创业板上市公司创始人人力资本特征与公司绩效研究

发布时间：2018-03-24 17:30

本文选题：创业板上市公司　切入点：创始人　出处：《南京理工大学》2014年硕士论文

【摘要】：我国深市创业板自创立以来发展迅速,09年首批上市公司数量为36家,2012年10月9日登陆创业板的上市公司数目已经达到了355家。创业板的迅猛发展在给企业带来众多机遇的同时,也毫无疑问地对企业提出了更多的挑战。在我国,大多数创业板上市公司中握有实际控制权的管理者往往是公司的创始人,他(她)们与公司战略目标的制定、重大决策的审批、日常经营活动的管理等活动密切相关,对于公司有着无法忽视的作用。由于创业板上市公司的特殊性,创业板上市公司的创始人往往在企业中掌握实权,导致了创始人对企业治理的影响更加深远。本文正是在这样的背景下,对创业板上市公司创始人的人力资本特征进行了分析,研究了创始人人力资本特征对公司绩效的影响。基于此,本文在国内外相关文献的研究基础上,以创始人创办本公司的方式为标准,把创业板上市公司创始人分为两类：直接创办本公司的创始人(甲类)、通过另外一家或几家公司间接创办本公司的创始人(乙类),从创始人的个性特征(年龄变量、学历变量)、职业特征(在本企业的工作年限、从本企业所领取的年薪、在本企业是否兼任董事长和总经理、对本企业的控制力)、社会特征(政治关系、行业关系)三个方面展开,分别分析并比较两种不同类型的创始人人力资本特征与公司绩效存在什么样的关系。研究结果发现：创业板上市公司创始人的年龄、学历变量与与公司绩效均不显著相关；甲类创始人职业特征中从本企业所领取的年薪和对本企业的控制力通过了显著性检验,均与公司绩效显著正相关。而对于乙类创始人,其这两项特征与公司绩效均不显著相关；两类创始人的职业特征中在本企业的工作年限对公司绩效有微弱的正作用,在本企业兼任两职与公司绩效有微弱的负面影响,但均不显著；乙类创始人人力资本的社会特征社会关系、行业关系均通过了显著性检验,其中,社会关系在10%的水平上与公司绩效显著正相关,行业关系在1%的水平上与公司绩效显著负相关。而甲类创始人的社会特征与公司绩效的关系却不具有统计性。文章为证券监督管理部门对创业板上市公司的评估工作提供了一定的评估依据；帮助投资者更加深入的了解创业板上市公司的绩效情况,从而使投资者做出更加有利于自己的投资决策；同时,为创始人如何改善自身的相关特征从而达到优化公司绩效方面提供了相关的政策建议。
[Abstract]:The number of the first batch of listed companies in 2009 is 36, and the number of listed companies on the gem has reached 355 on October 9, 2012. The rapid development of the gem has brought many opportunities to enterprises. There is no doubt that there are more challenges to enterprises. In our country, the managers who hold the actual control of most gem listed companies are often the founders of the company, they and the strategic objectives of the company. The examination and approval of major decisions and the management of daily business activities are closely related to the company. Because of the particularity of the gem listed companies, the founders of the gem companies often hold the real power in the enterprises. This has led to a more profound impact on corporate governance by the founders. Under this background, this paper analyzes the human capital characteristics of the founders of the gem listed companies, and studies the influence of the founders' human capital characteristics on the performance of the companies. Based on the research of relevant literature at home and abroad, this paper takes the way that the founder founded the company as the standard. The founders of the gem listed companies are divided into two categories: the founders who directly establish their own company (Class A), and the founders who indirectly establish the company through another company or companies (Class B), based on the personality characteristics of the founders (age variable). Educational background variables, professional characteristics (years of service in the enterprise, annual salary received from the enterprise, whether the chairman and general manager of the enterprise are both chairman and general manager, control over the enterprise, social characteristics (political relations, political relations, etc.). It analyzes and compares the relationship between two different types of founder's human capital characteristics and corporate performance. The results show that the age, academic background variables and corporate performance of the founders of gem listed companies are not significantly related to the corporate performance, and the annual salary and the control power of class A founders from their own enterprises passed the significant test. Both of them are positively correlated with corporate performance, but for class B founders, these two characteristics are not significantly related to corporate performance, and the professional characteristics of the two types of founders have a weak positive effect on corporate performance. There is a weak negative impact on corporate performance in this enterprise, but it is not significant. The social characteristics of the human capital of class B founders, social relations, industry relations have passed the significance test, among them, Social relations are significantly positively correlated with corporate performance at the level of 10% and negatively correlated with corporate performance at the level of 1%, while the social characteristics of Class A founders are not statistically related to corporate performance. The article provides a certain evaluation basis for the securities regulatory department to evaluate the gem listed companies, and helps investors to understand the performance of gem listed companies more deeply. In order to make investors make more favorable investment decisions, at the same time, provide relevant policy advice for founders how to improve their own relevant characteristics to achieve optimal corporate performance.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F272.92;F832.51

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