本文選題：公司治理結(jié)構(gòu) + 企業(yè)成長(zhǎng)性　； 參考：《西北農(nóng)林科技大學(xué)》2014年碩士論文

【摘要】：隨著經(jīng)濟(jì)全球化腳步地不斷加快、世界各國(guó)經(jīng)濟(jì)飛速增長(zhǎng),新能源的開發(fā)與利用已經(jīng)成為了全球發(fā)達(dá)國(guó)家重要能源戰(zhàn)略。在我國(guó)新能源產(chǎn)業(yè)迅速發(fā)展的同時(shí),新能源行業(yè)仍然存在產(chǎn)業(yè)投資過(guò)熱、市場(chǎng)不成熟、自主創(chuàng)新能力較弱等問(wèn)題。如何克服發(fā)展過(guò)程中出現(xiàn)的各種問(wèn)題,使新能源產(chǎn)業(yè)可持續(xù)發(fā)展,將是新能源產(chǎn)業(yè)必須面對(duì)的問(wèn)題。眾所周知,良好的公司治理結(jié)構(gòu)是公司持續(xù)健康成長(zhǎng)的基礎(chǔ),為了使公司可持續(xù)發(fā)展,公司治理結(jié)構(gòu)對(duì)成長(zhǎng)性的影響越來(lái)越受到關(guān)注。因此,本文選擇新能源上市公司治理結(jié)構(gòu)與成長(zhǎng)性關(guān)系作為研究課題,對(duì)解決新能源產(chǎn)業(yè)直面的問(wèn)題,增強(qiáng)新能源上市公司成長(zhǎng)性具有重要的現(xiàn)實(shí)意義。 本文以我國(guó)新能源上市公司作為研究對(duì)象,以委托代理理論為理論基礎(chǔ),結(jié)合國(guó)內(nèi)外學(xué)者關(guān)于公司治理結(jié)構(gòu)對(duì)成長(zhǎng)性影響的相關(guān)研究成果,通過(guò)主成分分析構(gòu)建成長(zhǎng)性評(píng)價(jià)指標(biāo)體系,并采用突變級(jí)數(shù)法對(duì)30家新能源上市公司2010-2012年的成長(zhǎng)性狀況進(jìn)行評(píng)價(jià)研究。隨后本文選取股權(quán)結(jié)構(gòu)、董事會(huì)治理和管理層激勵(lì)等三個(gè)維度代表公司治理結(jié)構(gòu)分別展開研究,結(jié)合突變級(jí)數(shù)法計(jì)算的30家新能源上市公司成長(zhǎng)性評(píng)分,以多元線性回歸模型深入研究了我國(guó)新能源上市公司治理結(jié)構(gòu)與公司成長(zhǎng)性之間的關(guān)系。最終通過(guò)理論分析和實(shí)證研究表明,新能源上市公司治理結(jié)構(gòu)對(duì)企業(yè)成長(zhǎng)性產(chǎn)生了重要的影響。 首先,在新能源上市公司成長(zhǎng)性方面,各公司成長(zhǎng)性具有明顯異質(zhì)性,與行業(yè)分類有較大關(guān)聯(lián)；新能源企業(yè)其盈利能力是影響其成長(zhǎng)性的關(guān)鍵性因素,而償債能力、營(yíng)運(yùn)能力、發(fā)展能力排名趨勢(shì)與成長(zhǎng)性總體排名趨勢(shì)關(guān)系相對(duì)較弱；行業(yè)鏈細(xì)分精細(xì)化的企業(yè),成長(zhǎng)性排名較為靠前,而行業(yè)鏈為多元發(fā)展的企業(yè),成長(zhǎng)性排名較后。其次,在股權(quán)結(jié)構(gòu)與成長(zhǎng)性方面,第一大股東持股比例與成長(zhǎng)性呈弱負(fù)相關(guān)關(guān)系；公司股權(quán)制衡度與企業(yè)成長(zhǎng)性呈弱正相關(guān)關(guān)系；國(guó)有股比例、直接控股股東性質(zhì)與企業(yè)成長(zhǎng)性之間顯著不相關(guān)。再次,在董事會(huì)治理與成長(zhǎng)性方面,董事會(huì)規(guī)模、獨(dú)立董事比例與企業(yè)成長(zhǎng)性之間存在較弱的正相關(guān)關(guān)系；董事長(zhǎng)與總經(jīng)理兼任情況、專業(yè)委員會(huì)設(shè)置情況與企業(yè)成長(zhǎng)性沒(méi)有顯著相關(guān)性。最后,在管理層激勵(lì)與成長(zhǎng)性方面,管理層平均年薪對(duì)企業(yè)成長(zhǎng)性存在正相關(guān)關(guān)系；管理層平均持股比例對(duì)公司成長(zhǎng)性有積極的正面影響,但不顯著。 綜上所述,本文通過(guò)對(duì)新能源上市公司治理結(jié)構(gòu)與成長(zhǎng)性之間關(guān)系的研究,彌補(bǔ)了國(guó)內(nèi)外學(xué)者對(duì)于新能源領(lǐng)域相關(guān)研究的不足,豐富和發(fā)展了相關(guān)公司治理理論,完善了我國(guó)新能源上市公司成長(zhǎng)性評(píng)價(jià)體系,為日后提升我國(guó)新能源國(guó)上市公司成長(zhǎng)性提供了現(xiàn)實(shí)指導(dǎo)作用。
[Abstract]:With the accelerated pace of economic globalization and the rapid economic growth of various countries in the world, the development and utilization of new energy has become an important energy strategy in developed countries.With the rapid development of new energy industry in China, the new energy industry still has some problems, such as overheated investment, immature market, weak independent innovation ability and so on.How to overcome the various problems in the process of development and make the sustainable development of new energy industry will be the problem that the new energy industry must face.As we all know, the good corporate governance structure is the foundation of the company's sustained and healthy growth. In order to make the company sustainable development, the influence of the corporate governance structure on the growth is paid more and more attention.Therefore, this paper chooses the relationship between the governance structure and growth of new energy listed companies as the research topic, which has important practical significance to solve the problem of new energy industry facing directly and to enhance the growth of new energy listed companies.Based on the principal-agent theory and the research results of domestic and foreign scholars on the influence of corporate governance structure on growth, this paper takes the listed companies of new energy in China as the research object and the principal-agent theory as the theoretical basis.Through principal component analysis (PCA), the growth evaluation index system is constructed, and the growth status of 30 new energy listed companies from 2010 to 2012 is evaluated and studied by using the catastrophe series method.Then this paper selects three dimensions of ownership structure, board governance and management incentive to study the corporate governance structure, and calculates the growth score of 30 new energy listed companies by using the sudden progression method.The relationship between corporate growth and governance structure of new energy listed companies in China is studied with multiple linear regression model.Finally, through theoretical analysis and empirical research, it is shown that the governance structure of new energy listed companies has an important impact on the growth of enterprises.First of all, in the aspect of the growth of listed companies of new energy, the growth of each company has obvious heterogeneity, which is closely related to the classification of the industry; the profitability of new energy enterprises is the key factor affecting their growth, and the ability to repay debt, the ability to operate,The relationship between the rank trend of development ability and the overall rank trend of growth is relatively weak; the growth rank of the enterprise with fine subdivision of industry chain is higher than that of the industry chain, while the industry chain is the enterprise with multiple development, and the growth rank is lower.Secondly, in the aspect of ownership structure and growth, the proportion of the first largest shareholder has a weak negative correlation with growth; the degree of equity balance is weakly positive correlation with the growth of enterprise; the proportion of state-owned shares.There is no significant correlation between the nature of the direct controlling shareholder and the growth of the enterprise.Thirdly, in the governance and growth of the board of directors, there is a weak positive correlation between the size of the board of directors, the proportion of independent directors and the growth of the enterprise.There is no significant correlation between the setting up of professional committees and the growth of enterprises.Finally, in terms of management motivation and growth, the average annual salary of management has a positive correlation with the growth of the company, while the average proportion of management holding shares has a positive impact on the growth of the company, but it is not significant.To sum up, through the research on the relationship between the governance structure and growth of listed companies of new energy, this paper makes up for the deficiencies of domestic and foreign scholars in the field of new energy, enriches and develops the relevant corporate governance theory.It improves the evaluation system of the growth of new energy listed companies in China, and provides practical guidance for improving the growth of listed companies in new energy countries in the future.
【學(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F271;F426.2

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