基于EVA的创业板公司治理与公司业绩关系的实证研究

发布时间：2018-11-13 08:40

【摘要】：公司治理与公司业绩的关系一直是学术界讨论的热点,国内外学者在不同的经济发展时期和不同的背景下对公司治理与公司业绩关系做了广泛地研究,提高公司治理水平是上市公司可持续发展的基石。2008年的金融危机和2015年开始的万科股权之争折射公司治理在对宏观层面的世界经济发展与微观层面的公司成长有深刻的影响,这也是笔者研究公司治理与公司业绩关系的触发点。西方的研究成果与理论不能完全指导中国公司治理的实践,中国特殊的市场与制度环境下,需要进一步研究解决我国上市公司治理问题。为推进中国多层次资本市场深入发展,创业板于2009年成立,创业板上市公司数量渐成规模,创业板上市公司数据具有较长的时间深度与较广的样本广度,现在是研究创业板公司治理与公司业绩合适的契机。随着我国新兴产业大力发展,股票估值技术不断完善,经济增加值可成为衡量创业板上市公司业绩的选择。鉴于此,本文基于EVA业绩评价体系研究创业板公司治理对公司业绩的影响。本文采用文献研究法,比较分析法,定量分析法,定性分析法,规范研究与实证研究相结合法。首先综述分析国内外文献研究成果,界定了公司治理、公司业绩和创业板的概念,确定研究的内容与范围。随后通过分析两权分立理论、委托代理理论、利益相关者理论和管家理论,阐述公司治理对公司业绩的作用机制,从理论上解释公司治理对公司业绩的影响。其次立足于创业板,选用2011年至2015年的上市公司数据研究公司治理与公司业绩的关系。最后在理论分析与实证分析的基础上,得出结论:提升第一大股东持股比例、扩大董事会规模、提高独立董事占比、两职合一、增加董事会年度会议次数对公司业绩有不显著的正向影响,提升前十大股东持股比例对公司业绩有不显著的负向影响,扩大监事会规模和提升高管持股比例对公司业绩有显著地负向影响,增加高管前三名薪酬总额对公司业绩有显著地正向影响。最后提出研究不足和研究展望并根据结论从政府层面和上市公司层面分别给出政策建议。
[Abstract]:The relationship between corporate governance and corporate performance has always been a hot topic in academic circles. Scholars at home and abroad have made extensive research on the relationship between corporate governance and corporate performance under different economic development periods and different backgrounds. Improving the level of corporate governance is the cornerstone of the sustainable development of listed companies. The financial crisis in 2008 and the Vanke equity dispute that began in 2015 reflect that corporate governance has a profound impact on the world economic development at the macro level and on the growth of companies at the micro level. This is also the trigger point for the author to study the relationship between corporate governance and corporate performance. Western research results and theories can not completely guide the practice of corporate governance in China. Under the special market and system environment, it is necessary to further study and solve the problem of corporate governance in China. In order to promote the further development of China's multi-level capital market, the gem was established in 2009. The number of listed companies on the gem has gradually developed into a large scale, and the data of gem listed companies have a longer time depth and a wider sample breadth. Now is the opportunity to study gem corporate governance and corporate performance. With the rapid development of new industries and the continuous improvement of stock valuation technology, economic added value can become the choice to measure the performance of gem listed companies. In view of this, based on the EVA performance evaluation system, this paper studies the impact of gem corporate governance on corporate performance. This paper adopts the methods of literature research, comparative analysis, quantitative analysis, qualitative analysis, normative research and empirical research. Firstly, it summarizes and analyzes the domestic and foreign literature research results, defines the concepts of corporate governance, corporate performance and gem, and determines the content and scope of the research. Then, by analyzing the theory of separation of two powers, principal-agent theory, stakeholder theory and steward theory, this paper expounds the mechanism of corporate governance on corporate performance, and explains theoretically the influence of corporate governance on corporate performance. Secondly, based on the gem, the data of listed companies from 2011 to 2015 are selected to study the relationship between corporate governance and corporate performance. Finally, on the basis of theoretical analysis and empirical analysis, the author draws a conclusion: to increase the proportion of the largest shareholders, to expand the size of the board of directors, to increase the proportion of independent directors, two positions in one. Increasing the number of annual board meetings has no significant positive impact on the performance of the company, but increasing the proportion of the top 10 shareholders has no significant negative impact on the performance of the company. Expanding the size of the board of supervisors and enhancing the proportion of senior management ownership has a significant negative impact on the performance of the company, increase the top three executive compensation has a significant positive impact on the performance of the company. Finally, this paper puts forward the research deficiency and research prospect and gives the policy recommendations from the government level and the listed company level according to the conclusion.
【学位授予单位】：江苏科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F271;F832.51

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