创业板上市企业公司治理对财务风险的影响机制研究

发布时间：2018-03-09 06:09

本文选题：财务风险　切入点：创业板上市企业　出处：《浙江大学》2014年硕士论文　论文类型：学位论文

【摘要】：创业板上市企业大多是处于种子期和成长期的创业企业,具有高风险性、高成长性和高创新性的特点。由于外部创业环境的复杂性、内部资源的匮乏,以及内部组织结构的不完善,创业板上市企业面临着较大的财务风险。因此,创业板上市企业的财务风险控制变得尤为重要而紧迫。本文以创业板上市企业的本质特征为出发点,探究创业板上市企业的公司治理、成长能力、创新能力对财务风险的影响,进而探索并构建创业板上市企业财务风险的影响机制。本文主要得到以下结论：第一,我国创业板上市企业的董事长与总经理两职合一性、股权集中度和股权制衡度对财务风险有显著影响；第二,我国创业板上市企业的董事长与总经理两职合一性、股权集中度和股权制衡度对企业成长能力有显著影响；第三,创业板上市企业的独立董事比例和股权制衡度对创新能力有显著影响；第四,创业板上市企业成长能力和创新能力对其财务风险有显著影响；第五,创业板上市企业成长能力在董事长与总经理两职合一性和财务风险的影响关系中起部分中介作用,在股权集中度和财务风险的影响关系中起部分中介作用。本文主要的理论贡献有：第一,本文结合创业板上市企业的特点,提出我国创业板上市企业公司治理、成长能力和创新能力对财务风险产生影响的设想,拓展了现有研究；第二,本文通过探索我国创业板上市企业公司治理、成长能力和创新能力对财务风险的影响过程,建立财务风险影响机制；第三,本文根据研究结论,提出我国创业板上市企业财务风险控制的管理建议。
[Abstract]:Most of the listed enterprises in the gem are venture enterprises in the seed stage and growing stage, which have the characteristics of high risk, high growth and high innovation. Due to the complexity of the external entrepreneurial environment, the lack of internal resources, As well as the imperfect internal organizational structure, gem listed enterprises are facing greater financial risks. The financial risk control of gem listed enterprises has become particularly important and urgent. This paper, based on the essential characteristics of gem listed enterprises, explores the influence of gem listed enterprises' corporate governance, growth ability and innovation ability on financial risks. And then explores and constructs the gem listed enterprise financial risk influence mechanism. The main conclusions of this paper are as follows: first, the two positions of chairman and general manager of gem listed enterprises in our country are in one, and the degree of ownership concentration and equity balance have significant influence on financial risk; second, The two positions of chairman and general manager of gem listed enterprises in our country have a significant impact on the growth ability of enterprises; third, the ownership concentration and equity balance degree have a significant impact on the growth ability of enterprises. The proportion of independent directors and the degree of equity balance have significant influence on innovation ability; 4th, the growth ability and innovation ability of gem listed enterprises have significant influence on their financial risk; 5th, The growth ability of gem listed enterprises plays a part intermediary role in the relationship between the two positions of chairman and general manager and the influence of financial risk, and also plays a part intermediary role in the influence of equity concentration and financial risk. The main theoretical contributions of this paper are as follows: first, this paper combines the characteristics of gem listed enterprises, puts forward the assumption that the corporate governance, growth ability and innovation ability of gem listed enterprises have an impact on financial risk, and expands the existing research; Second, this paper explores the process of corporate governance, growth ability and innovation ability of listed enterprises on the gem to establish the financial risk impact mechanism; third, according to the research conclusions, Put forward the management suggestion of financial risk control of listed enterprises in gem of our country.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271;F275

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