本文選題：財務治理效率 + 評價�。� 參考：《東華大學》2014年碩士論文

【摘要】：財務治理是公司治理的核心和靈魂,越來越多的學者意識到財務治理對公司的運營和績效起著重要的作用,公司財務治理水平的高低也是公司競爭力的重要決定因素。目前對于財務治理的研究少之又少,僅有的研究也大多局限于財務治理結(jié)構上,對于諸如財務治理效率的高低衡量等研究十分匾乏。然而,效率是經(jīng)濟學和管理學研究的核心與主線,財務治理效率是財務治理的根本目標,因此,若要深化公司財務治理問題的研究,效率問題就是繞不過的坎。 評價效率的方法有多種,數(shù)據(jù)包絡分析法相對于其他方法而言,具有避免人為確定指標權重的主觀性、不受計量單位影響等優(yōu)勢。本文通過對回歸分析法、平衡計分卡、主成份分析等主要效率評價方法的研究,分析了這些方法在財務治理效率評價中的缺陷。通過分析DEA方法的特點與優(yōu)勢,闡述了將數(shù)據(jù)包絡分析法運用于上市公司財務治理效率衡量的可行性。最終遴選出最適合評價上市公司財務治理效率的方法—DEA。 本文在對現(xiàn)有財務治理相關理論進行分析總結(jié)的基礎上,借鑒了國內(nèi)外以往關于財務治理效率評價的指標體系,從財務治理結(jié)構和財務治理機制兩個方面選取了輸入輸出指標,以紡織業(yè)為代表,分析了紡織行業(yè)35家符合要求的上市公司相對財務治理效率的高低。本文的分析分為橫向分析和縱向分析。通過多2008年-2012年連續(xù)5年的平均數(shù)據(jù)的分析,得出了紡織業(yè)中財務治理效率相對較好的17家公司,對于非相對有效的其他上市公司則根據(jù)改進目標值分析,總結(jié)出了其輸入輸出的改進要求。通過冗余分析以及縱向分析中的有效前沿面分析,得出了影響紡織業(yè)財務治理效率的輸入指標,如資產(chǎn)負債率、流通股比例、獨立董事人數(shù)以及年度監(jiān)事會會議召開次數(shù)等指標。通過以上分析可以對于紡織業(yè)整體的財務治理效率有一個大致的了解,得出影響效率的因素,給處于非有效前沿面的企業(yè)提出了改進的方向。 本文采用DEA方法來衡量上市公司的財務治理效率是一種創(chuàng)新,使得財務治理效率的相關研究文獻更加客觀全面,為我國各行業(yè)財務治理效率的衡量研究提供了參考依據(jù)。
[Abstract]:Financial governance is the core and soul of corporate governance. More and more scholars realize that financial governance plays an important role in the operation and performance of the company. The level of corporate financial governance is also an important determinant of corporate competitiveness. At present, there are few researches on financial governance, most of which are limited to the structure of financial governance, such as the measurement of the efficiency of financial governance. However, efficiency is the core and main line of the study of economics and management, and the efficiency of financial governance is the fundamental goal of financial governance. There are many methods for evaluating efficiency. Compared with other methods, data envelopment analysis has the advantages of avoiding subjectivity of artificially determining index weights and not being influenced by units of measurement. Based on the study of the main efficiency evaluation methods such as regression analysis, balanced scorecard and principal component analysis, this paper analyzes the defects of these methods in the evaluation of financial governance efficiency. By analyzing the characteristics and advantages of DEA method, this paper expounds the feasibility of applying data envelopment analysis to measure the efficiency of financial governance of listed companies. Finally select the most suitable method to evaluate the efficiency of financial governance of listed companies-DEA. On the basis of analyzing and summarizing the existing theories of financial governance, this paper draws lessons from the previous evaluation index system of financial governance efficiency at home and abroad, and selects the input and output indicators from two aspects: financial governance structure and financial governance mechanism. Taking textile industry as a representative, the paper analyzes the relative financial governance efficiency of 35 listed companies in textile industry. The analysis of this paper is divided into horizontal analysis and longitudinal analysis. Through the analysis of the average data of five consecutive years from 2008 to 2012, it is concluded that 17 companies with relatively good financial governance efficiency in the textile industry, and other listed companies that are not relatively effective, are analyzed according to the improved target value. The improvement requirements of its input and output are summarized. Through redundancy analysis and effective frontier analysis in longitudinal analysis, the input indexes affecting the efficiency of financial governance of textile industry, such as the ratio of assets and liabilities, the proportion of circulating shares, are obtained. The number of independent directors and the number of meetings of the annual board of supervisors and other indicators. Through the above analysis, we can have a general understanding of the overall financial governance efficiency of the textile industry, draw the factors affecting the efficiency, and put forward the direction of improvement for the enterprises in the non-effective frontier. This paper uses DEA method to measure the financial governance efficiency of listed companies is an innovation, making the relevant research literature of financial governance efficiency more objective and comprehensive, which provides a reference for the study of the financial governance efficiency of various industries in China.
【學位授予單位】：東華大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F426.81

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