我国上市公司治理效率评价研究

发布时间：2017-12-31 05:35

本文关键词：我国上市公司治理效率评价研究　出处：《西北农林科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：公司治理是影响我国微观经济发展的大问题。近年来经过一系列的探索以及与国际接轨的提级深化，我国一大批国有企业和民营公司已初步建立了现代公司治理的基本框架。然而，与宏观经济平稳增长、外贸强劲态势形成极大反差的是，近年来我国资本市场却一路低迷、萎靡下跌，究其原因，除了受世界金融危机大环境的外因影响外，投资者信心不足的内因影响起到关键作用。而投资者信心不足与上市公司治理机制紧密关联，因而探索研究上市公司治理效率影响因素及其评价机制，不仅体现其理论指导价值，也突显其现实紧迫性。本文选取上海和深圳两市证券交易所1775家上市公司为样本，基于2012年数据，采用DEA-Tobit两步法对上市公司治理效率进行分析，即先采用DEA模型计算我国上市公司治理的效率值，对其测度和分析后，利用Tobit逐步回归方法对可能对公司治理效率产生影响的因素进行分析，客观提出了用于评价我国上市公司治理效率的指标体系和模型，随后根据模型结果选择公司治理效率水平（GEff值）排在最前600名与最后600名的公司业绩进行比较分析，最终，本文通过案例分析说明评价体系的应用操作。本文的主要结论如下：（1）通过大样本上市公司的DEA效率值的求解，发现我国上市公司治理效率整体偏低，有效治理的上市公司数量较少，各行业公司治理效率具有较大差异。（2）一些合规性因素对公司治理效率影响不再显著，我国上市公司公司治理正在由合规治理向主动治理和差异治理方向过渡。（3）建立了包括董监高结构、董事会结构、股权治理结构、激励机制以及外部治理环境5个维度在内的公司治理效率评价指标体系和模型，其对公司治理效率的评价是比较客观简便的。（4）就上市公司的业绩比较而言，公司治理效率高的公司其业绩明显好于公司治理效率低的。基于以上发现和结论，，本文针对性地提出有利于提高我国上市公司治理效率的四点建议：（1）优化董监高结构，促进公司从被动合规到主动合规再到主动治理转变；（2）倡导股东积极参与，促进上市公司的股权治理规范；（3）实施更加科学完善的股权激励机制；（4）贯彻生态文明建设理念，加强外部治理环境的建设培植。
[Abstract]:Corporate governance is a major problem that affects the development of micro - economy in China . In recent years , a large number of state - owned enterprises and private companies have established the basic framework of modern corporate governance . However , in recent years , our country ' s capital market has been sluggish and the collapse of foreign trade has played a key role in recent years . The paper selects 1775 listed companies of Shanghai and Shenzhen Stock Exchange as samples . Based on the data of 2012 , the DEA - Tobit ' s two - step method is used to analyze the corporate governance efficiency . ( 1 ) Based on the analysis of DEA efficiency value of listed companies , it is found that the management efficiency of listed companies in our country is relatively low , the number of listed companies is less , and the corporate governance efficiency of each industry has big difference . ( 2 ) The effect of some compliance factors on corporate governance is no longer significant , and corporate governance of listed companies in China is in transition from compliance governance to proactive governance and differential governance . ( 3 ) The evaluation index system and model of corporate governance efficiency , including the structure of the Board of Directors , the structure of the board of directors , the structure of the equity governance , the incentive mechanism and the five dimensions of the external governance environment , is established , which is more objective and simple to evaluate the corporate governance efficiency . ( 4 ) In terms of the performance of listed companies , the company with high corporate governance efficiency is obviously better than the corporate governance efficiency . Based on the above findings and conclusions , this paper puts forward four suggestions for improving the governance efficiency of listed companies in China : ( 1 ) To optimize the management structure of the company , to promote the transformation of the company from passive compliance to active compliance ; ( 2 ) to promote the active participation of shareholders to promote the regulation of stock rights of listed companies ; ( 3 ) implement more scientific and perfect equity incentive mechanism ; and ( 4 ) implement the concept of ecological civilization construction and strengthen the construction of external governance environment .

【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

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