公司治理对上市公司预算松弛影响的研究

发布时间：2018-01-15 07:31

本文关键词：公司治理对上市公司预算松弛影响的研究　出处：《东北农业大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文从公司治理的角度来研究预算松弛,其理论基础为委托代理理论和管理控制理论。根据委托代理理论,公司可以被看作是一个简单的合同网络,委托人和代理人是合同网络的签订人。公司的股东是合同网络的委托人,董事则是合同网络中的代理人,这里的代理人行为是具有自我利益导向的,即是理性(或有限理性)的。因此,代理人则会在预算制定和实施的过程中会有意高估成本或者低估利润。从管理控制理论的角度出发,公司管理控制系统必然是随着公司的不同层级变化而不同的,但是各个层级之问的管理控制系统存在必然的相关关系,而对预算管理控制产生决定性影响的是公司治理,因为公司治理是公司内部控制系统的第一层次,或者说是第一上层建筑,这就决定了预算管理控制的决定性地位。因此,关于预算松弛的研究的建立基础就是公司管理控制理论。目前我国学者研究预算的人比较多,但从公司治理的角度研究预算松弛的学者比较少,研究最为全面的是潘飞等人。国内学者对于预算松弛的研究确实取得了不少的成绩,但是也存在着一些局限性。大多数人是从信息不对称的角度去研究预算松弛,即使能够找到预算松弛的原因却没有办法从根本上解决预算松弛——这一预算的副作用问题。本文从公司的治理结构出发研究公司治理结构(主要是股权集中度、董事会特征、高管特征)对于预算松弛的影响。考虑到时间和行业,公司规模和财务风险可能会对预算松弛产生影响,所以把这些因素都纳入了实证研究中。但是目前预算信息并不强制披露,所以作者为了获得预算方面的数据只能查阅在深市与沪市披露预算的上市公司年报。作者查阅了2000多家上市公司,获得了436个预算数据,其中2009年142个,2010年91个,2011年108个,2012年95个。其他数据在国泰安数据库中就可以获得,所以本文的其他数据来自于CSMAR系统。采用统计软件spass17.0对数据进行了分析,研究发现： (1)在股权结构方面：预算松弛程度受到控股股东性质的正向显著影响,即国有控股上市公司的预算松弛程度显著高于非国有上市公司；受到其他股东制衡能力的负向显著影响；受第一大股东持股比例的正向显著影响。 (2)在董事会特征方面：预算松弛程度受到董事会结构变量的负向显著影响,即独立董事比例较高的公司预算松弛程度显著较低；受到董事薪酬变量的正向影响；受到两职兼任情况的正向显著影响,即董事长和总经理两个职位由同一人担任的样本公司,预算松弛程度会明显高于董事长和总经理两职分离的样本公司。 (3)在高管特征方面：高管人数越多预算松弛越是明显。受到高管持股变量的负向显著影响；受到高管薪酬变量的正向影响。文章最后,在实证研究的基础上,根据实证结果考虑到公司运营过程中的实际情况,提出了合理化建议。
[Abstract]:This paper from the perspective of corporate governance to study the budgetary slack, as its basic theory of principal-agent theory and management control theory. According to the principal-agent theory, the company can be seen as a simple contract network, the principal and the agent is signed a contract network. The company's shareholders is the contract network client, director the contract is in the network of agents, agent behavior here is self interest oriented, which is rational (or rational). Therefore, the agent will be in the process of budget formulation and implementation will overestimate or underestimate the cost to profit. Starting from the management control theory, company management control system is inevitable with the change of different levels and different companies, but the causal relationship of management control system at all levels and on the question of the budget management control has a decisive influence of the public Corporate governance is the first level or the first superstructure of the company's internal control system, which determines the decisive position of budget management control. Therefore, the foundation of the research on budgetary slack is the theory of corporate management control.
There are many budget scholars in China, but from the perspective of corporate governance of budgetary slack scholars is relatively small, the most comprehensive study of Pan Fei et al. Domestic scholars for the study of budgetary slack has made many achievements, but there are also some limitations. Most of the people is to study from the budget slack the view of information asymmetry, side effects even if they are able to find the causes of budget slack but there is no way to fundamentally solve the budgetary slack -- a budget. This paper tries to research on the governance structure of the company from the company's governance structure (mainly the ownership concentration, board characteristics, executive characteristics) for budget slack.
Considering the time and industry, company size and financial risk may affect the budget slack, so these factors are included in the empirical research. But there is not mandatory budget information disclosure, so the author in order to obtain the data on budget only in Shenzhen and Shanghai to budget disclosure of the annual report of listed companies. The author refers to more than 2000 the listed company, obtained 436 budget data, which in 2009 142, 2010 91, 2011 108, 2012 95. Other data in the database can be obtained in Tai'an, so the other data of this paper comes from the CSMAR system. Data were analyzed using statistical software spass17.0, the study found:
(1) in terms of ownership structure: the budget slack degree was positively influenced the nature of controlling shareholders, the state-owned listed companies budget slack is obviously higher than that of non state-owned listed companies have the ability of other shareholders; the negative effect; positive influence of the proportion of the first largest shareholder.
(2) in terms of the board of directors: affected by the structure of the board of directors of budget slack variables significantly negative influence, the higher proportion of independent directors of the company budget slack significantly lower; positively impacted by the remuneration of directors variables; positive effects by two jobs concurrently, chairman and general manager of the two positions by the same person as the Sample Firms, budget slack degree was significantly higher than that of the chairman and general manager of the Sample Firms of two posts.
(3) in the aspect of executive characteristics, the more the number of executives is, the more obvious the budgetary slack is.
At the end of the paper, on the basis of empirical research, according to the empirical results, the actual situation in the process of the company's operation is taken into account, and the rationalization proposals are put forward.

【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F832.51;F275

【共引文献】