管理者持股、独立董事比例与公司价值的互动关系研究

发布时间：2018-05-17 00:12

本文选题：管理者持股 + 独立董事比例　；参考：《西北农林科技大学》2014年硕士论文

【摘要】：管理层持股是公司治理机制中重要的激励机制；独立董事的设立是董事会起到监督和决策的目的。二者都是现代公司治理中重要的治理机制，并且也是研究公司治理机制的核心问题。从已有的文献看，研究二者与公司价值关系的文章很多，但是多从单一方向进行研究。基于此，本文从以下三点来展开研究，，首先，从单一影响检验管理者持股对公司价值的影响，二者之间究竟是否存在线性关系或者非线性关系，探讨中国上市公司股权激励实施的有效性，并且寻找到中国上市公司管理者持股的最优点；其次，研究董事会治理中重要的独立董事比例对公司价值的影响，独立董事比例设立的程度分析，独立董事是否能在当期中国这一特殊的市场环境下发挥其有效性，达到有效的监督管理作用，从而探讨独立董事的作用以及是否能找到最优的独立董事的设置比例，以期实现公司价值最大化；最后，本文将三者的研究放在内生性的情况下考虑，因为三者的影响并不是单一影响，而是存在很大的相互互动关系的经济影响在里面，所以运用联立方程模型考虑三者的互动影响，能更好的在经济学上来解释三者的关系，从而实现本文的研究目的。本文首先对管理者持股与公司价值；独立董事比例与公司价值的理论与实证研究进行了总结。在文献回顾与理论分析的基础上，建立关于管理者持股、独立董事比例与公司价值三者的互动关系，包括分析管理层持股对公司价值的影响；独立董事比例对公司价值的影响；以及从内生性的角度探讨三者相互作用的互动影响。之后，选取2011年，上市公司A股数据，通过建立回归模型和联立方程组来实证分析上述假设，得到了以下三个结论：（1）管理层持股与公司价值之间存在相互显著正向关系；（2）独立董事比例与公司价值之间没有显著的相关关系，但两职合一与公司价值显著地负相关；（3）独立董事比例与管理者持股和公司价值都不存在显著地相关关系，独立董事比例与管理层持股负相关，与公司价值正相关。最后，本文结合前面的实证分析结果，结合我国上市公司治理的特点，对完善公司治理提出一些建议。
[Abstract]:Management ownership is an important incentive mechanism in corporate governance, and the establishment of independent directors is the purpose of supervision and decision-making. Both are important governance mechanisms in modern corporate governance, and are also the core issues in the study of corporate governance mechanisms. From the existing literature, there are many articles on the relationship between the two and corporate value, but mostly from a single direction. Based on this, this paper starts the research from the following three aspects: firstly, from the single impact test, whether there is a linear or nonlinear relationship between the managers' shareholding and the value of the company, whether there is a linear relationship or a nonlinear relationship between the two, This paper discusses the effectiveness of equity incentive in Chinese listed companies, and finds out the most advantages of managers holding shares in Chinese listed companies. Secondly, it studies the influence of the proportion of independent directors in the governance of the board of directors on the value of the company. An analysis of the degree of the establishment of the proportion of independent directors, whether the independent directors can exert their effectiveness in the current special market environment of China, and achieve an effective supervisory and management role. The purpose of this paper is to explore the role of independent directors and whether they can find the optimal proportion of independent directors, in order to maximize the value of the company. Because the influence of the three is not a single effect, but there is a very large interaction between the economic impact in it, so using the simultaneous equation model to consider the interaction of the three, we can better explain the relationship between the three in economics. In order to achieve the purpose of this paper. Firstly, this paper summarizes the theoretical and empirical research on the proportion of independent directors and corporate value. On the basis of literature review and theoretical analysis, this paper establishes the interactive relationship among managers' shareholding, proportion of independent directors and company value, including analyzing the influence of management ownership on company value, the influence of independent director proportion on company value, and the influence of independent director proportion on company value. And from an endogenous perspective to explore the interaction of the three interactions. Then, in 2011, A share data of listed companies are selected, and the above assumptions are empirically analyzed by establishing regression model and simultaneous equations. Three conclusions are drawn as follows: (1) there is a significant positive relationship between managerial shareholding and corporate value. (2) there is no significant correlation between the proportion of independent directors and the value of the company. However, there is no significant correlation between the proportion of independent directors and managerial shareholding and corporate value, but the proportion of independent directors is negatively correlated with managerial shareholding and positive correlation with corporate value. Finally, based on the results of empirical analysis and the characteristics of corporate governance in China, this paper puts forward some suggestions to improve corporate governance.
【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271;F275

【参考文献】