创业板上市公司治理结构与绩效关系的实证研究

发布时间：2018-02-28 01:11

本文关键词： 公司绩效创业板公司公司治理结构　出处：《西华大学》2014年硕士论文　论文类型：学位论文

【摘要】：从20世纪80年代开始,我国改革开放的深入推进和金融市场的大力发展,使得公司治理作为一个全新课题出现,成为困扰经济学界和法学界的共同问题。现代公司的经营目标基本都以全面提升绩效为重要内容,最终不断提升企业核心竞争力,因此如何完善治理结构成为公司制度研究的重要内容和解决途径。创业板继主板和中小板市场之后进一步完善了我国资本市场体系,从最初首批上市的28家发展到现今的379家,创业板已成为中国版的纳斯达克。创业板市场本身的整体特点是高风险、高盈利、发展空间很大。然而在其推出的这三年多时间里,发生的巨额超募资金、高管离职套现等一系列问题已严重困扰着创业者和投资者。首先以创业板上市公司已披露的2013年年报的公司作为研究样本,通过建立多元回归模型,对创业板上市公司的内部治理结构和外部治理结构对公司绩效的影响进行实证分析,以期能给创业板上市公司治理结构提供改进和完善的数据支持。通过实证分析发现,创业板上市公司治理结构与公司绩效之间存在一定的相关性关系：第一大股东持股比例与公司绩效之间呈现显著的负相关系关系；两职合一、股权制衡度与公司绩效之间呈现显著的正相关性关系；其他方面与公司绩效之间均没有显著的相关性关系。通过对比分析还得出创业板上市公司的资产负债率较低,.融资相对困难,独立董事制度还不完善等结论,对完善我国创业板上市公司治理结构、提高公司绩效有一定的借鉴意义。
[Abstract]:Since 1980s, with the deepening of reform and opening up and the vigorous development of financial market, corporate governance has emerged as a new topic. It has become a common problem in the field of economics and law. The business objectives of modern companies are basically to improve the overall performance as an important content, and ultimately to continuously improve the core competitiveness of enterprises. Therefore, how to improve the governance structure has become an important content and solution of corporate system research. After the main board and the small and medium-sized market, the gem has further improved the capital market system of our country, from the first batch of 28 listed to 379 today. The gem has become the NASDAQ version of the Chinese version. The gem market itself is characterized by high risk, high profitability, and great room for development. However, in the three years since its launch, huge amounts of excess funds have taken place. A series of problems, such as executive exit cash, have seriously troubled entrepreneurs and investors. First of all, taking the 2013 annual report of gem listed companies as the research sample, through the establishment of multiple regression model, this paper makes an empirical analysis on the impact of the internal and external governance structure on the performance of the gem listed companies. With a view to providing improved and improved data support to the gem listed companies governance structure. Through empirical analysis, it is found that there is a certain correlation between the governance structure and corporate performance of listed companies on the gem. There is a significant positive correlation between equity balance and corporate performance. There is no significant correlation between the other aspects and corporate performance. Through the comparative analysis, it is concluded that the asset-liability ratio of gem listed companies is relatively low, the financing is relatively difficult, the independent director system is not perfect and so on. It can be used for reference to improve the governance structure and corporate performance of listed companies in gem.
【学位授予单位】：西华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

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