【摘要】：隨著公司治理相關研究的逐漸深入,相關學者發(fā)現(xiàn)只是局限于從董事會的外在特征出發(fā)來研究董事會與公司績效之間的關系已經不能得出令人滿意的結論。我們在現(xiàn)實生活中會看到兩個擁有極其相似的董事會的公司卻取得完全不同的公司績效,所以在考慮董事會特征與運作對公司績效的影響時,已經不能單純的從董事會的表征出發(fā),而需要考慮深藏于董事會內部的那種潛在的因素。本文借鑒前期學者的研究,綜合社會學和心理學的相關知識,從董事會組織中非正式的層級關系出發(fā),進一步研究董事會與公司績效之間的關系。首先,本文通過建立董事會中低層級董事和高層級董事之間的博弈模型,在理論上證明了董事為了達到自身利益最大化趨向于低層級董事會選擇在決策時遵從高層級董事的意見,高層級董事也會選擇接受低層級董事的遵從。其次,文中對董事會非正式層級清晰度的衡量,選擇借鑒He、李維安等人的方法,同時進一步完善董事權威的衡量體系,利用基尼系數(shù)量化董事會非正式層級的清晰度。然后,本文為證明董事會非正式層級清晰度與公司績效之間的關系,利用SPSS統(tǒng)計軟件對董事會非正式層級清晰度與公司績效進行回歸分析,并將公司規(guī)模與業(yè)績壓力等調節(jié)變量加入回歸分析過程。最后,本文通過替換因變量對董事會非正式層級清晰度與公司績效之間的關系進行了穩(wěn)健性分析,得出董事會非正式層級與公司績效之間有著顯著的正相關的關系,且公司規(guī)模與業(yè)績壓力等調節(jié)變量對董事會與公司績效之間的正相關關系有著正向的調節(jié)作用。
[Abstract]:With the deepening of the research on corporate governance, relevant scholars find that the relationship between the board of directors and corporate performance can not be concluded satisfactorily only from the external characteristics of the board of directors. In real life, we will see two companies with very similar boards of directors achieving completely different corporate performance, so when considering the impact of board characteristics and operations on corporate performance, It is not only from the representation of the board of directors, but also needs to consider the potential factors that lie deep inside the board. Based on the previous research and the relevant knowledge of sociology and psychology, this paper further studies the relationship between board of directors and corporate performance from the informal hierarchical relationship in board organization. First of all, this paper establishes a game model between the middle and low level directors of the board of directors and the high-level directors. In theory, it is proved that the directors tend to follow the opinion of the high-level directors in order to maximize their own interests, and the high-level directors will also choose to accept the compliance of the lower-level directors. Secondly, the paper measures the definition of the informal level of the board of directors, chooses to learn from the method of He, Lee Weian, and further consummates the measurement system of the authority of the directors, and quantifies the clarity of the informal level of the board of directors by using the Gini coefficient. Then, in order to prove the relationship between the Board of Directors' informal hierarchy clarity and corporate performance, this paper uses SPSS statistical software to analyze the relationship between board informal hierarchy clarity and corporate performance. And the company size and performance pressure and other adjustment variables into the regression analysis process. Finally, by replacing the dependent variables, this paper makes a robust analysis of the relationship between the informal hierarchy of the board of directors and corporate performance, and concludes that there is a significant positive correlation between the informal level of the board of directors and corporate performance. And the positive correlation between the board of directors and corporate performance is positively regulated by regulating variables such as company size and performance pressure.
【學位授予單位】：濟南大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271

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