精英团队治理对中国创业板企业IPO后绩效影响的研究

发布时间：2018-04-01 13:32

本文选题：中国创业板　切入点：创业企业　出处：《南京大学》2013年硕士论文

【摘要】：为了扶持创业企业的发展,拓宽其融资渠道,我国2009年创立创业板市场。该板的创立对创业企业的重要意义绝不仅仅体现在拓宽融资渠道一方面,因其设立的上市门槛和条件,可以促使创业企业为了寻求上市融资而主动改善自身治理结构中存在的问题。随着企业竞争环境的日益复杂化,企业治理成为提升企业竞争力和企业价值的重要途径。由于资源的稀缺性,对于企业来讲,掌握企业核心资源和技术的人对企业往往有关键作用。也正是基于这个观点,学者提出了企业内部精英团队的构念,即指在企业中掌握核心资源和技术、占据重要管理岗位的人员。为了探讨创业企业内部精英人员对于企业长期绩效的影响作用,本文对公司治理、精英团队以及创业企业IPO后长期绩效影响因素的理论研究和实证分析进行了回顾。基于信息不对称理论、信号传递理论和委托代理理论,提出本文的六个假设。本文选取我国创业板上市公司作为研究样本,通过搜集企业内部高层管理人员、核心技术人员、核心营销人员等的数量、股权比例,构建起本文对于企业精英团队两方面的特征——规模和股权结构；此外本文采取创业板上市公司IPO后24个月的复合持有期收益作为衡量企业长期绩效的指标；构建本文研究模型,对团队规模和股权机构与企业长期绩效之间的关系进行了实证分析和检验,最终有两个假设得到了支持和验证。本文研究结果表明：对于创业企业IPO后的长期绩效来讲,核心人员团队的治理相对更为重要,核心团队规模越大,内部股权越集中,创业企业IPO后的长期绩效表现越好。本文共分为六章,第一章主要介绍了本文的研究背景、研究意义、研究内容以及研究方法；第二章对公司治理、精英团队相关理论进行了回顾,并详细介绍了目前对于企业长期绩效影响因素研究的实证结果；第三章基于信息不对称理论、信号传递理论和委托代理理论提出了本文的研究假设；第四章详细介绍了本文样本及数据的筛选和搜集,以及本文所有变量的测量方法和指标；第五章给出本文的实证分析结果,并详细介绍了本文假设的验证情况；根据本文实证结果,第六章对本文主要结论进行总结,并提出对应建议；指出本文存在的缺陷,并结合改进建议提出未来的研究方向。
[Abstract]:In order to support the development of entrepreneurial enterprises and broaden their financing channels, China established the gem market in 2009. The important significance of the establishment of the board for entrepreneurial enterprises is not only reflected in broadening the financing channels on the one hand, because of the threshold and conditions of listing. It can prompt start-ups to take the initiative to improve their governance structure in order to seek public financing. As the competition environment becomes more and more complicated, Corporate governance has become an important way to enhance the competitiveness and value of enterprises. Because of the scarcity of resources, people who master the core resources and technologies of enterprises often play a key role in enterprises. The scholars put forward the idea of the elite team in the enterprise, that is, the person who grasps the core resources and technology and occupies the important management position in the enterprise, in order to explore the influence of the elite personnel in the enterprise on the long-term performance of the enterprise. This paper reviews the theoretical research and empirical analysis of the factors influencing the long-term performance of corporate governance, elite teams and entrepreneurial enterprises after IPO. Based on the information asymmetry theory, signal transmission theory and principal-agent theory, the paper reviews the theoretical research and empirical analysis of the factors influencing the long-term performance of corporate governance, elite teams and start-ups. Six hypotheses of this paper are put forward. This paper selects the listed companies on the gem as the research sample, and collects the number of senior managers, core technical personnel, core marketing personnel, etc., and the proportion of shares in the listed companies through the collection of internal senior managers, core technicians, core marketing personnel, etc. This paper constructs the characteristics of the enterprise elite team-scale and equity structure; in addition, this paper takes the composite holding period earnings of gem listed companies after 24 months as the index to measure the long-term performance of the enterprise; constructs the research model of this paper. This paper analyzes and tests the relationship between team size, equity institution and firm's long-term performance. Finally, there are two hypotheses that are supported and verified. The results of this paper show that: for the long-term performance of entrepreneurial enterprise after IPO, The governance of the core team is more important. The larger the core team is, the more concentrated the internal equity is, the better the long-term performance of the start-up enterprise after IPO. This paper is divided into six chapters, the first chapter mainly introduces the research background of this paper. The second chapter reviews the relevant theories of corporate governance and elite team, and introduces the empirical results of the current research on the factors affecting the long-term performance of enterprises. In chapter 3, based on information asymmetry theory, signal transfer theory and principal-agent theory, the research hypotheses are put forward, and the fourth chapter introduces the selection and collection of samples and data, as well as the measurement methods and indicators of all variables in this paper. The fifth chapter gives the empirical analysis results of this paper, and introduces the hypotheses in detail. According to the empirical results, the sixth chapter summarizes the main conclusions of this paper, and puts forward corresponding suggestions; points out the defects of this paper. Combined with the suggestions for improvement, the future research direction is put forward.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F272.92

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