我国创业板上市公司治理结构对其成长性影响的实证研究

发布时间：2018-03-25 09:28

本文选题：创业板　切入点：上市公司　出处：《湘潭大学》2017年硕士论文

【摘要】：完善的公司治理结构是公司稳定运行、持续增长、健康发展的基础,对公司成长有着重要意义。我国创业板市场大多数上市公司处于成长阶段的初期或者中期,一方面以高科技含量作为发展支撑拥有较高成长潜力,另一方面又尚未建立起有效的公司治理结构,导致其治理问题层出不穷,经营业绩两级分化,一些公司成长后劲不足,难以保证持续成长。本文通过理论与实证相结合的方法,深入剖析了创业板上市公司治理结构与成长性的内生关系,为创业板上市公司完善自身治理结构,从而促进公司成长提出现实指导,同时也为广大投资者提高决策水平,规避投资风险提供有效建议,因此这一选题对我国创业板市场健康稳定发展,增强投资者信心有着一定的理论意义和重要的现实意义。本文首先对国内外研究现状进行了综述,然后界定了相关概念,重点阐述了公司治理理论和成长理论,对创业板上市公司进行了成长性评价,并将计算得出的成长性综合评分与反映公司治理结构的十个具体指标进行实证分析,从公司治理的四个维度:股权结构、董事会治理、高管激励、监事会特征深入探讨了公司治理结构对其成长性的影响作用,得出了以下结论:股权结构方面,第一大股东持股比例与公司成长性有正相关关系,第二至第五大股东持股比例与公司成长性也有正相关关系;董事会治理方面,董事会规模与董事会独立性对公司成长性影响不大,董事长与总经理两职合一对公司成长有促进作用;高管激励方面,高管薪酬与高管持股比例的增长对公司成长均有明显促进作用;监事会特征方面,监事会规模对成长性没有影响,监事会持股比例与监事会会议次数均与公司成长性正相关。这一结论说明创业板上市公司治理结构仍存在很多问题,如董事会和监事会规模对成长性均无影响,说明董事会和监事会的设置大多是为了符合法律要求,并未真正发挥其科学决策和有效监督的作用。最后,本文根据实证结果结合我国创业板上市公司特征,对我国创业板上市公司完善公司治理结构促进企业成长提出了相应的对策和建议:1.在保持股权相对集中的现状下,提高股权制衡度,同时适度引入机构投资者,增强股权制衡力度;2.优化董事会结构,充分发挥董事会的决策作用,同时也要根据公司实际情况,灵活配置领导权;3.长期激励与短期激励相结合,建立完善的经理层激励机制,同时建立完善的高管层绩效考核体系,培育职业经理人市场;4.构建合理的监事会治理结构,强化监事会监督职能。
[Abstract]:The perfect corporate governance structure is the basis for the stable operation, sustained growth and healthy development of the company, which is of great significance to the growth of the company. Most listed companies in the gem market are in the early or middle stage of their growth. On the one hand, it has higher growth potential with high-tech content as the support of development, on the other hand, it has not yet established an effective corporate governance structure, which leads to endless problems of governance, the division of two levels of business performance, and the lack of growth stamina of some companies. It is difficult to ensure sustainable growth. This paper analyzes the endogenous relationship between the governance structure and growth of gem listed companies through the combination of theory and empirical methods, in order to perfect their own governance structure. So as to promote the growth of the company to provide practical guidance, but also for the majority of investors to improve the level of decision-making, to avoid investment risks to provide effective advice, so this topic for China's gem market healthy and stable development, Enhancing investor confidence has certain theoretical significance and important practical significance. This paper first summarizes the current research situation at home and abroad, then defines the related concepts, focusing on the theory of corporate governance and growth theory. This paper evaluates the growth of the listed companies on the gem, and analyzes the comprehensive growth score and ten specific indicators reflecting the corporate governance structure. It analyzes the four dimensions of corporate governance: equity structure, board governance, and so on. The characteristics of executive incentive and board of supervisors deeply discuss the influence of corporate governance structure on its growth, and draw the following conclusions: in terms of equity structure, the proportion of the first largest shareholder holding shares has a positive correlation with the growth of the company. There is also a positive correlation between the shareholding ratio of the second to fifth largest shareholders and the growth of the company. In the governance of the board of directors, the size of the board of directors and the independence of the board of directors have little effect on the growth of the company. The combination of chairman and general manager can promote the growth of the company; in the aspect of executive incentive, the increase of executive compensation and the proportion of executive stock have a significant effect on the growth of the company; the characteristics of the board of supervisors, The scale of the board of supervisors has no effect on the growth, and the proportion of the board of supervisors and the number of meetings of the board of supervisors are all positively related to the growth of the company. This conclusion shows that there are still many problems in the governance structure of listed companies in the gem. If the size of the board of directors and the board of supervisors has no effect on the growth, it shows that most of the board of directors and the board of supervisors are set up to meet the requirements of the law and do not really play their role of scientific decision-making and effective supervision. Finally, Based on the empirical results and the characteristics of listed companies on the gem, this paper puts forward the corresponding countermeasures and suggestions to improve the corporate governance structure and promote the growth of enterprises in the gem. Improve the degree of equity balance, at the same time introduce institutional investors appropriately, strengthen equity checks and balances 2.optimize the structure of the board of directors, give full play to the decision-making role of the board of directors, and at the same time, according to the actual situation of the company, Flexible allocation of leadership 3.The combination of long-term incentive and short-term incentive, the establishment of a sound manager incentive mechanism, at the same time, the establishment of a perfect executive performance appraisal system, foster the professional manager market 4. build a reasonable board of supervisors governance structure, Strengthen the supervisory function of the board of supervisors.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51

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