经济转型、经营战略、公司治理与中国能源上市公司经营表现

发布时间：2018-10-16 09:17

【摘要】：2010年以后,全球经济复苏放缓,中国经济呈现“新常态”。2013年中国产能过剩和产品积压等问题凸显,中国进入了国民经济的转型时期。同时,国家领导集体的更替又标志着中国经济社会诸多方面的政策导向的转变。此外,受中国国内经济转型和气候变化的影响,中国能源行业也进入了变革时期。近些年中国能源上市公司经营表现持续下降,公司生存和发展困难重重,急需寻求提高公司业绩的有效途径。尽管已有众多关于公司经营表现的研究,但是考虑中国能源公司特性以及内部差异性的研究很少。鉴于能源公司在国民经济和资本市场中的重要地位,以及目前中国能源公司经营表现下滑的困境,研究中国能源上市公司内外部环境与公司经营表现的关系及差异,有助于中国能源公司提高经营表现的途径和策略选择,促进中国能源公司和行业的健康发展。本文根据企业组织环境的分析框架,将公司的发展环境划分为外部环境和内部环境,研究了外部经济和政策环境、经营战略以及公司治理与中国能源上市公司经营表现的关系,重点研究了这些关系在传统能源和新能源上市公司之间的差异。首先,本文对研究对象进行了界定,总结分析了中国能源行业的发展现状。其次,在考虑经济环境影响的前提下,分析了2013年中国经济转型后能源公司经营表现的变动差异。再次,从经营战略角度,验证了行业多元化、相关行业多元化和国际多元化经营与中国能源公司经营表现的关系。随后,在公司治理方面,研究了股权治理、董事会治理、管理层激励以及高管人力资本对中国能源上市公司经营表现的影响。最终,根据本文研究结论,总结出可能提高中国能源上市公司经营表现的途径。本文研究表明:第一,由于国内能源消费结构,国内经济变动对各能源公司经营表现的影响差异显著,并且受行业政策环境影响,经济转型后公司经营表现变动也差异明显;第二,行业多元化战略损害中国能源上市公司经营表现,但是相关行业多元化优于非相关行业多元化,而国际多元化对新能源公司更为有利;第三,传统能源上市公司比新能源上市公司更适合相对集中的股权结构;但是没有发现独立董事和股权激励对公司经营表现的显著作用;最后,高学历高管对公司经营表现提升有积极作用,女性高管对公司经营表现的作用受到其提升途径的影响。
[Abstract]:Since 2010, the global economic recovery has slowed and China's economy has taken on a "new normal". Problems such as overcapacity and overstocking in 2013 have highlighted the fact that China has entered a period of economic transformation. At the same time, the change of national leadership indicates the change of policy orientation in many aspects of China's economy and society. In addition, China's energy industry has entered a period of change due to the domestic economic transformation and climate change. In recent years, the operating performance of listed energy companies in China continues to decline, and the survival and development of the companies are very difficult, so it is urgent to seek effective ways to improve the performance of the companies. Although there have been many studies on the performance of Chinese energy companies, there are few studies considering the characteristics of Chinese energy companies and their internal differences. In view of the important position of energy companies in the national economy and the capital market, as well as the plight of the current decline in the performance of Chinese energy companies, this paper studies the relationship and differences between the internal and external environment of listed energy companies in China and their business performance. It is helpful to improve the performance of Chinese energy companies and promote the healthy development of Chinese energy companies and industries. According to the analysis frame of enterprise organization environment, this paper divides the development environment of the company into external environment and internal environment, and studies the external economic and policy environment, management strategy and the relationship between corporate governance and the management performance of the listed energy companies in China. The differences of these relationships between traditional energy and new energy listed companies are studied. First of all, this paper defines the research object, summarizes and analyzes the current situation of China's energy industry. Secondly, on the premise of considering the influence of economic environment, this paper analyzes the differences in the performance of energy companies after China's economic transformation in 2013. Thirdly, from the point of view of management strategy, it verifies the relationship between industry diversification, related industry diversification and international diversification and the performance of Chinese energy companies. Then, in the aspect of corporate governance, the paper studies the impact of equity governance, board governance, management incentive and human capital on the performance of listed energy companies in China. Finally, according to the conclusion of this paper, the possible ways to improve the performance of listed energy companies in China are summarized. The research shows that: first, because of the domestic energy consumption structure, the domestic economic changes have a significant impact on the operating performance of the energy companies, and by the impact of the industry policy environment, the changes of the companies' business performance are also obvious after the economic transformation; Second, the strategy of industry diversification harms the performance of listed energy companies in China, but the diversification of related industries is better than that of non-related industries, while international diversification is more beneficial to the new energy companies. The traditional energy listed companies are more suitable for the relatively concentrated ownership structure than the new energy listed companies; however, they do not find the significant effect of independent directors and equity incentives on the performance of the company. Finally, Highly educated executives play a positive role in improving the performance of the company, and the role of female executives in the performance of the company is affected by the way of promotion.
【学位授予单位】：中国石油大学(北京)
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F426.2;F271

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