能力指标体系，仍采用因子分析法衡量公司盈利能力大小。最后，采用Panel Data个体时点固定效应模型，得出上市公司盈利能力与公司治理溢价之间存在正相关关系，能够在一定程度上解释治理溢价。 ④以公司绩效作为中间研究变量，构建高管团队内部薪酬差距、董事-高管薪酬差距与公司绩效的交叉变量，采用回归模型研究公司薪酬差距对股权溢价的解释能力。最终得出：绩效较好的上市公司存在较高的治理溢价；高管团队内部薪酬差距和董事-高管薪酬差距的扩大均有助于公司绩效的提升；在高管团队内部薪酬差距较大的公司中，公司绩效与公司治理溢价正相关关系有所增强；在董事-高管薪酬差距较大的公司中，公司绩效与公司治理溢价正相关关系有所减弱。
[Abstract]:Since the enigma of equity premium was put forward, a lot of researches have been carried out at home and abroad, mainly from four perspectives: classical economics, economic operation, behavioral finance and corporate governance. These studies explain the equity premium to some extent. The corporate governance premium is a relatively new perspective, and it is usually used to analyze the relationship between the quality or level of comprehensive corporate governance and the value of the company. Then it explains the existence or magnitude of equity premium, but there is still a lack of research on the causes of the premium from specific corporate governance factors. In addition, the previous research on corporate governance premium is based on the assumption of corporate homogeneity. After the hypothesis of corporate heterogeneity is put forward, corporate governance turns to specific governance factors. Based on the above two points, this paper attempts to study the influence of specific factors of corporate governance on corporate governance premium on the premise of enterprise heterogeneity hypothesis. The main contents and conclusions are as follows:. 1 combing the research on equity premium at home and abroad, summarizing four main perspectives: classical economics, economic operation, behavioral finance and corporate governance premium. Focus on the definition of corporate governance premium, and explore the source and measurement of governance premium. (2) expounding the relationship between corporate heterogeneity and corporate governance, and extracting the heterogeneity factor of corporate governance. Firstly, the theoretical source of enterprise heterogeneity hypothesis and the relationship between corporate governance and corporate governance are studied. Secondly, the research on corporate governance level is reviewed. Finally, we use factor analysis method to extract eight heterogeneity factors of corporate governance: basic finance, executive compensation, directors' stock ownership, board composition, equity structure, conference participation. Information disclosure, illegal encroachment, and this is the research direction of corporate governance premium. (3) taking the corporate profitability as the representative of the basic financial factors, exploring the explanatory ability of profitability to corporate governance premium. Firstly, the concept of corporate profitability and its influencing factors are defined. Secondly, the net profit margin of sales is selected. The return on net assets, the return on investment, the return on total assets, the return on basic earnings per share and the return on stock price constitute the profitability index system, and still use factor analysis method to measure the profitability of the company. By using the Panel Data time fixed effect model, it is concluded that there is a positive correlation between the profitability of listed companies and the corporate governance premium, which can explain the governance premium to a certain extent. (4) taking corporate performance as the intermediate research variable, constructing the internal salary gap of executive team, the intersecting variable between director-executive compensation gap and corporate performance. The regression model is used to study the ability of explaining the compensation gap to equity premium. Finally, it is concluded that there is a higher governance premium for listed companies with better performance; The expansion of the pay gap and the board-executive pay gap both contribute to the improvement of corporate performance, and the positive correlation between corporate performance and corporate governance premium has been enhanced in the companies with large pay gap within the executive team. Among the companies with a large gap between directors and executive compensation, the positive correlation between corporate performance and corporate governance premium has been weakened.
【学位授予单位】：重庆交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

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