创业板上市公司董事会特征与公司绩效的实证研究

发布时间：2018-06-16 15:15

本文选题：创业板上市公司 + 董事会特征　；参考：《浙江工业大学》2017年硕士论文

【摘要】：近年来,中国掀起了“大众创业”的新浪潮,形成了“万众创新”的新势态。依托国家政策的扶持,大量的创业板上市公司得到了空前的发展机遇。创业板上市公司科技含量高、创新能力强、成长潜力大,但由于大多处于初创期或成长期,家族化问题突出,经营风险相对比较高,创业板企业的绩效一直备受关注。本文以创业板上市公司为研究对象,选取2013-2015年浙江省创业板上市公司为研究样本,从结构特征、领导特征、行为特征、激励特征四个方面刻画董事会特征,以因子分析法计算的综合得分衡量公司绩效,在委托代理理论、资源依赖理论和现代管家理论的基础上,运用多元线性回归模型对样本的董事会特征与公司绩效之间的关系进行实证研究,从加强董事会治理的角度为完善创业板上市公司治理结构提供经验数据。实证研究结果表明,创业板上市公司董事长与总经理两职合一、董事薪酬与公司绩效正相关;创业板上市公司董事会持股比例与公司绩效负相关;创业板上市公司董事会规模、独立董事比例、董事会会议次数与公司绩效不相关。在此基础上,本文提出了选取适度规模的董事会、完善独立董事选举制度,设置董事长与总经理两职合一的董事会领导结构,进一步提升董事会会议制度的质量和效率,有效建立董事薪酬体系、完善董事会激励机制的政策建议。
[Abstract]:In recent years, China has set off a new wave of mass entrepreneurship, forming a new trend of mass innovation. Relying on the support of national policies, a large number of gem listed companies have been unprecedented opportunities for development. Gem listed companies have high scientific and technological content, strong innovation ability and great growth potential, but because most of them are in the initial or growing period, family problems are prominent, the management risk is relatively high, and the performance of gem enterprises has been paid much attention. This paper takes the gem listed companies as the research object, selects the Zhejiang Province gem listed companies as the research sample from 2013-2015, depicts the board of directors' characteristics from the structure characteristic, the leadership characteristic, the behavior characteristic, the incentive characteristic. On the basis of principal-agent theory, resource dependence theory and modern housekeeper theory, the comprehensive scores calculated by factor analysis are used to measure corporate performance. This paper makes an empirical study on the relationship between the characteristics of the board of directors and corporate performance by using the multivariate linear regression model to provide empirical data for the improvement of the governance structure of listed companies in the gem from the perspective of strengthening the governance of the board of directors. The empirical results show that the board of directors and general manager of gem listed companies are in one, the compensation of directors is positively related to company performance; the proportion of board holding of gem listed companies is negatively related to corporate performance; the size of board of directors of gem listed companies is negative. The proportion of independent directors and the number of board meetings are not related to the performance of the company. On this basis, this paper proposes to select a board of directors on a moderate scale, perfect the system of election of independent directors, set up the leadership structure of the board of directors with the two positions of chairman and general manager in one, and further improve the quality and efficiency of the system of directors' meetings. Effective establishment of director compensation system, improve the board of directors incentive mechanism policy recommendations.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F271;F832.51

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