本文選題：資金使用效率　切入點(diǎn)：管理層特征　出處：《北方工業(yè)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著經(jīng)濟(jì)的快速發(fā)展,提高公司資金的使用效率進(jìn)而提高公司的價(jià)值創(chuàng)造能力,對于處于激烈市場競爭中的企業(yè)的生存與穩(wěn)步發(fā)展具有非常重要的意義。近年來我國上市公司熱衷于追求高速擴(kuò)張,存在嚴(yán)重的過度投資現(xiàn)象。一些上市公司在不考慮投資風(fēng)險(xiǎn)和投資收益的情況下急速擴(kuò)大企業(yè)規(guī)模,造成過度投資,使企業(yè)資金使用效率低下。我國上市公司的這種非理性投資,將給企業(yè)帶來一定的經(jīng)營風(fēng)險(xiǎn)。由此可見,研究如何提高上市公司資金使用效率的重要性和必要性。 由于信息不對稱和代理沖突的存在,為了獲得更多的個(gè)人利益,管理層有權(quán)利也有動機(jī)做出逆向選擇采取背離股東利益的自利策略。特別是在我國,由于國有控股上市公司占多數(shù),委托代理管理錯(cuò)綜復(fù)雜,導(dǎo)致上市公司治理效率不高,存在嚴(yán)重的資金使用代理問題。因此,在我國上市公司過度投資現(xiàn)象普遍存在的背景下,如何從管理層特征出發(fā)建立有效的公司治理機(jī)制,以使管理層做出高效的經(jīng)營計(jì)劃和投資方案,提高資金使用效率,是需要研究的一個(gè)重要問題。本文以上市公司為研究對象,運(yùn)用統(tǒng)計(jì)學(xué)方法構(gòu)建理論模型,并進(jìn)行實(shí)證檢驗(yàn)分析管理層特征中各指標(biāo)對上市公司資金使用效率的影響。本文選取經(jīng)濟(jì)增加值率(經(jīng)濟(jì)增加值／資本總額)作為資金使用效率的量化指標(biāo),選取管理層特征的四個(gè)重要指標(biāo)與資金使用效率進(jìn)行了實(shí)證檢驗(yàn)。并對我國上市公司資金使用效率現(xiàn)狀進(jìn)行統(tǒng)計(jì)分析,在一定程度上驗(yàn)證了我國上市公司價(jià)值創(chuàng)造能力不足,存在資金使用效率低下的問題。 研究結(jié)果表明管理層特征中董事會規(guī)模、管理層薪酬和管理層持股對上市公司資金使用效率的提高具有顯著的正相關(guān)關(guān)系,而管理層平均年齡與上市公司資金使用效率之間的關(guān)系不顯著。我國上市公司通過薪酬激勵和股權(quán)激勵使管理層自身利益與公司利益趨于一致,從而促使其通過提高公司資金使用效率來增加自身利益；在法定范圍內(nèi)增大董事會規(guī)模董事會可以起到更好的相互制約作用,避免個(gè)別董事受制于大股東,且多人合力使董事能有更大的工作投入,從而提高上市公司的治理效率,對上市公司資金使用效率的提高產(chǎn)生積極作用；管理層平均年齡的大小對上市公司資金使用效率沒有影響,說明管理層平均年齡的大小不影響企業(yè)的經(jīng)營管理。因此,上市公司可以通過適當(dāng)增加董事會人數(shù),提高管理層薪酬,適當(dāng)?shù)貙芾韺訉?shí)施股權(quán)激勵政策等方式來加強(qiáng)公司治理,建立并完善企業(yè)的內(nèi)部約束和激勵機(jī)制,形成能有效提高上市公司資金使用效率的公司治理機(jī)制。
[Abstract]:With the rapid development of the economy, the efficiency of the use of the company's funds will be improved, and then the value creation ability of the company will be enhanced. It is of great significance for the survival and steady development of enterprises in the fierce market competition. In recent years, China's listed companies are keen to pursue high-speed expansion, There is a serious phenomenon of overinvestment. Some listed companies have rapidly expanded their size without considering investment risks and investment returns, resulting in overinvestment. This kind of irrational investment of listed companies in our country will bring certain operating risks to enterprises. Therefore, it is important and necessary to study how to improve the efficiency of capital use of listed companies. Due to the existence of asymmetric information and agency conflicts, in order to obtain more personal interests, the management has the right and the motivation to make adverse selection and adopt self-interest strategy which deviates from the interests of shareholders. Due to the majority of state-owned holding listed companies and the complexity of principal-agent management, the governance efficiency of listed companies is not high and there is a serious problem of using funds as agents. Therefore, under the background of overinvestment of listed companies in our country, How to set up an effective corporate governance mechanism based on the characteristics of management, in order to make management make efficient business plan and investment plan and improve the efficiency of capital use, is an important problem that needs to be studied. Using statistical methods to build a theoretical model, The paper analyzes the influence of each index in the management characteristics on the capital efficiency of listed companies. This paper selects the economic added value ratio (economic added value / total capital) as the quantitative index of the capital use efficiency. This paper selects four important indicators of management characteristics and the efficiency of capital use to carry on the empirical test, and carries on the statistical analysis to our country listed company's capital use efficiency present situation, to some extent has verified that our country listed company's value creation ability is insufficient. There is a problem of inefficient use of funds. The results show that there is a significant positive correlation among the size of board of directors, management compensation and management shareholding on the efficiency of capital use of listed companies. However, the relationship between the average age of management and the efficiency of capital use of listed companies is not significant. In order to improve the efficiency of the use of funds to increase their own interests, increase the size of the board of directors within the statutory scope of the board of directors can play a better role in mutual restraint, to avoid individual directors subject to large shareholders, And many people work together to enable directors to have greater work investment, thus improving the governance efficiency of listed companies, and the efficiency of capital use of listed companies has a positive effect; The average age of management has no effect on the efficiency of capital utilization of listed companies, which means that the average age of management does not affect the management of enterprises. To strengthen the corporate governance and establish and perfect the internal restraint and incentive mechanism of the enterprise, and form the corporate governance mechanism which can effectively improve the efficiency of the use of funds of the listed companies by improving the salary of the management, appropriately implementing the equity incentive policy to the management, and so on.
【學(xué)位授予單位】：北方工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F271;F276.6;F275

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