本文關(guān)鍵詞：中小板上市公司治理結(jié)構(gòu)與績效相關(guān)性研究　出處：《吉林財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：上世紀(jì)八十年代，一個(gè)新名詞作為全新領(lǐng)域出現(xiàn)在人們視野中就是公司治理，，同時(shí)它也首次在英文文獻(xiàn)里出現(xiàn)。在經(jīng)濟(jì)高速運(yùn)轉(zhuǎn)，技術(shù)水平和觀念意識(shí)逐漸增強(qiáng)的今天，公司治理問題就成為大家的焦點(diǎn)，越來越受到各方面關(guān)注。完善公司治理結(jié)構(gòu)不僅僅是現(xiàn)代化企業(yè)制度最關(guān)鍵部分和重要結(jié)構(gòu)框架，更是一個(gè)企業(yè)增強(qiáng)其核心競(jìng)爭(zhēng)力、提高企業(yè)績效的重要手段。 由于中小企業(yè)是新興的企業(yè)，比較有活力，所以我們?cè)诮梃b前人經(jīng)驗(yàn)基礎(chǔ)上對(duì)我國中小企業(yè)上市公司進(jìn)行實(shí)證研究，本文選取2011年在深圳證券交易所上市的所有中小板上市公司作為研究對(duì)象，從中國證監(jiān)會(huì)官方網(wǎng)站、深圳國泰安信息技術(shù)有限公司開發(fā)的CSMAR數(shù)據(jù)庫、巨潮資訊數(shù)據(jù)庫以及上市公司年報(bào)中搜集數(shù)據(jù)，最終得到106家樣本數(shù)據(jù)，借助SPSS13.0統(tǒng)計(jì)分析軟件進(jìn)行描述性和多元統(tǒng)計(jì)分析，進(jìn)而對(duì)我國中小板上市公司治理結(jié)構(gòu)與企業(yè)績效相關(guān)性進(jìn)行研究。本文將公司治理結(jié)構(gòu)分為三點(diǎn)內(nèi)容：股權(quán)結(jié)構(gòu)、管理層、董事會(huì)，并通過這三方面內(nèi)容來討論公司治理結(jié)構(gòu)與企業(yè)績效之間關(guān)系。具體探討第一大持股比例、董事會(huì)規(guī)模、獨(dú)立董事占董事會(huì)的比例、監(jiān)事會(huì)規(guī)模、高管薪酬、公司規(guī)模等分別與企業(yè)績效之間關(guān)系，進(jìn)而建立模型并進(jìn)行線性回歸分析發(fā)現(xiàn)：（1)第一大股東持股比例與企業(yè)績效正相關(guān)，說明股東持股比例一定程度對(duì)企業(yè)績效存在影響；(2)董事會(huì)人數(shù)與企業(yè)績效負(fù)相關(guān)，說明企業(yè)董事會(huì)規(guī)模不宜過于龐大，如果企業(yè)董事會(huì)規(guī)模過于龐大，他們就會(huì)為平衡彼此之間利益而增加相關(guān)成本，從而影響到企業(yè)績效；（3)獨(dú)立董事占董事會(huì)規(guī)模的比例與企業(yè)績效沒有顯著相關(guān)性，這其中原因可能是這方面機(jī)制不完善，需要以后在這方面加強(qiáng)完善；（4)監(jiān)事會(huì)規(guī)模與企業(yè)績效沒有顯著相關(guān)性，從而我們可以得出監(jiān)事會(huì)監(jiān)督作用并沒有很好得到發(fā)揮，需要在以后公司治理過程中不斷得到完善；（5)高層薪酬與企業(yè)績效成顯著相關(guān)，說明我們需要對(duì)高管薪酬激勵(lì)這方面做的更好一些；（6)企業(yè)大小與企業(yè)效益成正相關(guān)，從而得出隨著企業(yè)規(guī)模擴(kuò)大，會(huì)導(dǎo)致企業(yè)業(yè)績會(huì)隨之變好。針對(duì)以上的結(jié)論，我們提出相關(guān)建議與措施：（1)優(yōu)化上市公司中小規(guī)模的股權(quán)結(jié)構(gòu)；（2)完善中小企業(yè)板上市公司董事會(huì)制度；（3)完善中小企業(yè)板上市公司高管薪酬激勵(lì)機(jī)制；（4)完善有關(guān)法律法規(guī)。
[Abstract]:In 80s, a new term as a new field appears in the horizon is the corporate governance, but also for the first time in English appeared in literature. In the rapid economic operation, technical level and consciousness of growing today, the problem of corporate governance has become the focus of everyone, has attracted more and more attention in all aspects. The perfection of corporate governance the structure of the modern enterprise system is not only the key part and important structure, is an enterprise to enhance its core competitiveness, an important means to improve enterprise performance.
Because of the small and medium-sized enterprise is a new enterprise, so we have a lot of energy, in reference to the previous experience on the basis of small and medium-sized enterprises of our country listed companies empirical research, this paper selects all the small plates in 2011 listed on the Shenzhen Stock Exchange listed companies as the research object, from the Chinese Commission official website, the development of Shenzhen's Tai'an Information Technology Co. Ltd. the CSMAR database, data collection cninfo database and the annual report of listed companies, finally obtained 106 sample data, using descriptive and multivariate statistical analysis SPSS13.0 statistical analysis software, and then the listed companies in China's SME Board Governance and corporate performance. This paper conducts a study on the relationship between the corporate governance structure is divided into three points: equity the structure, management, board of directors, and through these three aspects to discuss the relationship between corporate governance structure and corporate performance. To discuss the largest stake, board size, the proportion of independent directors, the size of the board of supervisors, executive compensation, firm size and firm performance relationship between respectively, and then establish the model and a linear regression analysis found that: (1) the first major shareholder equity ratio is positively correlated with corporate performance, that shareholder the proportion of a certain degree has effect on corporate performance; (2) the number of directors is negatively correlated with firm performance, corporate board size should not be too large, if the board of directors of the enterprise scale is too large, they will balance between interests and increase costs, which affects the performance of enterprises; (3) the independent directors of the board there was no significant correlation between the size of the proportion and enterprise performance, which may be due to this mechanism is not perfect, need to strengthen and improve later in this respect; (4) the size of the board of supervisors and enterprises There was no significant correlation between industry performance, so we can conclude that the supervisory role of the board of supervisors is not very good play, need to continuously improve in the future in the process of corporate governance; (5) the executive compensation and enterprise performance, we need to explain executive compensation incentive which do better; (6) the size of the enterprise and the enterprise benefit is positively related, so that with the expansion of enterprise scale, will lead to business performance will become better. According to the above conclusion, we put forward some suggestions and measures: (1) optimize the equity structure of listed companies of small and medium scale; (2) improve the SME board, the board of directors of listed companies (3) to improve the system; small and medium-sized enterprises in the incentive mechanism of executive compensation of listed companies; (4) improve the relevant laws and regulations.

【學(xué)位授予單位】：吉林財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F271;F832.51

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