本文關(guān)鍵詞：中小板上市公司外部治理與績效的相關(guān)性研究　出處：《西南政法大學》2012年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 中小板 外部治理 公司績效

【摘要】：中小企業(yè)板（以下全都簡稱為中小板）是深圳交易所主板市場的一個重要組成部分，成立的目的在于為主業(yè)突出、具有高成長性和科技含量的中小企業(yè)搭建直接融資平臺，有效解決其融資難的問題。隨著我國市場經(jīng)濟的快速發(fā)展，中小企業(yè)在國民經(jīng)濟中的作用日益突出，在我國證券市場上，中小板上市公司逐漸成為社會各界關(guān)注的焦點。自成立以來，中小板六年多的發(fā)展取得了輝煌的成績，但同時也暴露出諸多不足，在外部治理方面還存在各種各樣的問題。因此，本文在我國中小板市場上選取了2010年以前上市的523家公司作為研究樣本，以2010年的數(shù)據(jù)為窗口，在分析中小板上市公司外部治理現(xiàn)狀的基礎(chǔ)上，基于文獻和理論的研究，從外部治理的四個維度對中小板上市公司外部治理與公司績效的相關(guān)關(guān)系進行了實證分析。 本文實證研究結(jié)果表明：中小板上市公司產(chǎn)品的市場競爭程度、高管變更與公司績效之間存在正相關(guān)關(guān)系，，第一大股東性質(zhì)為國有股的公司績效相對較高。政府干預程度和證監(jiān)會的特別處理會對公司績效產(chǎn)生負面效應，而健全的法律法規(guī)體系的約束有助于公司提高治理效率，提高公司績效。樣本公司年度審計意見與凈資產(chǎn)收益率和托賓Q值都存在負相關(guān)關(guān)系，但這種相關(guān)性并不顯著。信息披露質(zhì)量與公司績效呈顯著正相關(guān)。中小板上市公司的資產(chǎn)負債率與公司績效之間的關(guān)系為顯著正向關(guān)系，這說明債權(quán)治理對公司績效產(chǎn)生了顯著的正面效應。股權(quán)集中度、董事會人數(shù)以及總資產(chǎn)的自然對數(shù)與凈資產(chǎn)收益率的回歸系數(shù)均為正，但是除了公司規(guī)模與凈資產(chǎn)收益率的相關(guān)性具有顯著性外，其余兩個變量與凈資產(chǎn)收益率的相關(guān)性不顯著。 文章最后針對本文的研究結(jié)論，并結(jié)合當前我國中小板上市公司的特征和外部治理現(xiàn)狀，提出了改善我國中小板上市公司外部治理績效的政策性建議：加強中小板上市公司外部治理市場主導機制建設；完善中小板上市公司外部治理政府控制機制建設；加快中小板上市公司外部治理社會輔助機制建設；重視中小板上市公司外部治理債權(quán)融資機制建設。
[Abstract]:Small and medium-sized enterprise board (hereinafter referred to as small and medium-sized board) is an important part of the main market of Shenzhen Stock Exchange, the purpose of its establishment is to stand out for the main industry. With the rapid development of market economy in China, small and medium-sized enterprises with high growth and scientific and technological content have established direct financing platform to effectively solve the problem of financing difficulties. With the rapid development of our market economy, the role of SMEs in the national economy is increasingly prominent. In China's securities market, small and medium-sized board listed companies have gradually become the focus of attention of the community. Since its establishment, the development of small and medium-sized boards has made brilliant achievements for more than six years, but at the same time, it also exposed many shortcomings. There are still a variety of problems in external governance. Therefore, this paper selects 523 companies listed before 2010 as the research sample in Chinese small and medium board market. Taking the data of 2010 as the window, based on the analysis of the current situation of the external governance of the small and medium-sized board listed companies, based on the literature and theoretical research. From the four dimensions of external governance, this paper empirically analyzes the correlation between external governance and corporate performance of small and medium-sized listed companies. The empirical results of this paper show that there is a positive correlation between the market competition degree of the products of the small and medium-sized board listed companies, the change of executives and the corporate performance. The first major shareholder is the state-owned shares of the company performance is relatively high. The degree of government intervention and the special treatment of CSRC will have a negative effect on corporate performance. A sound system of laws and regulations can help the company to improve the efficiency of governance and improve corporate performance. The annual audit opinion of the sample company has a negative correlation with the return on net assets and Tobin Q value. However, this correlation is not significant. The quality of information disclosure is significantly positive correlation with corporate performance. The relationship between asset-liability ratio and corporate performance of small and medium-sized board listed companies is a significant positive relationship. This shows that the governance of creditor's rights has a significant positive effect on corporate performance. The equity concentration, the number of board members, the natural logarithm of total assets and the regression coefficient of net asset return are all positive. However, except for the significant correlation between the size of the company and the return on net assets, the correlation between the other two variables and the return on net assets is not significant. Finally, according to the conclusion of this paper, combined with the current characteristics of small and medium-sized board listed companies and external governance status. The paper puts forward some policy suggestions to improve the external governance performance of the small and medium-sized board listed companies: strengthening the construction of the market leading mechanism of the external governance of the small and medium-sized board listed companies; Perfecting the construction of government control mechanism of external governance of small and medium-sized board listed companies; Accelerating the construction of the social auxiliary mechanism of the external governance of the small and medium-sized board listed companies; Attach importance to the external governance of small and medium-sized board listed companies creditor's rights financing mechanism construction.
【學位授予單位】：西南政法大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F271;F272.92;F832.51

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