财务公平、投资者保护与经营效率

发布时间：2018-04-18 08:09

本文选题：财务公平 + 结果公平　；参考：《四川师范大学》2017年硕士论文

【摘要】：基于传统认知,公平与效率在许多领域都被视为一对矛盾。经过两个世纪的发展,思想家、哲学家和经济学家们对公平与效率的关系进行了探讨,提出了功利主义和正义论等代表理论。后来的学者在此基础上提出了不同的观点,认为公平和效率之间不只是孰优孰劣,二者存在更复杂的关系。在企业的财务分配上,公平理论认为员工和其他利益相关者从企业获得的公平感会影响他们作出与企业相关的决策,反作用于企业的经营效率,因此,在企业的经营管理中,应该从多维度重视财务公平带来的影响,以保证效率的稳定和提高。股东一直是财务管理目标的重点,也是财务分配的主要对象。然而,我国资本市场频繁出现大股东侵权行为,使得中小股东利益受损,财务公平得不到保障。中小投资者众多是我国资本市场的显著特征,作为股票融资的主要资金供给方,他们对股市的信心能够影响公司的经营效率。因此,健全上市公司的投资者保护制度,实际上也是在保护我国资本市场。基于以上分析,本文从结果公平和程序公平两个维度来衡量企业的财务公平,从盈利、偿债、经营发展、资产管理和分红转增能力五个方面评价企业的经营效率,此外,本文还构建了投资者保护指数评价体系。本文以我国上市公司为样本,以2011-2015年为选样窗口,运用因子分析、聚类分析、曲线拟合分析和线性回归分析等方法,实证检验财务公平与经营效率的相关关系,并加入投资者保护作为调节变量,分析投资者保护对财务公平与经营效率相关关系的显著性影响。通过理论和实证研究,本文得出了以下三个结论:(1)结果公平与经营效率之间呈正U型二次曲线关系。当企业财富积累较少时,结果公平与经营效率呈负相关关系;当企业财富积累较多时,结果公平与经营效率呈正相关关系。(2)程序公平与经营效率之间呈正相关关系,企业的经营效率随着程序公平程度的增加而提高。(3)在其他条件不变的情况下,投资者保护机制有助于财务公平对经营效率促进作用的体现,即在投资者保护越好的企业中,财务公平与经营效率之间的相关关系更为显著。
[Abstract]:Based on traditional cognition, fairness and efficiency are regarded as a pair of contradictions in many fields.After two centuries of development, thinkers, philosophers and economists have discussed the relationship between fairness and efficiency, and put forward representative theories such as utilitarianism and justice.Later scholars put forward different points of view that the relationship between fairness and efficiency is not only better than that of efficiency, but also more complicated.In the financial distribution of enterprises, the theory of fairness holds that the sense of fairness gained by employees and other stakeholders from the enterprise will affect them to make decisions related to the enterprise and counteract the management efficiency of the enterprise. Therefore, in the management of the enterprise,In order to ensure the stability and improvement of efficiency, we should pay attention to the impact of financial equity from multiple dimensions.Shareholders have always been the focus of financial management objectives, but also the main object of financial allocation.However, the capital market of our country frequently appears the big shareholder tort behavior, causes the minority shareholder's benefit to be damaged, the finance fair cannot guarantee.The large number of small and medium investors is a significant feature of the capital market in China. As the main fund supplier of stock financing, their confidence in the stock market can affect the operating efficiency of the company.Therefore, perfecting the investor protection system of listed companies is actually protecting our capital market.Based on the above analysis, this paper measures the financial fairness of the enterprise from the two dimensions of result fairness and procedural fairness, and evaluates the business efficiency of the enterprise from five aspects: profitability, debt service, business development, asset management and the ability of dividend transfer.This article also constructs the investor protection index appraisal system.This paper takes Chinese listed companies as sample, takes 2011-2015 as sample selection window, uses factor analysis, cluster analysis, curve fitting analysis and linear regression analysis to empirically test the correlation between financial fairness and operating efficiency.Adding investor protection as a regulating variable, this paper analyzes the significant influence of investor protection on the relationship between financial fairness and operational efficiency.Through theoretical and empirical studies, this paper draws the following three conclusions: 1) the relationship between equity and business efficiency is positively U-shaped conic.When the enterprise wealth accumulation is small, the result fairness has a negative correlation with the management efficiency, when the enterprise wealth accumulation is more, the result equity has a positive correlation with the operation efficiency.The operating efficiency of enterprises increases with the increase of procedural fairness. (3) under the condition that other conditions remain unchanged, the investor protection mechanism helps to reflect the role of financial equity in promoting the operation efficiency, that is, in the enterprises with better investor protection,The relationship between financial equity and operational efficiency is more significant.
【学位授予单位】：四川师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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