【摘要】：隨著世界經(jīng)濟的快速發(fā)展,經(jīng)濟全球化的進程不斷加快,公司治理的研究也日益地深入,作為公司管理的中心人物——高管人員對公司的發(fā)展與命運發(fā)揮著越來越重要的作用。高管變更作為完善公司治理機制的一個重要途徑,已成為股東解決委托代理問題、提高公司治理效率及提升公司價值的重要手段。審計意見作為公司經(jīng)營效率的重要外部治理機制,對維持公司在中小股東心中的聲譽具有重要的影響,它是不是會成為股東變更高管人員的依據(jù)?這是本文擬解決的問題。 本文以2004-2011年間被出具非標準審計意見的A股上市公司和其配對樣本共2110家公司作為研究對象,基于契約理論與委托代理理論、公司治理理論、投資者保護理論和聲譽機制理論對終極控制人、審計意見和高管變更之間的關系進行了分析討論。本文根據(jù)終極控制人的股權性質以及兩權分離度,將樣本進行分組,檢驗不同類型的終極控制人發(fā)生高管變更的可能性是否存在差異,以及終極控制人與審計意見的交叉項與高管變更之間的相關關系。 通過實證分析,本文得出以下三個結論：(1)審計意見與高管變更間存在著顯著的正相關關系,即當企業(yè)被出具非標準審計意見時,發(fā)生高管變更的可能性會加大。(2)終極控制人特征與企業(yè)是否發(fā)生高管變更存在一定的相關關系,終極控制人為政府的企業(yè)及不存在兩權分離的企業(yè)更易發(fā)生高管變更。(3)終極控制人股權性質與審計意見的交互項與高管變更負相關,表明相對于不是政府控制的企業(yè),政府控制的企業(yè)被出具非標審計意見時高管變更的概率更低；終極控制人兩權分離與審計意見的交互項與高管變更相關關系不顯著,表明相對于不存在兩權分離的企業(yè),存在兩權分離的企業(yè)被出具非標審計意見時對高管變更的影響不顯著。最后,依據(jù)經(jīng)研究所得出的結論,本文對完善公司內部治理機制方面提出了相應的建議。 本文的主要貢獻在于：(1)本文的選題具有一定的新穎性,以往有關高管變更的影響因素的研究主要集中在公司治理和經(jīng)營績效兩個方面,審計意見作為有效的外部監(jiān)督機制一直沒有受到應有的關注,本文從審計意見這一視角出發(fā),分析審計意見對高管變更的作用機制,豐富了關于公司治理的研究。(2)從終極控制人角度出發(fā),分析其對高管變更的影響作用。以往有關高管變更的股權性質這一影響因素的研究主要是從企業(yè)的第一大股東股權性質進行研究的,而并未追溯到企業(yè)的終極控制人,但隨著企業(yè)內部資本市場的構建,集團內金字塔層級數(shù)的不斷增加,將終極控制人引入到公司治理的研究中來顯得尤為必要,本文從終極控制人的性質出發(fā),研究其對審計意見與高管變更間關系的影響作用,豐富了終極控制人方面的研究。
[Abstract]:With the rapid development of the world economy, the process of economic globalization is accelerating, and the research on corporate governance is becoming more and more in-depth. As the central figure of the company management, executives play a more and more important role in the development and fate of the company. As an important way to improve the corporate governance mechanism, the executive change has become a stock. It is an important means to solve the problem of principal and agent in the East, to improve the efficiency of corporate governance and to improve the value of the company. As an important external governance mechanism of the efficiency of the company, the audit opinion has an important influence on maintaining the company's reputation in the hearts of small and medium shareholders. Is it a basis for the shareholders to change the executives? This is to be solved in this paper. Problem.
In this paper, 2004-2011 A shares listed companies and 2110 pairs of paired samples issued by non standard audit opinions are taken as the research object. Based on the contract theory and principal-agent theory, corporate governance theory, investor protection theory and reputation mechanism theory, the relationship between the ultimate controller, audit opinion and executive change is carried out. Based on the ownership nature of the ultimate controller and the separation of the two rights, this paper divides the samples into groups to test the difference in the possibility of different types of ultimate controllers, as well as the relationship between the cross term of the ultimate controller and the audit opinion and the change of senior executives.
Through the empirical analysis, this paper draws the following three conclusions: (1) there is a significant positive correlation between the audit opinion and the executive change, that is, when the enterprise is issued with non standard audit opinion, the possibility of senior executive change will increase. (2) the ultimate controller is related to whether the enterprise is a executive change or not, and the ultimate control is controlled. (3) the interaction between the ownership nature of the ultimate controller and the audit opinion is negatively related to the executive change, indicating that the probability of the executive change is lower than the government controlled enterprise which is not the government controlled enterprise, and the ultimate control is controlled. The relationship between the interaction of two rights separation and audit opinion is not significant with the change of senior executives. It shows that there is no significant influence on the executive change when there is no two right separation in the enterprises which have no two rights separation. Finally, according to the conclusions obtained from the study, this paper will improve the internal governance mechanism of the company. The relevant suggestions were put forward.
The main contributions of this article are as follows: (1) the topic of this article has a certain novelty. The previous research on the influencing factors of executive change mainly focuses on the two aspects of corporate governance and management performance, and the audit opinion as an effective external supervision mechanism has not received due attention. An analysis of the mechanism of audit opinion on executive change has enriched the research on corporate governance. (2) from the point of view of the ultimate controller, the impact of its influence on executive change is analyzed. It goes back to the ultimate controller of the enterprise, but with the construction of the internal capital market and the increasing series of the Pyramid layer in the group, it is particularly necessary to introduce the ultimate controller into the research of corporate governance. A study of the ultimate controller.
【學位授予單位】：浙江工商大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F272.91;F239.4;F275

【相似文獻】

相關碩士學位論文 前2條

1 孫偉偉;終極控制人特征、審計意見與高管變更[D];浙江工商大學;2014年

2 龔雅潔;公司治理對審計意見影響的實證研究[D];石家莊經(jīng)濟學院;2014年

，

本文編號：2171642