公司治理结构对上市公司退市影响研究

发布时间：2018-12-17 07:32

【摘要】：我国自1990年上海证券交易所和深证证券交易所建立以来,不到三十年时间的发展对我国经济和国有企业的改革起到了很大的推动作用。西方发达国家的资本市场用三百多年的时间发展完善,而我国在短时间内的迅速发展带来了经济发展的同时也暴露出很多的问题。这其中,公司治理问题逐渐成为近些年来国内外学者关注的热点,也是我国上市公司和我国法律制度亟待完善的方面。本文基于对中国退市企业的综合整理,对中国上市公司的公司治理结构进行研究,旨在分析公司治理结构对上市企业退市的影响。本文首先分别对国内外关于退市和公司治理结构的文献进行阐述,并从退市企业的个案研究和中间指标两方面分析退市与公司治理结构的联系。其次,对我国退市制度的发展、我国47家退市企业的特征和公司治理结构的模式及现状进行介绍,为下文实证分析奠定基础。再次,进行实证研究设计。从董事会特征、监事会特征、股权特征和外聘审计机构四方面提出假设,构建一元分析模型和多元分析模型,在多元分析模型中采用是probit二值选择模型进行定性分析。通过筛选36家仍在正常上市的公司作为36家已退市企业的控制样本,本文对公司治理结构对我国上市公司退市进行实证研究。研究结果表明：(1)在本文考虑的公司治理结构因素中,外部董事、董事长和总经理兼任情况、第一大股东持股比例、国家控股比例和外部审计机构更换个数与上市公司的退市概率有显著影响。(2)每年董事会会议次数、第二至第十大股东持股比例和境外持股情况对上市公司的经营管理也有影响但不显著。(3)我国上市公司特别是中小企业的董事会和监事会在形式上较完善,但在实际经营管理中并未发挥应有的管理、监管职能。因此,在我国当前形势下,我国证券监管部门、上市公司和投资者都应充分利用有显著影响的公司治理结构因素。相关部门应进一步完善相关的法律法规,加强对上市公司的监管,上市公司和投资者也应加强对公司治理结构的重视,逐步改善如董事会、监事会流于形式的公司治理结构缺陷,从而降低上市公司退市风险、保护投资者的利益并保证上市公司的长期稳定发展。
[Abstract]:Since the establishment of the Shanghai Stock Exchange and the Shenzhen Stock Exchange in 1990, the development of the stock exchange in less than 30 years has played a great role in promoting the reform of China's economy and state-owned enterprises. The capital market of the western developed countries has been developed and perfected for more than three hundred years, but the rapid development of our country in a short period of time has brought about the economic development and exposed a lot of problems. Among them, corporate governance has gradually become the focus of attention of domestic and foreign scholars in recent years, and it is also an urgent need to improve our listed companies and our legal system. Based on the comprehensive arrangement of delisting enterprises in China, this paper studies the corporate governance structure of Chinese listed companies in order to analyze the influence of corporate governance structure on the delisting of listed enterprises. At first, this paper expounds the literature about delisting and corporate governance structure at home and abroad, and analyzes the relationship between delisting and corporate governance structure from the two aspects of case study and intermediate index of delisting enterprises. Secondly, the development of China's delisting system, the characteristics of 47 delisting enterprises and the mode and present situation of corporate governance structure are introduced, which lays a foundation for the empirical analysis below. Thirdly, empirical research design is carried out. From four aspects of board characteristics, board of supervisors characteristics, equity characteristics and external audit institutions, this paper puts forward the hypothesis, and constructs a univariate analysis model and a multivariate analysis model. In the multivariate analysis model, the probit binary selection model is used to carry out qualitative analysis. By selecting 36 listed companies as the control samples of 36 delisted companies, this paper makes an empirical study on the corporate governance structure of the delisting of listed companies in China. The results show that: (1) among the factors of corporate governance structure considered in this paper, the external directors, chairman and general manager hold the same positions, the proportion of the largest shareholders holding shares, The proportion of state holding and the number of external audit institutions have a significant impact on the probability of delisting of listed companies. (2) the number of board meetings per year, The second to the tenth shareholder's shareholding ratio and the overseas stock holding situation also have the influence to the listed company's management, but not remarkable. (3) the board of directors and the supervisory board of our country listed company, especially the small and medium-sized enterprises, are more perfect in form. But in the actual management has not played the proper management, the supervisory function. Therefore, under the current situation of our country, the securities supervision department, the listed company and the investor should make full use of the significant influence factors of the corporate governance structure. The relevant departments should further improve the relevant laws and regulations, strengthen the supervision of the listed companies, and the listed companies and investors should also pay more attention to the corporate governance structure, and gradually improve, for example, the board of directors, The board of supervisors is merely a defect of corporate governance structure, which can reduce the risk of delisting of listed companies, protect the interests of investors and ensure the long-term and stable development of listed companies.
【学位授予单位】：大连理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F832.51

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