發(fā)布時間：2018-02-25 19:09

  本文關鍵詞： 董事會治理特征 財務風險 國有企業(yè) 民營企業(yè) 實證研究　出處：《西北大學》2017年碩士論文　論文類型：學位論文

【摘要】：我國公司起步晚,一直以來把公司績效和公司價值作為衡量公司經(jīng)營好壞的一項標準,卻往往忽視“風險”這一關鍵后果指標。如此一來,一些看似業(yè)績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候,卻很少分析其背后的原因。不過,在金融危機發(fā)生之后,內(nèi)部治理及財務風險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)濟下行壓力,市場環(huán)境嚴峻,越來越多的上市公司暴露出管理問題,尤其是財務方面。而影響財務風險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成,公司治理中最核心的便是董事會治理,為了令文章更加細化、深入,本文將董事會治理從“橫向”和“縱向”兩個角度出發(fā),橫縱結(jié)合研究董事會治理特征對財務風險的影響,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)過相關性分析和多元回歸得出實證結(jié)論。研究結(jié)果顯示,董事會治理特征的“橫向角度”,即國有企業(yè)和民營企業(yè)董事會治理特征對財務風險的影響不一樣,具體來說,國有企業(yè)董事會規(guī)模、董事平均年齡與財務風險呈正相關,獨立董事比例、董事會會議頻率與財務風險呈負相關;民營企業(yè)董事平均年齡與財務風險呈正相關,董事持股比例、董事會會議頻率與財務風險呈負相關。與此同時,本文結(jié)合實證結(jié)果和現(xiàn)實情況分別對國有和民營企業(yè)作出針對性政策建議。希望對實務界和后續(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.
【學位授予單位】：西北大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F271

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本文編號：1534788