【摘要】：隨著世界經(jīng)濟(jì)的發(fā)展,公司已經(jīng)成為推動(dòng)經(jīng)濟(jì)增長與發(fā)展的重要主體,而公司的發(fā)展卻離不開良好的公司治理。完善的公司治理結(jié)構(gòu)是決定企業(yè)高效運(yùn)作和保持競爭力的重要條件之一。對于我國創(chuàng)業(yè)板上市公司來說,目前公司治理的現(xiàn)狀能否促進(jìn)企業(yè)的成長,這一問題的研究是非常有必要的。因而,本文關(guān)于我國創(chuàng)業(yè)板上市公司治理與成長性的研究選題具有時(shí)代緊迫性及重要的理論價(jià)值和現(xiàn)實(shí)意義。 首先,我們采用規(guī)范分析方法對國內(nèi)外公司成長性影響因素、公司成長性評價(jià)以及創(chuàng)業(yè)板上市公司治理與成長性關(guān)系的研究的現(xiàn)狀進(jìn)行綜合比較,并在分析研究了創(chuàng)業(yè)板上市公司理論、公司治理理論與企業(yè)成長理論的基礎(chǔ)上,選擇了委托代理理論作為研究我國創(chuàng)業(yè)板上市公司治理結(jié)構(gòu)與成長性關(guān)系的基礎(chǔ)理論。 由于成長性指標(biāo)的選擇會(huì)對實(shí)證研究我國創(chuàng)業(yè)板上市公司治理結(jié)構(gòu)與成長性的關(guān)系產(chǎn)生非常重要的影響,所以我們在分析已有研究的基礎(chǔ)上,構(gòu)建了一套符合我國創(chuàng)業(yè)板上市公司特點(diǎn)的成長性指標(biāo)體系,并運(yùn)用主成分分析法對該指標(biāo)體系進(jìn)行了綜合評價(jià),評價(jià)結(jié)果用以衡量公司治理的效率 在實(shí)證研究我國創(chuàng)業(yè)板上市公司治理結(jié)構(gòu)與成長性的關(guān)系中,我們主要從股權(quán)結(jié)構(gòu)、董事會(huì)、高層管理與監(jiān)事會(huì)四個(gè)維度進(jìn)行了研究。研究發(fā)現(xiàn),在股權(quán)結(jié)構(gòu)方面,第一大股東持股比例與成長性存在負(fù)相關(guān)關(guān)系,反映股權(quán)集中度的前五大股東持股比例與成長性存在弱的負(fù)相關(guān)關(guān)系,反映股權(quán)制衡度的第二至第五大股東持股比例與成長性存在弱的正相關(guān)關(guān)系,而第一大股東性質(zhì)和國有股比例與成長性沒有相關(guān)性。在董事會(huì)方面,董事會(huì)素質(zhì)與成長性是正相關(guān)的,獨(dú)立董事比例與成長性呈弱的負(fù)相關(guān)關(guān)系,家族成員比例與成長性存在弱的正相關(guān)關(guān)系,而董事會(huì)規(guī)模與兩職兼任情況與成長性沒有表現(xiàn)出相關(guān)性。在高層管理方面,高管人均年度薪酬與成長性存在正相關(guān)關(guān)系,而高管素質(zhì)和高管持股比例與成長性存在弱的正相關(guān)關(guān)系。在監(jiān)事會(huì)方面,外部監(jiān)事比例和監(jiān)事會(huì)會(huì)議次數(shù)與成長性存在正相關(guān)關(guān)系,而監(jiān)事會(huì)規(guī)模與成長性沒有表現(xiàn)出相關(guān)性。研究結(jié)果與我國創(chuàng)業(yè)板上市公司中存在的問題基本吻合。最后,本文針對我國創(chuàng)業(yè)板上市公司治理中的問題,提出了一些改進(jìn)公司治理結(jié)構(gòu)的對策建議。
[Abstract]:With the development of the world economy, the company has become an important subject to promote economic growth and development, but the development of the company can not be separated from good corporate governance. Perfect corporate governance structure is one of the most important conditions for enterprises to operate efficiently and maintain competitiveness. It is necessary to study whether the current situation of corporate governance can promote the growth of enterprises. Therefore, the research on the governance and growth of listed companies in gem has the urgency of the times, important theoretical value and practical significance. First of all, we make a comprehensive comparison of the factors affecting the growth of companies at home and abroad, the evaluation of corporate growth and the research status of the relationship between the governance and growth of listed companies on the gem. On the basis of analyzing the theories of listed companies, corporate governance and enterprise growth, we choose the principal-agent theory as the basic theory to study the relationship between the governance structure and growth of listed companies on the gem. Since the choice of growth indicators will have a very important impact on the empirical study of the relationship between the governance structure and growth of listed companies on the gem, we have analyzed the existing research. A set of growth index system according with the characteristics of gem listed companies in China is constructed, and the index system is evaluated by principal component analysis (PCA). The evaluation results are used to measure the efficiency of corporate governance in the empirical study of the relationship between the governance structure and growth of listed companies on the gem, we mainly from the equity structure, board of directors, The four dimensions of senior management and board of supervisors are studied. In the aspect of ownership structure, there is a negative correlation between the proportion of the first largest shareholder and growth, and a weak negative correlation between the proportion of the first five shareholders and the growth, which reflects the degree of ownership concentration. The proportion of the second to fifth largest shareholders which reflects the degree of equity balance has a weak positive correlation with growth, while the nature of the first largest shareholder and the proportion of state-owned shares have no correlation with growth. In the aspect of board of directors, the quality of board of directors is positively correlated with growth, the proportion of independent directors is negatively correlated with growth, and the proportion of family members is weakly positively correlated with growth. There is no correlation between the size of the board and the relationship between the two positions and growth. In the aspect of senior management, there is a positive correlation between the per capita annual compensation and growth, and a weak positive correlation between executive quality and the proportion of ownership. In the aspect of the board of supervisors, there is a positive correlation between the proportion of external supervisors and the number of meetings of supervisors and the growth, but there is no correlation between the scale of the board of supervisors and the growth. The research results are consistent with the problems of gem listed companies in China. Finally, in view of the problems in the governance of listed companies in gem, this paper puts forward some countermeasures and suggestions to improve the corporate governance structure.
【學(xué)位授予單位】：天津師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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本文編號：2201340