本文選題：財務(wù)公平 + 結(jié)果公平�。� 參考：《四川師范大學(xué)》2017年碩士論文

【摘要】：基于傳統(tǒng)認(rèn)知,公平與效率在許多領(lǐng)域都被視為一對矛盾。經(jīng)過兩個世紀(jì)的發(fā)展,思想家、哲學(xué)家和經(jīng)濟(jì)學(xué)家們對公平與效率的關(guān)系進(jìn)行了探討,提出了功利主義和正義論等代表理論。后來的學(xué)者在此基礎(chǔ)上提出了不同的觀點,認(rèn)為公平和效率之間不只是孰優(yōu)孰劣,二者存在更復(fù)雜的關(guān)系。在企業(yè)的財務(wù)分配上,公平理論認(rèn)為員工和其他利益相關(guān)者從企業(yè)獲得的公平感會影響他們作出與企業(yè)相關(guān)的決策,反作用于企業(yè)的經(jīng)營效率,因此,在企業(yè)的經(jīng)營管理中,應(yīng)該從多維度重視財務(wù)公平帶來的影響,以保證效率的穩(wěn)定和提高。股東一直是財務(wù)管理目標(biāo)的重點,也是財務(wù)分配的主要對象。然而,我國資本市場頻繁出現(xiàn)大股東侵權(quán)行為,使得中小股東利益受損,財務(wù)公平得不到保障。中小投資者眾多是我國資本市場的顯著特征,作為股票融資的主要資金供給方,他們對股市的信心能夠影響公司的經(jīng)營效率。因此,健全上市公司的投資者保護(hù)制度,實際上也是在保護(hù)我國資本市場�；谝陨戏治�,本文從結(jié)果公平和程序公平兩個維度來衡量企業(yè)的財務(wù)公平,從盈利、償債、經(jīng)營發(fā)展、資產(chǎn)管理和分紅轉(zhuǎn)增能力五個方面評價企業(yè)的經(jīng)營效率,此外,本文還構(gòu)建了投資者保護(hù)指數(shù)評價體系。本文以我國上市公司為樣本,以2011-2015年為選樣窗口,運用因子分析、聚類分析、曲線擬合分析和線性回歸分析等方法,實證檢驗財務(wù)公平與經(jīng)營效率的相關(guān)關(guān)系,并加入投資者保護(hù)作為調(diào)節(jié)變量,分析投資者保護(hù)對財務(wù)公平與經(jīng)營效率相關(guān)關(guān)系的顯著性影響。通過理論和實證研究,本文得出了以下三個結(jié)論:(1)結(jié)果公平與經(jīng)營效率之間呈正U型二次曲線關(guān)系。當(dāng)企業(yè)財富積累較少時,結(jié)果公平與經(jīng)營效率呈負(fù)相關(guān)關(guān)系;當(dāng)企業(yè)財富積累較多時,結(jié)果公平與經(jīng)營效率呈正相關(guān)關(guān)系。(2)程序公平與經(jīng)營效率之間呈正相關(guān)關(guān)系,企業(yè)的經(jīng)營效率隨著程序公平程度的增加而提高。(3)在其他條件不變的情況下,投資者保護(hù)機(jī)制有助于財務(wù)公平對經(jīng)營效率促進(jìn)作用的體現(xiàn),即在投資者保護(hù)越好的企業(yè)中,財務(wù)公平與經(jīng)營效率之間的相關(guān)關(guān)系更為顯著。
[Abstract]:Based on traditional cognition, fairness and efficiency are regarded as a pair of contradictions in many fields.After two centuries of development, thinkers, philosophers and economists have discussed the relationship between fairness and efficiency, and put forward representative theories such as utilitarianism and justice.Later scholars put forward different points of view that the relationship between fairness and efficiency is not only better than that of efficiency, but also more complicated.In the financial distribution of enterprises, the theory of fairness holds that the sense of fairness gained by employees and other stakeholders from the enterprise will affect them to make decisions related to the enterprise and counteract the management efficiency of the enterprise. Therefore, in the management of the enterprise,In order to ensure the stability and improvement of efficiency, we should pay attention to the impact of financial equity from multiple dimensions.Shareholders have always been the focus of financial management objectives, but also the main object of financial allocation.However, the capital market of our country frequently appears the big shareholder tort behavior, causes the minority shareholder's benefit to be damaged, the finance fair cannot guarantee.The large number of small and medium investors is a significant feature of the capital market in China. As the main fund supplier of stock financing, their confidence in the stock market can affect the operating efficiency of the company.Therefore, perfecting the investor protection system of listed companies is actually protecting our capital market.Based on the above analysis, this paper measures the financial fairness of the enterprise from the two dimensions of result fairness and procedural fairness, and evaluates the business efficiency of the enterprise from five aspects: profitability, debt service, business development, asset management and the ability of dividend transfer.This article also constructs the investor protection index appraisal system.This paper takes Chinese listed companies as sample, takes 2011-2015 as sample selection window, uses factor analysis, cluster analysis, curve fitting analysis and linear regression analysis to empirically test the correlation between financial fairness and operating efficiency.Adding investor protection as a regulating variable, this paper analyzes the significant influence of investor protection on the relationship between financial fairness and operational efficiency.Through theoretical and empirical studies, this paper draws the following three conclusions: 1) the relationship between equity and business efficiency is positively U-shaped conic.When the enterprise wealth accumulation is small, the result fairness has a negative correlation with the management efficiency, when the enterprise wealth accumulation is more, the result equity has a positive correlation with the operation efficiency.The operating efficiency of enterprises increases with the increase of procedural fairness. (3) under the condition that other conditions remain unchanged, the investor protection mechanism helps to reflect the role of financial equity in promoting the operation efficiency, that is, in the enterprises with better investor protection,The relationship between financial equity and operational efficiency is more significant.
【學(xué)位授予單位】：四川師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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