本文選題：創(chuàng)業(yè)板　切入點(diǎn)：董事會(huì)特征　出處：《東北財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：2009年10月23日,首批28家創(chuàng)業(yè)板上市公司在深圳證券交易所掛牌上市,創(chuàng)業(yè)板市場(chǎng)經(jīng)過十年的跌宕起伏,正式開始交易。創(chuàng)業(yè)板市場(chǎng)作為我國主板市場(chǎng)的重要補(bǔ)充,面向的服務(wù)對(duì)象多為初創(chuàng)期或成長(zhǎng)期的中小型企業(yè),這些企業(yè)多由民營(yíng)企業(yè)或家族類企業(yè)發(fā)展而來,采取家族或類家族式的運(yùn)營(yíng)模式,具有獨(dú)特的治理結(jié)構(gòu)特征,有很好的成長(zhǎng)性和發(fā)展?jié)摿?但往往存在治理結(jié)構(gòu)不完善,業(yè)績(jī)不夠穩(wěn)定等問題。本文選取創(chuàng)業(yè)板上市公司為研究對(duì)象,運(yùn)用實(shí)證方法,探究作為公司治理核心的董事會(huì)的特征對(duì)公司績(jī)效的影響,從加強(qiáng)董事會(huì)建設(shè)的角度為完善創(chuàng)業(yè)板上市公司治理結(jié)構(gòu)提供經(jīng)驗(yàn)數(shù)據(jù)。 本文由以下五部分構(gòu)成： 第一部分緒論。這部分主要介紹了本文的研究背景和意義、研究方法和內(nèi)容,同時(shí)對(duì)國內(nèi)外研究現(xiàn)狀進(jìn)行了回顧和簡(jiǎn)要評(píng)述,并對(duì)本文研究的貢獻(xiàn)與不足進(jìn)行闡述。 第二部分理論基礎(chǔ)部分。首先就董事會(huì)特征進(jìn)行界定,并從結(jié)構(gòu)特征、行為特征、激勵(lì)特征和人文特征四個(gè)方面闡明了董事會(huì)特征的表現(xiàn)形式。其次,闡述董事會(huì)特征對(duì)公司績(jī)效影響的理論基礎(chǔ),為下文的研究設(shè)計(jì)和實(shí)證分析做理論鋪墊。 第三部分研究設(shè)計(jì)部分。首先,以代理成本理論、資源依賴?yán)碚摷靶陆?jīng)濟(jì)增長(zhǎng)理論為依據(jù),結(jié)合創(chuàng)業(yè)板上市公司的特點(diǎn),就創(chuàng)業(yè)板上市公司董事會(huì)各項(xiàng)特征對(duì)公司績(jī)效的影響機(jī)理進(jìn)行分析并提出本文的研究假設(shè),其次,闡述本文實(shí)證研究選擇的樣本和數(shù)據(jù)來源,再次,對(duì)本文模型中選擇的變量(被解釋變量、解釋變量、控制變量)進(jìn)行定義,最后,對(duì)本文使用的實(shí)證模型進(jìn)行列示。 第四部分實(shí)證分析部分。通過對(duì)實(shí)證結(jié)果進(jìn)行描述性統(tǒng)計(jì)分析,闡述創(chuàng)業(yè)板上市公司董事會(huì)特征的現(xiàn)狀；通過相關(guān)性分析和多元回歸分析,探究董事會(huì)特征對(duì)公司績(jī)效的影響情況。 第五部分結(jié)論與建議部分。首先對(duì)實(shí)證分析的結(jié)論進(jìn)行闡述,然后根據(jù)實(shí)證分析的結(jié)果提出相關(guān)的政策建議。 本文采用實(shí)證研究的方法,選擇創(chuàng)業(yè)板上市公司2009-2011年的年報(bào)數(shù)據(jù)為樣本數(shù)據(jù),運(yùn)用相關(guān)性分析和多元回歸分析,從而得出以下結(jié)論：創(chuàng)業(yè)板上市公司董事會(huì)規(guī)模與公司績(jī)效顯著負(fù)相關(guān),董事長(zhǎng)與總經(jīng)理兩職合一情況與公司績(jī)效之間存在顯著的正相關(guān)關(guān)系,獨(dú)立董事比例對(duì)公司績(jī)效沒有顯著影響；創(chuàng)業(yè)板上市公司董事會(huì)年度會(huì)議次數(shù)與公司績(jī)效之間呈現(xiàn)顯著的負(fù)相關(guān)關(guān)系；創(chuàng)業(yè)板上市公司激勵(lì)特征,即董事薪酬、董事會(huì)持股比例對(duì)公司績(jī)效有顯著的正向影響；董事會(huì)人文特征會(huì)影響創(chuàng)業(yè)板上市公司的績(jī)效水平,其中董事受教育水平與公司績(jī)效顯著正相關(guān),但董事會(huì)成員的年齡不會(huì)對(duì)公司績(jī)效水平產(chǎn)生顯著影響。根據(jù)實(shí)證分析結(jié)果,從完善董事會(huì)結(jié)構(gòu)、提高董事會(huì)會(huì)議機(jī)制效率、完善董事會(huì)激勵(lì)機(jī)制和提高董事的專業(yè)勝任能力四個(gè)方面提出加強(qiáng)董事會(huì)建設(shè)的建議。 不同于以往的研究,本文選擇創(chuàng)業(yè)板市場(chǎng)這一新興市場(chǎng)展開研究,并以新經(jīng)濟(jì)增長(zhǎng)理論為基礎(chǔ),結(jié)合創(chuàng)業(yè)板上市公司的特征,同時(shí)引入董事會(huì)人文特征變量,試圖全面探究創(chuàng)業(yè)板上市公司董事會(huì)特征對(duì)公司績(jī)效的影響,具有一定的現(xiàn)實(shí)意義。
[Abstract]:In October 23, 2009, the first batch of 28 companies listed on GEM listed on the Shenzhen stock exchange, the GEM market after ten years of ups and downs, started trading. The GEM market as an important supplement of China's main market, for the service object for the start-up or long-term of small and medium enterprises, these enterprises by private enterprises family or development of enterprises to adopt family or family business model, has the unique characteristics of the governance structure, growth and development potential is very good, but there are problems of governance structure is not perfect, the performance is not stable enough. This paper selects the GEM listed companies as the research object, use empirical methods to explore the characteristics as the core of corporate governance of the board of directors of the impact on the company's performance, from the perspective of strengthening the construction of the board of directors for perfecting the governance structure of GEM listed companies to provide empirical data.
This article is composed of the following five parts:
The first part is the introduction. This part mainly introduces the research background and significance, research methods and contents. At the same time, it reviews and comments on the research status at home and abroad, and elaborates the contributions and shortcomings of this research.
The second part is the theoretical basis. First, the board defines the characters, and the structure characteristics, behavior characteristics, four aspects of incentive characteristics and cultural characteristics of the form features of the board of directors. Secondly, theoretical basis of board characteristics influence the performance of the company, to pave the way for the following research design and empirical analysis.
The third part of the study design. First, the agency cost theory, resource dependence theory and new economic growth theory, combined with the characteristics of GEM listed companies, business director board of listed companies will affect corporate performance mechanism of all features are analyzed and put forward the research hypothesis, this paper expounds the second, samples and data sources. In this paper, an empirical study on the choice of again, this choice of model variables (explanatory variables, explanatory variables and control variables) are defined, finally, the empirical model used in this paper are shown.
The fourth part is the empirical analysis part. Through descriptive statistics analysis of the empirical results, the paper describes the current situation of board characteristics of GEM companies, and explores the impact of board characteristics on company performance through correlation analysis and multiple regression analysis.
The fifth part of the conclusion and the suggestion part. First of all, the conclusion of the empirical analysis is elaborated, and then the relevant policy suggestions are put forward according to the results of the empirical analysis.
This paper uses empirical research methods, selection of GEM listed companies 2009-2011 annual report data as sample data, using correlation analysis and multiple regression analysis, thus draws the following conclusion: the board of directors of companies listed on GEM board size and corporate performance is negatively correlated, there was a positive correlation between the chairman and general manager of the two level one with the company performance, the proportion of independent directors has no significant effect on the performance of the company; director of the GEM listed companies has a significant negative correlation between the number of the annual meeting and company performance; the incentive characteristics of GEM companies, namely the remuneration of directors, the board of directors shareholding ratio has a significant positive impact on corporate performance; the board of directors of humanistic characteristics will affect the GEM listed company performance level, the board of education level is positively correlated with company performance, but the members of the board of directors of the Age does not have a significant impact on company performance. According to the results of empirical analysis, suggestions for strengthening board construction are put forward from four aspects: improving board structure, improving the efficiency of board meeting mechanism, improving the incentive mechanism of board of directors and improving the professional competency of directors.
Different from previous studies, this thesis chooses this emerging market gem market research, and the new theory of economic growth, combined with the characteristics of GEM listed companies, while the introduction of the board of directors of the humanities characteristic variables, trying to explore a comprehensive company listed on the GEM board characteristics influence the performance of the company, has a certain practical significance.

【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F276.6;F832.51;F224

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