【摘要】：創(chuàng)業(yè)板是我國(guó)資本市場(chǎng)為了解決中小高科技企業(yè)融資問(wèn)題而在2009年10月23日掛牌上市的一個(gè)特殊的板塊。截至2012年12月31日，我國(guó)創(chuàng)業(yè)板上市公司已有355家，占深交所上市公司總數(shù)的23.05%，表現(xiàn)出極大的成長(zhǎng)優(yōu)勢(shì)。但因創(chuàng)業(yè)板上市公司處于初始階段，各方面沒(méi)有得到有效規(guī)范，存在很多公司治理和財(cái)務(wù)治理方面的問(wèn)題，因此以我國(guó)創(chuàng)業(yè)板上市公司作為研究對(duì)象有著較強(qiáng)的現(xiàn)實(shí)意義。 與此同時(shí)，隨著公司治理研究的興起，財(cái)務(wù)治理的研究也引起了諸多學(xué)者的關(guān)注。財(cái)務(wù)治理效率是財(cái)務(wù)治理的根本目標(biāo)，沒(méi)有對(duì)效率的深入研究，就不可能有財(cái)務(wù)治理理論的真正成熟。我們要保證創(chuàng)業(yè)板市場(chǎng)高速運(yùn)行，效率必然是應(yīng)該放在首要位置的。所以說(shuō)任何制度包括公司財(cái)務(wù)治理結(jié)構(gòu)的設(shè)計(jì)都不能脫離效率而存在，都應(yīng)為提高上市公司的效率而服務(wù)。 財(cái)務(wù)治理結(jié)構(gòu)是提高財(cái)務(wù)治理效率的關(guān)鍵。財(cái)務(wù)治理結(jié)構(gòu)是一套關(guān)于如何分配財(cái)權(quán)的制度安排，可以分為微觀層面的財(cái)務(wù)資本結(jié)構(gòu)和宏觀層面的財(cái)務(wù)組織結(jié)構(gòu)。本文從財(cái)務(wù)資本結(jié)構(gòu)和財(cái)務(wù)組織結(jié)構(gòu)兩個(gè)角度深入分析了我國(guó)創(chuàng)業(yè)板上市公司財(cái)務(wù)治理結(jié)構(gòu)的特征和財(cái)務(wù)治理結(jié)構(gòu)配置所帶來(lái)的財(cái)務(wù)治理效率。在理論分析的基礎(chǔ)上構(gòu)建實(shí)證模型，運(yùn)用SPSS統(tǒng)計(jì)軟件從國(guó)泰安數(shù)據(jù)庫(kù)中選取創(chuàng)業(yè)板上市公司2010-2012年的相關(guān)數(shù)據(jù)進(jìn)行描述統(tǒng)計(jì)和回歸分析。研究發(fā)現(xiàn)對(duì)于我國(guó)創(chuàng)業(yè)板上市公司而言，低債權(quán)比例、低股權(quán)集中度、高股權(quán)制衡度和有效的審計(jì)委員會(huì)有著較好的財(cái)務(wù)治理效率；其次國(guó)有股持股能較小程度上提高財(cái)務(wù)治理效率；另外長(zhǎng)期債務(wù)比例、董事會(huì)和監(jiān)事會(huì)的勤勉性對(duì)財(cái)務(wù)治理效率的提高并不明顯。最后本文提出了改善財(cái)務(wù)治理結(jié)構(gòu)的幾點(diǎn)建議：去家族化完善股權(quán)結(jié)構(gòu)，使公司決策有效率；合理負(fù)債經(jīng)營(yíng)，提高上市超募所得資金的使用效率；營(yíng)造良好的財(cái)務(wù)組織結(jié)構(gòu)環(huán)境，促進(jìn)創(chuàng)業(yè)板上市公司有效率成長(zhǎng)。
[Abstract]:Growth Enterprise Market (gem) is a special board listed on October 23, 2009 in order to solve the financing problem of small and medium-sized high-tech enterprises in China's capital market. As of December 31, 2012, there are 355 gem listed companies in China, accounting for 23.05% of the total listed companies in Shenzhen Stock Exchange, showing great growth advantage. However, due to the gem listed companies are in the initial stage, the various aspects have not been effectively standardized, there are many problems in corporate governance and financial governance, so the gem listed companies as the object of study has a strong practical significance. At the same time, with the rise of corporate governance research, financial governance research has also attracted the attention of many scholars. Financial governance efficiency is the fundamental goal of financial governance, without in-depth study of efficiency, there can be no real maturity of financial governance theory. We want to ensure growth enterprise market high-speed operation, efficiency must be placed in the first place. Therefore, any system, including the design of corporate financial governance structure can not be separated from efficiency and exist, should improve the efficiency of listed companies and services. Financial governance structure is the key to improve the efficiency of financial governance. The financial governance structure is a set of institutional arrangements on how to allocate the financial power, which can be divided into the financial capital structure at the micro level and the financial organization structure at the macro level. This paper analyzes the characteristics of the financial governance structure of listed companies in gem and the efficiency of financial governance brought about by the allocation of financial governance structure from the two angles of financial capital structure and financial organization structure. On the basis of theoretical analysis, this paper constructs an empirical model and uses SPSS statistical software to select the relevant data of listed companies in the gem from 2010 to 2012 to carry out descriptive statistics and regression analysis from the Cathay Pacific database. The research found that for the listed companies of gem, the low debt ratio, the low concentration of equity, the high degree of equity balance and the effective audit committee have better financial governance efficiency; Secondly, state-owned stock holding can improve the efficiency of financial governance to a lesser extent; in addition, the proportion of long-term debt, the diligent nature of board of directors and supervisory board is not obvious to improve the efficiency of financial governance. Finally, this paper puts forward some suggestions to improve the financial governance structure: to improve the ownership structure of the company by delisting the family, to make the company decision-making efficient, to manage the debts reasonably, and to improve the efficiency of the use of the funds raised by the listed companies. Create a good financial organization structure environment to promote the growth of gem listed companies.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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