發(fā)布時(shí)間：2018-05-06 01:02

  本文選題：財(cái)務(wù)治理結(jié)構(gòu) + 信息傳染效應(yīng)�。� 參考：《重慶工商大學(xué)》2012年碩士論文

【摘要】：我國(guó)資本市場(chǎng)的飛速發(fā)展為世人矚目，其速度與成就前所未有，但是近年來，由于財(cái)務(wù)治理結(jié)構(gòu)的缺陷而危及公司治理和證券市場(chǎng)的中外案例屢見不鮮，“一股獨(dú)大”，大股東侵害中小股東的利益，國(guó)有股所占比例較大，財(cái)權(quán)的爭(zhēng)奪，經(jīng)營(yíng)者舞弊行為等一系列問題層出不窮，究其根本，在很大程度上與我國(guó)上市公司財(cái)務(wù)治理結(jié)構(gòu)不完善有關(guān)。鑒于此，對(duì)我國(guó)上市公司財(cái)務(wù)治理結(jié)構(gòu)進(jìn)行深入研究已經(jīng)刻不容緩。 本文從財(cái)務(wù)治理結(jié)構(gòu)的核心—財(cái)務(wù)資本結(jié)構(gòu)出發(fā)，深入探索公司財(cái)務(wù)治理結(jié)構(gòu)的內(nèi)涵，分析治理結(jié)構(gòu)的影響因素，通過理論和實(shí)證的研究，利用累積非正常報(bào)酬探討我國(guó)證券市場(chǎng)上是否存在信息傳染效應(yīng)，并在此基礎(chǔ)上運(yùn)用實(shí)證模型檢驗(yàn)不同的公司財(cái)務(wù)治理結(jié)構(gòu)對(duì)信息傳染效應(yīng)的影響。相較于以往財(cái)務(wù)治理結(jié)構(gòu)方面的研究，本文最大的創(chuàng)新在于：并未采用已有研究中常見的收益類指標(biāo)作為因變量考察財(cái)務(wù)治理結(jié)構(gòu)對(duì)企業(yè)績(jī)效的影響，而是引入信息傳染效應(yīng)，在日本福島核電危機(jī)的背景下，分析不同的財(cái)務(wù)治理結(jié)構(gòu)對(duì)信息傳染效應(yīng)的敏感程度，進(jìn)而發(fā)掘不同財(cái)務(wù)治理結(jié)構(gòu)的有效性。 研究結(jié)果表明：我國(guó)證券市場(chǎng)確實(shí)存在信息傳染效應(yīng)，在核電危機(jī)發(fā)生后，呈現(xiàn)出負(fù)面信息的影響從核電行業(yè)向核電相關(guān)行業(yè)傳遞，在（-1，+1）的事件窗口內(nèi)，與核電相關(guān)的上市公司的非正常報(bào)酬率顯著為負(fù)，并表現(xiàn)出與核電相關(guān)上市公司一致的波動(dòng)；在負(fù)面信息傳染效應(yīng)的影響下，作為財(cái)務(wù)治理結(jié)構(gòu)核心的股權(quán)結(jié)構(gòu)中，控股股東持股比例與受負(fù)面信息傳染效應(yīng)影響的程度呈負(fù)相關(guān)，，股權(quán)性質(zhì)對(duì)信息傳染效應(yīng)的影響沒有實(shí)質(zhì)相關(guān)性；與債券結(jié)構(gòu)相關(guān)的資產(chǎn)負(fù)債水平對(duì)公司受負(fù)面信息傳染效應(yīng)影響有正面效應(yīng)，帶息債務(wù)變量與上市公司受負(fù)面信息傳染效應(yīng)影響的程度顯著正相關(guān)；董事會(huì)特征方面，獨(dú)立性和規(guī)模與上市公司受負(fù)面信息傳染效應(yīng)影響的程度顯著相關(guān)性，董事會(huì)規(guī)模的適度增大以及股權(quán)適度集中可以有效抵御負(fù)面信息傳染的影響。
[Abstract]:The rapid development of China's capital market has attracted worldwide attention, and its speed and achievements have never been seen before. However, in recent years, there are common cases in China and foreign countries that endanger corporate governance and the securities market because of the defects in the financial governance structure. Large shareholders encroach on the interests of small and medium-sized shareholders, the proportion of state-owned shares is large, the contention of financial rights, operators' fraudulent behavior and a series of problems emerge endlessly. The root of these problems is to a large extent related to the imperfect financial governance structure of listed companies in our country. In view of this, it is urgent to study the financial governance structure of listed companies in China. Starting from the core of the financial governance structure-financial capital structure, this paper explores the connotation of the corporate financial governance structure, analyzes the influencing factors of the corporate financial governance structure, and through theoretical and empirical research, This paper discusses whether there is information contagion effect in China's securities market by using cumulative abnormal returns, and then uses empirical model to test the influence of different corporate financial governance structure on information contagion effect. Compared with the previous research on financial governance structure, the biggest innovation of this paper lies in that the influence of financial governance structure on enterprise performance has not been investigated by using the common income categories as dependent variables, but the information contagion effect has been introduced. In the context of the Fukushima nuclear power crisis in Japan, the sensitivity of different financial governance structures to information contagion effect is analyzed, and the effectiveness of different financial governance structures is explored. The results show that the information contagion effect does exist in China's securities market. After the nuclear power crisis, the negative information is transmitted from the nuclear power industry to the nuclear power related industries. The abnormal rate of return of the listed companies associated with nuclear power is significantly negative and shows the same volatility as the listed companies associated with nuclear power. Under the influence of the negative information contagion effect, the equity structure, which is the core of the financial governance structure, is the core of the financial governance structure. The proportion of controlling shareholders is negatively related to the degree of negative information contagion effect, and the nature of ownership has no substantial relevance to the information contagion effect. The level of assets and liabilities related to the bond structure has a positive effect on the negative information contagion effect, and the debt variable with interest has a significant positive correlation with the extent of the negative information contagion effect on the listed company. Independence and scale are significantly related to the degree of negative information contagion. The moderate increase of board size and moderate concentration of equity can effectively resist the influence of negative information contagion.
【學(xué)位授予單位】：重慶工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F275;F224

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