本文關(guān)鍵詞：我國創(chuàng)業(yè)板上市公司董事會特征與企業(yè)成長關(guān)系研究　出處：《西南政法大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：在我國，創(chuàng)業(yè)板市場剛剛起步，是二板證券市場。創(chuàng)業(yè)板市場在證券市場上的地位次于主板市場，有區(qū)別于主板市場的突出特征，如上市門檻低，監(jiān)管制度不健全。所以，創(chuàng)業(yè)板市場受市場影響明顯，波動幅度大。而創(chuàng)業(yè)板市場上市公司多屬于中小型或高新技術(shù)企業(yè)，企業(yè)的當(dāng)前利潤不高，但成長性較顯著。所以，應(yīng)當(dāng)關(guān)注創(chuàng)業(yè)板上市公司的成長性。我國創(chuàng)業(yè)板市場上市規(guī)則對在創(chuàng)業(yè)板上市的企業(yè)成長性的要求較高，同時高成長性也是廣大投資者關(guān)注的熱點之一。企業(yè)成長性正是創(chuàng)業(yè)板的重要特征，也是投資者對創(chuàng)業(yè)板上市企業(yè)評價的重要依據(jù)。但這些企業(yè)大多成立時間短，規(guī)模小，治理結(jié)構(gòu)不完整或存在缺陷，高成長背后隱藏著高風(fēng)險性。如何控制風(fēng)險，，保持持續(xù)增長，是創(chuàng)業(yè)板上市企業(yè)面臨的重要課題。另一方面，創(chuàng)業(yè)板上市企業(yè)頻頻暴露治理問題，引起社會各界紛紛熱議，嚴(yán)重影響了投資者對創(chuàng)業(yè)板的信心。企業(yè)治理與企業(yè)成長有著緊密關(guān)系，而創(chuàng)業(yè)板上市企業(yè)混亂的治理結(jié)構(gòu)與它的高成長極不相符。從長期來看，混亂的企業(yè)治理結(jié)構(gòu)必然阻礙企業(yè)成長。學(xué)界關(guān)于加強創(chuàng)業(yè)板監(jiān)管體系建設(shè)的呼聲越來越高，提出由市場行為監(jiān)管到企業(yè)治理監(jiān)管的轉(zhuǎn)變。從規(guī)范我國創(chuàng)業(yè)板市場和幫助創(chuàng)業(yè)企業(yè)成長雙重目標(biāo)考慮，研究我國創(chuàng)業(yè)板市場首先應(yīng)著眼于企業(yè)成長性。董事會結(jié)構(gòu)是企業(yè)治理結(jié)構(gòu)的重要組成部分，所以要完善企業(yè)治理結(jié)構(gòu)，董事會結(jié)構(gòu)的完善尤為重要。針對我國創(chuàng)業(yè)板上市企業(yè)董事會結(jié)構(gòu)的研究，對于促進創(chuàng)業(yè)板上市企業(yè)持續(xù)的成長有著重要意義。 本文通過數(shù)據(jù)采集、分析，找出創(chuàng)業(yè)板上市企業(yè)董事會的相關(guān)特征：董事會規(guī)模、獨立董事比例和董事薪酬，對此三項特征做了詳細(xì)的描述性分析；然后結(jié)合企業(yè)成長性評價，利用回歸分析法，分析了董事會特征和企業(yè)成長之間的關(guān)系。通過研究，識別出創(chuàng)業(yè)板上市企業(yè)的董事會是否有效發(fā)揮了職能，董事會特征中哪些在董事會職能發(fā)揮中產(chǎn)生了作用，并由此得出結(jié)論：其中董事會規(guī)模與企業(yè)成長呈負(fù)相關(guān)關(guān)系，但不顯著；獨立董事比例與企業(yè)成長不存在相關(guān)關(guān)系；董事薪酬與企業(yè)成長存在正相關(guān)關(guān)系。在此基礎(chǔ)上，提出了董事會治理的政策建議。本文突破了研究董事會特征與企業(yè)績效的關(guān)系這個單一的研究模式，大膽嘗試將企業(yè)成長性評價研究相關(guān)成果與董事會特征研究相結(jié)合。其中，根據(jù)創(chuàng)業(yè)板市場及上市企業(yè)的特點，設(shè)計了多層面多指標(biāo)構(gòu)造的成長性評價體系，選取企業(yè)盈利能力、營運能力、償債能力、現(xiàn)金流量能力、發(fā)展能力五個維度，每個維度選取2-4個有代表性的財務(wù)比率，采用因子分析法對企業(yè)的成長性進行綜合評價，獲得企業(yè)成長性綜合得分。本文科學(xué)評定了企業(yè)成長性，也豐富了董事會特征的相關(guān)研究。此外，本文基于我國創(chuàng)業(yè)板市場展開研究，豐富了董事會特征研究成果在我國創(chuàng)業(yè)板市場的應(yīng)用。
[Abstract]:In China, the GEM market has just started, is the stock market. The GEM market position in the stock market in the motherboard market, has the prominent characteristic is different from the motherboard market, such as listing threshold is low, the regulatory system is not perfect. So, the GEM market influenced significantly, large fluctuations and entrepreneurship. The board market listed companies belonging to the small or high-tech enterprises, the profit is not high, but the growth is more significant. So, should growth on GEM listed companies. The higher requirement to the growth enterprises listed on the gem of China's GEM Listing Rules, one of the hot and high growth but also for the vast number of investors. The enterprise growth is an important feature of the gem, but also an important basis for evaluation of investors of GEM listed companies. But most of these companies set up a short time, small scale, governance structure The incomplete or defective, behind high growth is a high risk. How to control the risk, to maintain sustained growth, is an important issue facing the GEM listed companies. On the other hand, the GEM listed companies frequently exposed to governance issues, aroused hot debate, has seriously affected the confidence of investors in the gem corporate governance and business growth has a close relationship, and high growth entrepreneurial governance structure of Listed Companies in chaos and its very inconsistent. In the long term, corporate governance chaos will hinder the growth of enterprises. To strengthen the construction of academic circles on the gem supervision system is more and more high, proposed by market regulation to corporate governance regulatory changes. Considering the norms of our gem market and help the growth of venture enterprises dual goals, on the GEM market in China should first focus on the growth of enterprises. The board of directors. Structure is an important part of corporate governance structure. Therefore, it is particularly important to improve corporate governance structure and improve the structure of board of directors.
Through data collection, analysis, find out the relevant characteristics of the GEM listed companies board: board size, proportion of independent directors and the remuneration of directors, the three characters do a detailed descriptive analysis; and then combined with the enterprise growth evaluation, using regression analysis, analysis of the relationship between board characteristics and corporate growth. Through the research, identify the GEM listed companies board are effective play the function, characteristics of the board of directors in the board of directors which play the functioneffectively, and conclude that the board of directors is negatively related to the scale and growth of enterprises, but not significantly; the proportion of independent directors and firm growth are not related the relationship between; there is a positive correlation between director compensation and enterprise growth. On this basis, put forward the governance of the board of directors of policy recommendations. This study breaks through the characteristics of the board of directors and enterprise This single mode of performance relationship, and the related results will be a bold attempt to study on the evaluation of the growth of enterprises will feature research combined. Among them, according to the characteristics of the GEM market and the listed companies, the growth evaluation system design of multi index structure, selection of corporate profitability, operating capacity, solvency. Cash flow capacity, the five dimensions of development capacity, dimensions of each selected 2-4 financial ratio representative, comprehensive evaluation on the growth of enterprises by using factor analysis method, obtained the comprehensive score of enterprise growth. The scientific evaluation of enterprise growth, but also enrich the research characteristics of the board of directors. In addition, research the GEM market in China based on the abundant research results in the application of the board characteristics of China's gem.

【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F272.9;F832.51

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