我國上市公司董事會治理與企業(yè)風險承擔
本文選題:董事會治理 + 企業(yè)風險承擔。 參考:《暨南大學》2012年碩士論文
【摘要】:董事會是企業(yè)最重要的決策機構(gòu)和管理機構(gòu),是公司內(nèi)部治理結(jié)構(gòu)的核心。提高董事會治理水平有助于增強企業(yè)的風險承擔能力,實現(xiàn)企業(yè)價值最大化。本文以1998-2009年在我國滬深兩市上市的企業(yè)為研究對象,,運用OLS回歸模型和固定效應(yīng)平行面板數(shù)據(jù)模型,對企業(yè)董事會特征與風險承擔行為之間的關(guān)系進行了研究并發(fā)現(xiàn): (1)企業(yè)董事會規(guī)模與企業(yè)風險承擔呈顯著的負相關(guān)關(guān)系,獨立董事比例和董事會持股比例與企業(yè)風險承擔呈顯著的正相關(guān)關(guān)系,而董事會的領(lǐng)導結(jié)構(gòu)與企業(yè)風險承擔關(guān)系不顯著。 (2)本文充分考慮到我國轉(zhuǎn)軌經(jīng)濟時期特殊制度背景下的股權(quán)約束特征對以上結(jié)論的影響,通過對企業(yè)終極控制權(quán)性質(zhì)進行控制、以及對股權(quán)分置改革這一事件進行研究,得出了一系列新的發(fā)現(xiàn)。通過對企業(yè)終極控制權(quán)性質(zhì)進行控制,發(fā)現(xiàn)國有控股企業(yè)的董事會規(guī)模與企業(yè)風險承擔的負相關(guān)關(guān)系要明顯顯著于民營控股企業(yè),而民營控股企業(yè)獨立董事比例和董事會持股比例與企業(yè)風險承擔的正相關(guān)關(guān)系要比國有控股企業(yè)顯著。 本文的研究是對國內(nèi)現(xiàn)有文獻體系的有益補充,對于我國上市企業(yè)的董事會治理、企業(yè)風險控制以及股權(quán)結(jié)構(gòu)調(diào)整等均具有一定的政策導向性作用,為其他針對發(fā)展中國家的研究提供了重要的比較和借鑒依據(jù)。
[Abstract]:The board of directors is the most important decision-making and management organization, and the core of the internal corporate governance structure. Improving the governance level of the board of directors is helpful to enhance the risk bearing ability of the enterprise and to maximize the value of the enterprise. In this paper, OLS regression model and fixed effect parallel panel data model are used to study the enterprises listed in Shanghai and Shenzhen stock markets in China from 1998 to 2009. The relationship between the characteristics of the corporate board of directors and risk-bearing behavior is studied and found: (1) there is a significant negative correlation between the size of the board of directors and the risk bearing of the enterprise. There is a significant positive correlation between the proportion of independent directors and the proportion of holding shares of the board of directors and the risk-taking of enterprises. However, the relationship between the leadership structure of the board of directors and the risk bearing of the enterprise is not significant. (2) this paper fully takes into account the influence of the characteristics of equity restraint on the above conclusions under the background of the special system in the transitional economic period of our country. By controlling the nature of the ultimate control of the enterprise and studying the reform of the split share structure, a series of new discoveries are made. By controlling the nature of the ultimate control of the enterprise, it is found that the negative correlation between the size of the board of directors of the state-owned holding enterprise and the risk assumption of the enterprise is significantly higher than that of the private holding enterprise. The proportion of independent directors and the proportion of board of directors holding shares in private holding enterprises have significant positive correlation with the risk assumption of enterprises compared with state-owned holding enterprises. The research in this paper is a useful supplement to the existing literature system in China, and has a certain policy-oriented effect on the governance of the board of directors, the risk control of enterprises and the adjustment of equity structure of listed enterprises in China. It provides an important basis for comparison and reference for other research on developing countries.
【學位授予單位】:暨南大學
【學位級別】:碩士
【學位授予年份】:2012
【分類號】:F224;F832.51;F276.6
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