本文選題：財務治理結(jié)構(gòu) + 信息傳染效應�。� 參考：《重慶工商大學》2012年碩士論文

【摘要】：我國資本市場的飛速發(fā)展為世人矚目，其速度與成就前所未有，但是近年來，由于財務治理結(jié)構(gòu)的缺陷而危及公司治理和證券市場的中外案例屢見不鮮，“一股獨大”，大股東侵害中小股東的利益，國有股所占比例較大，財權(quán)的爭奪，經(jīng)營者舞弊行為等一系列問題層出不窮，究其根本，在很大程度上與我國上市公司財務治理結(jié)構(gòu)不完善有關(guān)。鑒于此，對我國上市公司財務治理結(jié)構(gòu)進行深入研究已經(jīng)刻不容緩。 本文從財務治理結(jié)構(gòu)的核心—財務資本結(jié)構(gòu)出發(fā)，深入探索公司財務治理結(jié)構(gòu)的內(nèi)涵，分析治理結(jié)構(gòu)的影響因素，通過理論和實證的研究，利用累積非正常報酬探討我國證券市場上是否存在信息傳染效應，并在此基礎上運用實證模型檢驗不同的公司財務治理結(jié)構(gòu)對信息傳染效應的影響。相較于以往財務治理結(jié)構(gòu)方面的研究，本文最大的創(chuàng)新在于：并未采用已有研究中常見的收益類指標作為因變量考察財務治理結(jié)構(gòu)對企業(yè)績效的影響，而是引入信息傳染效應，在日本福島核電危機的背景下，分析不同的財務治理結(jié)構(gòu)對信息傳染效應的敏感程度，進而發(fā)掘不同財務治理結(jié)構(gòu)的有效性。 研究結(jié)果表明：我國證券市場確實存在信息傳染效應，在核電危機發(fā)生后，呈現(xiàn)出負面信息的影響從核電行業(yè)向核電相關(guān)行業(yè)傳遞，在（-1，+1）的事件窗口內(nèi)，與核電相關(guān)的上市公司的非正常報酬率顯著為負，并表現(xiàn)出與核電相關(guān)上市公司一致的波動；在負面信息傳染效應的影響下，作為財務治理結(jié)構(gòu)核心的股權(quán)結(jié)構(gòu)中，控股股東持股比例與受負面信息傳染效應影響的程度呈負相關(guān)，，股權(quán)性質(zhì)對信息傳染效應的影響沒有實質(zhì)相關(guān)性；與債券結(jié)構(gòu)相關(guān)的資產(chǎn)負債水平對公司受負面信息傳染效應影響有正面效應，帶息債務變量與上市公司受負面信息傳染效應影響的程度顯著正相關(guān)；董事會特征方面，獨立性和規(guī)模與上市公司受負面信息傳染效應影響的程度顯著相關(guān)性，董事會規(guī)模的適度增大以及股權(quán)適度集中可以有效抵御負面信息傳染的影響。
[Abstract]:The rapid development of China's capital market has attracted worldwide attention, and its speed and achievements have never been seen before. However, in recent years, there are common cases in China and foreign countries that endanger corporate governance and the securities market because of the defects in the financial governance structure. Large shareholders encroach on the interests of small and medium-sized shareholders, the proportion of state-owned shares is large, the contention of financial rights, operators' fraudulent behavior and a series of problems emerge endlessly. The root of these problems is to a large extent related to the imperfect financial governance structure of listed companies in our country. In view of this, it is urgent to study the financial governance structure of listed companies in China. Starting from the core of the financial governance structure-financial capital structure, this paper explores the connotation of the corporate financial governance structure, analyzes the influencing factors of the corporate financial governance structure, and through theoretical and empirical research, This paper discusses whether there is information contagion effect in China's securities market by using cumulative abnormal returns, and then uses empirical model to test the influence of different corporate financial governance structure on information contagion effect. Compared with the previous research on financial governance structure, the biggest innovation of this paper lies in that the influence of financial governance structure on enterprise performance has not been investigated by using the common income categories as dependent variables, but the information contagion effect has been introduced. In the context of the Fukushima nuclear power crisis in Japan, the sensitivity of different financial governance structures to information contagion effect is analyzed, and the effectiveness of different financial governance structures is explored. The results show that the information contagion effect does exist in China's securities market. After the nuclear power crisis, the negative information is transmitted from the nuclear power industry to the nuclear power related industries. The abnormal rate of return of the listed companies associated with nuclear power is significantly negative and shows the same volatility as the listed companies associated with nuclear power. Under the influence of the negative information contagion effect, the equity structure, which is the core of the financial governance structure, is the core of the financial governance structure. The proportion of controlling shareholders is negatively related to the degree of negative information contagion effect, and the nature of ownership has no substantial relevance to the information contagion effect. The level of assets and liabilities related to the bond structure has a positive effect on the negative information contagion effect, and the debt variable with interest has a significant positive correlation with the extent of the negative information contagion effect on the listed company. Independence and scale are significantly related to the degree of negative information contagion. The moderate increase of board size and moderate concentration of equity can effectively resist the influence of negative information contagion.
【學位授予單位】：重慶工商大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F275;F224

【參考文獻】

相關(guān)期刊論文 前10條

1 張延波,彭淑雄;財務風險監(jiān)測與危機預警[J];北京工商大學學報(社會科學版);2002年05期

2 李心合;關(guān)于財務理論若干問題研究[J];財經(jīng)研究;2001年01期

3 龍文;馬蒙;;財務治理及相關(guān)范疇關(guān)系研究[J];財會通訊(學術(shù)版);2007年09期

4 伍中信;陳共榮;;我國公司財務治理理論研究述評[J];財會通訊;2006年02期

5 魏海波;;財務治理與財務治理效率文獻回顧[J];財會通訊;2011年27期

6 伍中信;現(xiàn)代企業(yè)財務治理結(jié)構(gòu)論綱[J];財經(jīng)理論與實踐;2004年03期

7 陳耿,周軍,王志;債權(quán)融資結(jié)構(gòu)與公司治理:理論與實證分析[J];財貿(mào)研究;2003年02期

8 林鐘高;羅曼;;基于公司治理的企業(yè)理財行為研究[J];華東經(jīng)濟管理;2006年12期

9 黃群慧;控制權(quán)作為企業(yè)家的激勵約束因素:理論分析及現(xiàn)實解釋意義[J];經(jīng)濟研究;2000年01期

10 陳小悅,徐曉東;股權(quán)結(jié)構(gòu)、企業(yè)績效與投資者利益保護[J];經(jīng)濟研究;2001年11期

相關(guān)博士學位論文 前1條

1 衣龍新;財務治理理論研究[D];西南財經(jīng)大學;2004年

本文編號：1850060