我国西部地区上市公司治理水平对公司业绩及价值影响研究

发布时间：2018-02-21 02:07

本文关键词： 公司治理水平公司价值 L指数　出处：《新疆财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：作为现代公司制的高级形式的上市公司在我国已经存在了20多年，它的发展状况在对地区甚至整个国家的经济发展发挥着越来越重要作用的同时，也推动了我国证券市场的不断发展壮大，上市公司作为证券市场的基础也越来越成为反映和衡量一个地区经济和金融发展水平的指标。自西部大开发战略实施以来，我国西部地区经济迎来了一段快速发展的美好时期，在西部地区得以全面发展的这段时期里，西部地区的上市公司也得到了快速的发展，我国西部地区的上市公司的数量从2000年的192家发展到目前的366家，占全国2513家上市公司的比例为14.56%。然而上市公司在迅速发展的过程中也暴露出许多影响上市公司发展的问题，其中上司公司治理水平与上市公司业绩及价值之间的关系一直是许多学者比较关注的问题。目前国内研究上市公司治理与公司业绩及价值关系的文章大部分以全国的上市公司为研究对象，这就可能会忽略不同区域的上市公司之间的不同特点，因此本文以此为突破点来研究我国西部地区上市公司的治理水平与公司业绩及价值之间的关系，以期发现公司治理水平是如何影响我国西部地区上市公司的业绩及价值的，从而为我国西部地区上市公司的治理提出政策与建议。首先，本文介绍了研究的意义、目的及方法，并梳理了国内和国外研究公司治理与公司业绩及价值关系的文献。其次，本文介绍了国内及国外衡量上市公司治理水平的公司治理体系，并编制了衡量西部上市公司治理水平的L指标。然后又根据综合指标L分析了目前我国西部地区上市公司治理水平的现状。在本文的第四部分，利用该综合指标L对公司治理水平和公司业绩及价值之间的关系进行了实证检验,实证结果显示西部地区中L指数越大的公司，其公司业绩会越好，，但其公司价值则具有不确定性。最后，本文根据实证结果及我国目前西部地区上市公司的治理水平的现状提出了相应的对策建议，并分析了本文的不足之处和创新之处。
[Abstract]:As the advanced form of modern company system of Listed Companies in China has existed for over 20 years, its development is playing an increasingly important role in the region and even the whole country's economic development, but also promote the continuous development of China's securities market, listed companies as the foundation of the securities market has become more and more as a reflection of and measure the level of development of a regional economy and finance. Since the implementation of western development strategy, the economy in the western area of China ushered in a period of rapid development of the good times, in the western region to the period of all-round development in the western region, the listed company has been rapid development, the number of listed the company in the western region of China from 2000 192 to the current 366, accounting for 2513 of listed companies accounted for 14.56%. but the listed companies in the process of rapid development Also exposed many problems affecting the development of listed companies, the relationship between the superior level of corporate governance and the performance of listed companies and the value has been many scholars paid more attention to the problem. At present the most domestic research governance of listed companies and corporate performance and value to the listed company as the research object, which may be different the characteristics between different regions of the listed companies will be ignored, so this paper is to investigate the relationship between the listed companies in China's western region breakthrough point of governance and corporate performance and value, in order to find out the level of corporate governance is how to affect the performance and value of China's Listed Companies in China's western regions, so as to put forward policy and suggestions for governance of Listed Companies in China's western region.
Firstly, this paper introduces the research significance, purpose and method, and summarizes the domestic and foreign research of corporate governance and corporate performance and the value of the relationship between literature. Secondly, this paper introduces the domestic and foreign measure of corporate governance of listed company corporate governance system, and the preparation of the L index measure of western corporate governance. Then according to the comprehensive index L analysis of the present situation in the western region of our country's corporate governance level. In the fourth part, to analyze the relationship between corporate governance and corporate performance and value of the comprehensive index L, the empirical results show that the L index in the western area the company is big, the performance of the company will the better, but the value of the company is uncertain. Finally, according to the empirical results and our current governance level of Listed Companies in the western region of the status quo and put forward the corresponding to the Suggestions are made and the shortcomings and innovations of this paper are analyzed.

【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

【参考文献】