Three Essays on Corporate Governance in China

发布时间：2021-11-13 05:08

　　作为最大的经济体之一,与发达国家相比,中国的制度和治理结构也很多样化。因此,本文的目的是研究中国上市公司代理问题中有趣但尚未发现的现象。特别地,本文整合了三个不同的相互关联的公司治理领域,涉及了中国企业的代理问题。首先,本文利用中国上市公司2008年到2014年间的数据,考察了公司多元化与CEO薪酬之间的关系,以及股权结构与CEO政治联系对这种关系的影响。实证结果表明,公司多元化对CEO薪酬具有显著的积极影响。此外,公司多元化和CEO薪酬之间的这种关系在非国有公司和有政治联系的公司中更为明显。其次,本文分析了企业多元化对企业社会责任的影响和国有企业在这一关系中的调节作用。本文用2011年到2014年的数据验证发现企业多元化对企业社会责任绩效有正向影响。此外,结果还表明,中国国有企业主要关注非财务目标,国有所有权进一步增强了企业多元化与企业社会责任之间的正向关系。最后,我们分析了企业社会责任对2009至2014年间股票价格暴跌风险的影响。调查结果显示,企业社会责任评级的负面影响在女性主导和有独立董事会的公司中更为明显。此外,这种关系在不同的CEO薪酬水平上有所不同。与有潜在危机的公司或健... 

【文章来源】：对外经济贸易大学北京市 211工程院校 教育部直属院校

【文章页数】：157 页

【学位级别】：博士

【文章目录】：
摘要
Abstract
ACKNOWLEDGEMENT
CHAPTER 1.INTRODUCTION
    1.1 Background of the study
    1.2 Rationale of the study
    1.3 Research gap and objectives of the study
    1.4 Significance and contributions of the study
    1.5 Theme of the study
Chapter 2.Corporate diversification and CEO compensation: The role of ownership structure and CEO political connection
    2.1 Introduction
    2.2 Literature Review
        2.2.1 The consequences of Corporate Diversification
        2.2.2 The determinants of CEO compensation
            2.2.2.1 Empirical studies in developed economies
            2.2.2.2 Empirical studies in china context
        2.2.3 Relationship between Corporate Diversification and CEO Compensation
    2.3 Hypotheses of the study
        2.3.1 Corporate diversification and CEO compensation
        2.3.2 The role of ownership in corporate diversification and executive compensation
        2.3.3 The role of CEO political connection in the corporate diversification and executive compensation
    2.4 Data and Variables
        2.4.1 Data
        2.4.2 Variables Description
            2.4.2.1 CEO Compensation
            2.4.2.2 Corporate Diversification
            2.4.2.3 Ownership Structure
            2.4.2.4 CEO Political Connection
            2.4.2.5 Control Variables
        2.4.3 Model of the Study
    2.5 Empirical Results
        2.5.1 Descriptive Statistics
        2.5.2 Regression Results
        2.5.3 Endogeneity issue
        2.5.4 Additional Analyses
    2.6 Discussion
    2.7 Conclusion
    Appendices and Tables
Chapter 3.Corporate Diversification, State ownership and Corporate Social Responsibility: Empirical Evidence from China
    3.1 Introduction
    3.2 CSR reforms and initiative in China
    3.3 Hypotheses Development
        3.3.1 Diversification and CSR
        3.3.2 The moderating role of state ownership in corporate diversification-CSR relationship
    3.4 Data and methodology
        3.4.1 Sample data
        3.4.2 Variables
            3.4.2.1 CSR
            3.4.2.2 Diversification
            3.4.2.3 State ownership
            3.4.2.4 Control variables
        3.4.3 Model of the Study
    3.5 Empirical Results
        3.5.1 Descriptive statistics
        3.5.2 Correlation matrix
        3.5.3 Regression results
        3.5.4 Endogeneity issue
    3.6 Discussion
    3.7 Conclusion
    Appendices and Tables
Chapter 4.Corporate social responsibility (CSR) and stock price crash risk: A corporate governance approach
    4.1 Introduction
    4.2 Literature Review
    4.3 Hypothesis Development
    4.4 Data and Variables
        4.4.1 Data
        4.4.2 Variable Description
            4.4.2.1 Crash Risk measures
            4.4.2.2 CSR performance measure
            4.4.2.3 Corporate Governance and Financial Distress
            4.4.2.4 Control Variables
    4.5 Empirical Results
        4.5.1 Descriptive Statistics
        4.5.2 Regression results
        4.5.3 Endogeneity
        4.5.4 The role of corporate governance and financial distress in CSR and crash risk relationship
        4.5.5 Additional Analyses
    4.6 Conclusion
    Appendices and Tables
References



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