本文關鍵詞：中小板上市公司治理結構與績效相關性研究　出處：《吉林財經大學》2013年碩士論文　論文類型：學位論文

  更多相關文章： 中小板上市公司 公司治理結構 公司績效

【摘要】：上世紀八十年代，一個新名詞作為全新領域出現(xiàn)在人們視野中就是公司治理，，同時它也首次在英文文獻里出現(xiàn)。在經濟高速運轉，技術水平和觀念意識逐漸增強的今天，公司治理問題就成為大家的焦點，越來越受到各方面關注。完善公司治理結構不僅僅是現(xiàn)代化企業(yè)制度最關鍵部分和重要結構框架，更是一個企業(yè)增強其核心競爭力、提高企業(yè)績效的重要手段。 由于中小企業(yè)是新興的企業(yè)，比較有活力，所以我們在借鑒前人經驗基礎上對我國中小企業(yè)上市公司進行實證研究，本文選取2011年在深圳證券交易所上市的所有中小板上市公司作為研究對象，從中國證監(jiān)會官方網站、深圳國泰安信息技術有限公司開發(fā)的CSMAR數(shù)據(jù)庫、巨潮資訊數(shù)據(jù)庫以及上市公司年報中搜集數(shù)據(jù)，最終得到106家樣本數(shù)據(jù)，借助SPSS13.0統(tǒng)計分析軟件進行描述性和多元統(tǒng)計分析，進而對我國中小板上市公司治理結構與企業(yè)績效相關性進行研究。本文將公司治理結構分為三點內容：股權結構、管理層、董事會，并通過這三方面內容來討論公司治理結構與企業(yè)績效之間關系。具體探討第一大持股比例、董事會規(guī)模、獨立董事占董事會的比例、監(jiān)事會規(guī)模、高管薪酬、公司規(guī)模等分別與企業(yè)績效之間關系，進而建立模型并進行線性回歸分析發(fā)現(xiàn)：（1)第一大股東持股比例與企業(yè)績效正相關，說明股東持股比例一定程度對企業(yè)績效存在影響；(2)董事會人數(shù)與企業(yè)績效負相關，說明企業(yè)董事會規(guī)模不宜過于龐大，如果企業(yè)董事會規(guī)模過于龐大，他們就會為平衡彼此之間利益而增加相關成本，從而影響到企業(yè)績效；（3)獨立董事占董事會規(guī)模的比例與企業(yè)績效沒有顯著相關性，這其中原因可能是這方面機制不完善，需要以后在這方面加強完善；（4)監(jiān)事會規(guī)模與企業(yè)績效沒有顯著相關性，從而我們可以得出監(jiān)事會監(jiān)督作用并沒有很好得到發(fā)揮，需要在以后公司治理過程中不斷得到完善；（5)高層薪酬與企業(yè)績效成顯著相關，說明我們需要對高管薪酬激勵這方面做的更好一些；（6)企業(yè)大小與企業(yè)效益成正相關，從而得出隨著企業(yè)規(guī)模擴大，會導致企業(yè)業(yè)績會隨之變好。針對以上的結論，我們提出相關建議與措施：（1)優(yōu)化上市公司中小規(guī)模的股權結構；（2)完善中小企業(yè)板上市公司董事會制度；（3)完善中小企業(yè)板上市公司高管薪酬激勵機制；（4)完善有關法律法規(guī)。
[Abstract]:In 80s, a new term as a new field appears in the horizon is the corporate governance, but also for the first time in English appeared in literature. In the rapid economic operation, technical level and consciousness of growing today, the problem of corporate governance has become the focus of everyone, has attracted more and more attention in all aspects. The perfection of corporate governance the structure of the modern enterprise system is not only the key part and important structure, is an enterprise to enhance its core competitiveness, an important means to improve enterprise performance.
Because of the small and medium-sized enterprise is a new enterprise, so we have a lot of energy, in reference to the previous experience on the basis of small and medium-sized enterprises of our country listed companies empirical research, this paper selects all the small plates in 2011 listed on the Shenzhen Stock Exchange listed companies as the research object, from the Chinese Commission official website, the development of Shenzhen's Tai'an Information Technology Co. Ltd. the CSMAR database, data collection cninfo database and the annual report of listed companies, finally obtained 106 sample data, using descriptive and multivariate statistical analysis SPSS13.0 statistical analysis software, and then the listed companies in China's SME Board Governance and corporate performance. This paper conducts a study on the relationship between the corporate governance structure is divided into three points: equity the structure, management, board of directors, and through these three aspects to discuss the relationship between corporate governance structure and corporate performance. To discuss the largest stake, board size, the proportion of independent directors, the size of the board of supervisors, executive compensation, firm size and firm performance relationship between respectively, and then establish the model and a linear regression analysis found that: (1) the first major shareholder equity ratio is positively correlated with corporate performance, that shareholder the proportion of a certain degree has effect on corporate performance; (2) the number of directors is negatively correlated with firm performance, corporate board size should not be too large, if the board of directors of the enterprise scale is too large, they will balance between interests and increase costs, which affects the performance of enterprises; (3) the independent directors of the board there was no significant correlation between the size of the proportion and enterprise performance, which may be due to this mechanism is not perfect, need to strengthen and improve later in this respect; (4) the size of the board of supervisors and enterprises There was no significant correlation between industry performance, so we can conclude that the supervisory role of the board of supervisors is not very good play, need to continuously improve in the future in the process of corporate governance; (5) the executive compensation and enterprise performance, we need to explain executive compensation incentive which do better; (6) the size of the enterprise and the enterprise benefit is positively related, so that with the expansion of enterprise scale, will lead to business performance will become better. According to the above conclusion, we put forward some suggestions and measures: (1) optimize the equity structure of listed companies of small and medium scale; (2) improve the SME board, the board of directors of listed companies (3) to improve the system; small and medium-sized enterprises in the incentive mechanism of executive compensation of listed companies; (4) improve the relevant laws and regulations.

【學位授予單位】：吉林財經大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F271;F832.51

【參考文獻】

相關期刊論文 前10條

1 劉新紹;;中小企業(yè)治理結構與企業(yè)績效實證研究——基于中小企業(yè)板的經驗數(shù)據(jù)[J];財會通訊;2010年18期

2 陳志廣;高級管理人員報酬的實證研究[J];當代經濟科學;2002年05期

3 吳淑琨,劉忠明,范建強;非執(zhí)行董事與公司績效的實證研究[J];中國工業(yè)經濟;2001年09期

4 向朝進,謝明;我國上市公司績效與公司治理結構關系的實證分析[J];管理世界;2003年05期

5 譚勁松,李敏儀,黎文靖,鄭珩,吳劍琳,梁羽;我國上市公司獨立董事制度若干特征分析[J];管理世界;2003年09期

6 郝臣,徐偉,李禮;中小企業(yè)板上市公司治理若干特征分析——基于2004年38家中小企業(yè)板上市公司的實證研究[J];管理現(xiàn)代化;2005年05期

7 孫永祥,黃祖輝;上市公司的股權結構與績效[J];經濟研究;1999年12期

8 陳曉,江東;股權多元化、公司業(yè)績與行業(yè)競爭性[J];經濟研究;2000年08期

9 朱武祥,宋勇;股權結構與企業(yè)價值——對家電行業(yè)上市公司實證分析[J];經濟研究;2001年12期

10 白重恩,劉俏,陸洲,宋敏,張俊喜;中國上市公司治理結構的實證研究[J];經濟研究;2005年02期

相關碩士學位論文 前2條

1 王曉娜;公司治理結構和公司業(yè)績的實證研究[D];天津大學;2010年

2 賈娜;上市公司治理結構與公司績效關系研究[D];陜西科技大學;2012年

本文編號：1382588