基于公司治理视角的农业上市公司财务风险研究

发布时间：2018-01-01 00:31

本文关键词：基于公司治理视角的农业上市公司财务风险研究　出处：《沈阳农业大学》2017年硕士论文　论文类型：学位论文

【摘要】：2001年美国安然公司破产,2008年美国爆发金融危机,2014年北京利达海洋生物馆有限公司和上海超日太阳能科技股份有限公司等等,被特别处理或者终止上市。当前我国不仅是农业大国而且也是农业弱国,农业企业的发展对我国的经济起到至关重要的作用。目前48家农业企业在沪深A股市场上市,而这些农业上市公司也将面临着巨大的市场变革。无论从国内环境的飞速发展,还是从国际环境的经济动荡,所有的上市公司都将面临巨大的复杂的挑战。除了受国际环境和国内环境的变革影响外,还有其内部原因,如公司治理结构不完善等。本文基于农业这个行业进行研究,分析得出农业上市公司公司治理对财务风险的影响状况,这样可以有助于企业完善公司治理结构,控制企业财务风险,提高企业经营业绩,同时对投资者和管理者都具有现实的指导意义。本文以农业上市公司为样本,选取了我国2011-2015五年48家深沪A股农业上市公司,剔除了有缺失的数据,得到37家农业上市公司,共185个样本。通过选择2015年国资委对央企综合绩效评价指标的四个方面,运用功效系数法对选取的指标进行分析,得出综合功效系数得分来划分农业上市公司的警限区间,我们把综合功效系数得分XS≤ 80,定义为财务风险高,设置财务风险虚拟变量为1;综合功效系数得分80XS≤ 100,定义为财务风险低,设置财务风险虚拟变量为0。文中选取狭义的公司治理,即股权结构、董事会特征、监事会特征和管理层激励四部分。然后从公司治理的各组成部分,对财务风险的影响进行Logistic实证研究,通过相关性分析和容忍度及方差膨胀因子进行多重共线性检验,最后对回归方程进行了拟合优度检验和Hosmer and Lemeshow检验,具有统计学意义。根据前面的实证分析,发现了农业上市公司股权结构、董事会特征、监事会特征、管理层激励这四个方面对财务风险的影响,即股权集中度、国有控股、两职合一能抑制财务风险;股权制衡度、董事会规模、独立董事比例、监事会规模能增大财务风险;董事会会议次数、监事会会议次数、高管人员持股比例、高管人员薪酬对财务风险没有显著影响。并结合我国农业上市公司当前的状况,提出相关的政策建议,即保持适当的股权集中度和股权制衡度;完善农业上市公司独立的董事制度,设置合适的董事会规模;优化农业上市公司监事会结构,完善监事会制度;设计和完善农业上市公司的管理层激励机制。
[Abstract]:In 2001 the United States Enron Corp went bankrupt, the financial crisis broke out in 2008, 2014 Beijing Lida aquarium Co. Ltd. and Shanghai super solar Polytron Technologies Inc and so on, special treatment or termination of the listing. At present our country is not only agricultural country but also the weak agricultural industry, the development of agricultural enterprise is of vital importance to the economy of our country. The current listing 48 agricultural enterprises in Shanghai and Shenzhen A stock market, and the agricultural listed companies will face huge market changes. In terms of the rapid development of the domestic environment, or from the international environment of economic turmoil, all listed companies will face complex challenges. In addition to the huge international environment and domestic environment changes, there are internal reasons, such as imperfect corporate governance. Research on the agricultural industry based on the analysis of agricultural listed Influence of corporate governance on financial risk, which can help enterprises to improve the corporate governance structure, financial risk control, improve business performance, but also has practical significance for the investors and managers. Based on the agricultural listed companies as samples, selects China's Shanghai and Shenzhen A 48 2011-2015 for five years shares of agricultural listed companies, excluding the missing data from 37 agricultural listed companies, a total of 185 samples. Four aspects through the 2015 SASAC of the central enterprises comprehensive performance evaluation index, using the selected indicators of efficacy coefficient method, the result of comprehensive effect coefficient score to divide the agricultural listed companies. The interval, we put the comprehensive effect coefficient score XS = 80, defined as high financial risk, financial risk is 1 set of dummy variables; comprehensive effect coefficient 80XS score is less than 100, the definition of financial risk Low, set the financial risk of dummy variables for selection of narrow corporate governance 0. in this paper, namely the ownership structure, board characteristics, board characteristics and management incentive four parts. Each part is then from corporate governance, empirical study of Logistic impact on financial risk, analysis and tolerance and variance inflation factor multiple colinearity test through correlation, the regression equation of the goodness of fit test and Hosmer and Lemeshow, has statistical significance. Based on the analysis of previous empirical, found the ownership structure of agricultural listed companies, board characteristics, board characteristics, management incentive effect of the four aspects of financial risk, equity concentration, state holding, two level one can inhibit the financial risk; equity restriction ratio, board size, proportion of independent directors, board of supervisors scale can increase the financial risk; board of directors meeting The number, the number of meetings of the board of supervisors, the proportion of shareholding executives, executive compensation has no significant impact on financial risk. Combined with the agricultural listed companies in China's current situation, put forward relevant policy recommendations, namely to maintain proper ownership concentration and equity balance degree; improve the agricultural listed company independent director system, setting up suitable the size of the board of Directors Board of supervisors of the listed company; the optimization of agricultural structure, improve the supervisory system; design and improve the management of agricultural listed companies incentive mechanism.

【学位授予单位】：沈阳农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F324;F832.51;F302.6

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