【摘要】：公司治理與公司業(yè)績的關系一直是學術界討論的熱點,國內(nèi)外學者在不同的經(jīng)濟發(fā)展時期和不同的背景下對公司治理與公司業(yè)績關系做了廣泛地研究,提高公司治理水平是上市公司可持續(xù)發(fā)展的基石。2008年的金融危機和2015年開始的萬科股權之爭折射公司治理在對宏觀層面的世界經(jīng)濟發(fā)展與微觀層面的公司成長有深刻的影響,這也是筆者研究公司治理與公司業(yè)績關系的觸發(fā)點。西方的研究成果與理論不能完全指導中國公司治理的實踐,中國特殊的市場與制度環(huán)境下,需要進一步研究解決我國上市公司治理問題。為推進中國多層次資本市場深入發(fā)展,創(chuàng)業(yè)板于2009年成立,創(chuàng)業(yè)板上市公司數(shù)量漸成規(guī)模,創(chuàng)業(yè)板上市公司數(shù)據(jù)具有較長的時間深度與較廣的樣本廣度,現(xiàn)在是研究創(chuàng)業(yè)板公司治理與公司業(yè)績合適的契機。隨著我國新興產(chǎn)業(yè)大力發(fā)展,股票估值技術不斷完善,經(jīng)濟增加值可成為衡量創(chuàng)業(yè)板上市公司業(yè)績的選擇。鑒于此,本文基于EVA業(yè)績評價體系研究創(chuàng)業(yè)板公司治理對公司業(yè)績的影響。本文采用文獻研究法,比較分析法,定量分析法,定性分析法,規(guī)范研究與實證研究相結(jié)合法。首先綜述分析國內(nèi)外文獻研究成果,界定了公司治理、公司業(yè)績和創(chuàng)業(yè)板的概念,確定研究的內(nèi)容與范圍。隨后通過分析兩權分立理論、委托代理理論、利益相關者理論和管家理論,闡述公司治理對公司業(yè)績的作用機制,從理論上解釋公司治理對公司業(yè)績的影響。其次立足于創(chuàng)業(yè)板,選用2011年至2015年的上市公司數(shù)據(jù)研究公司治理與公司業(yè)績的關系。最后在理論分析與實證分析的基礎上,得出結(jié)論:提升第一大股東持股比例、擴大董事會規(guī)模、提高獨立董事占比、兩職合一、增加董事會年度會議次數(shù)對公司業(yè)績有不顯著的正向影響,提升前十大股東持股比例對公司業(yè)績有不顯著的負向影響,擴大監(jiān)事會規(guī)模和提升高管持股比例對公司業(yè)績有顯著地負向影響,增加高管前三名薪酬總額對公司業(yè)績有顯著地正向影響。最后提出研究不足和研究展望并根據(jù)結(jié)論從政府層面和上市公司層面分別給出政策建議。
[Abstract]:The relationship between corporate governance and corporate performance has always been a hot topic in academic circles. Scholars at home and abroad have made extensive research on the relationship between corporate governance and corporate performance under different economic development periods and different backgrounds. Improving the level of corporate governance is the cornerstone of the sustainable development of listed companies. The financial crisis in 2008 and the Vanke equity dispute that began in 2015 reflect that corporate governance has a profound impact on the world economic development at the macro level and on the growth of companies at the micro level. This is also the trigger point for the author to study the relationship between corporate governance and corporate performance. Western research results and theories can not completely guide the practice of corporate governance in China. Under the special market and system environment, it is necessary to further study and solve the problem of corporate governance in China. In order to promote the further development of China's multi-level capital market, the gem was established in 2009. The number of listed companies on the gem has gradually developed into a large scale, and the data of gem listed companies have a longer time depth and a wider sample breadth. Now is the opportunity to study gem corporate governance and corporate performance. With the rapid development of new industries and the continuous improvement of stock valuation technology, economic added value can become the choice to measure the performance of gem listed companies. In view of this, based on the EVA performance evaluation system, this paper studies the impact of gem corporate governance on corporate performance. This paper adopts the methods of literature research, comparative analysis, quantitative analysis, qualitative analysis, normative research and empirical research. Firstly, it summarizes and analyzes the domestic and foreign literature research results, defines the concepts of corporate governance, corporate performance and gem, and determines the content and scope of the research. Then, by analyzing the theory of separation of two powers, principal-agent theory, stakeholder theory and steward theory, this paper expounds the mechanism of corporate governance on corporate performance, and explains theoretically the influence of corporate governance on corporate performance. Secondly, based on the gem, the data of listed companies from 2011 to 2015 are selected to study the relationship between corporate governance and corporate performance. Finally, on the basis of theoretical analysis and empirical analysis, the author draws a conclusion: to increase the proportion of the largest shareholders, to expand the size of the board of directors, to increase the proportion of independent directors, two positions in one. Increasing the number of annual board meetings has no significant positive impact on the performance of the company, but increasing the proportion of the top 10 shareholders has no significant negative impact on the performance of the company. Expanding the size of the board of supervisors and enhancing the proportion of senior management ownership has a significant negative impact on the performance of the company, increase the top three executive compensation has a significant positive impact on the performance of the company. Finally, this paper puts forward the research deficiency and research prospect and gives the policy recommendations from the government level and the listed company level according to the conclusion.
【學位授予單位】：江蘇科技大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F271;F832.51

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