本文關(guān)鍵詞： 董事會(huì)治理特征 財(cái)務(wù)風(fēng)險(xiǎn) 國(guó)有企業(yè) 民營(yíng)企業(yè) 實(shí)證研究　出處：《西北大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：我國(guó)公司起步晚,一直以來把公司績(jī)效和公司價(jià)值作為衡量公司經(jīng)營(yíng)好壞的一項(xiàng)標(biāo)準(zhǔn),卻往往忽視“風(fēng)險(xiǎn)”這一關(guān)鍵后果指標(biāo)。如此一來,一些看似業(yè)績(jī)好的公司一夜之間轟然倒塌也不足為奇。在人們唏噓不已的時(shí)候,卻很少分析其背后的原因。不過,在金融危機(jī)發(fā)生之后,內(nèi)部治理及財(cái)務(wù)風(fēng)險(xiǎn)的管控問題逐漸成為企業(yè)管理的重要內(nèi)容。如今面臨經(jīng)濟(jì)下行壓力,市場(chǎng)環(huán)境嚴(yán)峻,越來越多的上市公司暴露出管理問題,尤其是財(cái)務(wù)方面。而影響財(cái)務(wù)風(fēng)險(xiǎn)的因素一般有兩大類,即外部因素和內(nèi)部因素,外部因素企業(yè)無法控制,但內(nèi)部因素是企業(yè)可以改善的,且內(nèi)部因素重于外部因素。內(nèi)部因素由公司治理構(gòu)成,公司治理中最核心的便是董事會(huì)治理,為了令文章更加細(xì)化、深入,本文將董事會(huì)治理從“橫向”和“縱向”兩個(gè)角度出發(fā),橫縱結(jié)合研究董事會(huì)治理特征對(duì)財(cái)務(wù)風(fēng)險(xiǎn)的影響,保證了文章內(nèi)容的豐富性。本文采用規(guī)范研究與實(shí)證分析相結(jié)合的研究方法,以滬深上市公司2011-2015年數(shù)據(jù)為樣本,經(jīng)過相關(guān)性分析和多元回歸得出實(shí)證結(jié)論。研究結(jié)果顯示,董事會(huì)治理特征的“橫向角度”,即國(guó)有企業(yè)和民營(yíng)企業(yè)董事會(huì)治理特征對(duì)財(cái)務(wù)風(fēng)險(xiǎn)的影響不一樣,具體來說,國(guó)有企業(yè)董事會(huì)規(guī)模、董事平均年齡與財(cái)務(wù)風(fēng)險(xiǎn)呈正相關(guān),獨(dú)立董事比例、董事會(huì)會(huì)議頻率與財(cái)務(wù)風(fēng)險(xiǎn)呈負(fù)相關(guān);民營(yíng)企業(yè)董事平均年齡與財(cái)務(wù)風(fēng)險(xiǎn)呈正相關(guān),董事持股比例、董事會(huì)會(huì)議頻率與財(cái)務(wù)風(fēng)險(xiǎn)呈負(fù)相關(guān)。與此同時(shí),本文結(jié)合實(shí)證結(jié)果和現(xiàn)實(shí)情況分別對(duì)國(guó)有和民營(yíng)企業(yè)作出針對(duì)性政策建議。希望對(duì)實(shí)務(wù)界和后續(xù)研究有所幫助。
[Abstract]:Our company started late, always regard corporate performance and company value as a measure of good or bad company management, but often ignore the "risk" as a key outcome indicator. It's no surprise that some companies that seem to be doing well have collapsed overnight. When people are sobbing, they rarely analyze the reasons behind them. But after the financial crisis, The management of internal governance and financial risk has gradually become an important part of enterprise management. Nowadays, faced with economic downward pressure and severe market environment, more and more listed companies are exposed to management problems. Especially in the financial aspect, there are generally two kinds of factors that affect financial risk, namely, external factors and internal factors. External factors can not be controlled by enterprises, but internal factors can be improved by enterprises. And internal factors are more important than external factors. Internal factors are composed of corporate governance, the core of corporate governance is board governance, in order to make the article more detailed, in-depth, In this paper, the governance of the board of directors from the "horizontal" and "vertical" two angles, horizontal and vertical study of governance characteristics of the board of directors on the financial risk, This paper adopts the method of combining normative research with empirical analysis, taking the data of Shanghai and Shenzhen listed companies from 2011 to 2015 as a sample, through correlation analysis and multiple regression analysis, the empirical conclusions are obtained. The "horizontal angle" of the governing characteristics of the board of directors, that is, the influence of the governing characteristics of the board of directors of state-owned enterprises and private enterprises on the financial risk is different. Specifically, the size of the board of directors and the average age of the directors of state-owned enterprises are positively correlated with the financial risks. The proportion of independent directors, the frequency of board meetings and the financial risk are negatively correlated, the average age of the directors is positively correlated with the financial risk, the proportion of directors holding shares and the frequency of board meetings are negatively correlated with the financial risks. Combined with the empirical results and the actual situation, this paper makes targeted policy recommendations to state-owned and private enterprises, hoping to be helpful to the practice and follow-up research.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F271

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