中小板上市公司治理结构与财务绩效的关系研究

^论文编号:CW216  ^论文字数:13980,页数:23

 摘  要：完善的公司治理结构作为现代企业制度的核心，不仅是现代企业制度的重要框架，而且是企业增强竞争力和提高经营绩效的必要条件。作为转轨经济中的最大的发展中国家，我国经济的活力和明天主要看中小企业的发展。因此，创业板和中小板企业成为人们关注的重点。人们不禁要问，现在的中小企业的治理结构如何，目前的治理结构是否促进了其业绩表现，其治理结构应该如何改善。
 考虑到我国创业板成立才一年多时间，本文以中小板企业作为研究对象。通过选取深圳中小板60家上市公司，用股权结构、董事会、管理层、高管的约束机制以及其他相关利益者等作为公司治理结构代理指标，用经济增加值作为公司财务绩效指标，实证分析中小板上市公司治理结构与财务绩效的关系，研究发现，中小企业板上市公司治理结构与公司财务绩效之间存在着显著的相关关系，股权结构、董事会、管理层、高管的约束机制以及其他相关利益者等对公司财务绩效都有显著影响。这对完善我国中小企业板上市公司治理结构，提高公司绩效有一定的参考意义。
 关键词：中小板；公司治理结构；财务绩效；回归分析
 
 Abstract： Improved corporate governance structure as the core of the modern enterprise system is not only an important framework for the modern enterprise system, but also to enhance competitiveness and improve business performance of the necessary conditions. As the largest economy in transition countries, Chinese economy mainly depends on the vitality and future development of small and medium enterprises. Therefore, the Growth Enterprise Market and the small and medium enterprises board to become the focus of attention. People will ask, how the corporate governance structure of small and medium enterprises board is. The current corporate governance structure is to promote its performance or not, and how to improve its corporate governance structure.
 Taking into account the establishment of GEM was more than a year, the paper small and medium enterprise board for the study. Choosing 60 companies from Shenzhen small and medium enterprises board, with ownership structure, board of directors, management, executive constraint mechanism and other stakeholders such as the proxy for corporate governance structure, then with the Economic Value Added as the company's financial performance indicators, empirical analysis between small and medium enterprises board and the financial performance. We found that small business board governance structure of listed companies and financial performance certain correlation exists between the relationship between ownership structure, board of directors, management, executives of the restraint mechanism and other relevant stakeholders such as the company has a significant effect on performances. This will improve our governance structure of listed companies in the small and medium enterprises board, to improve financial performance has some reference value.
 Key Words：small and medium enterprises board；corporate governance structure；corporate performance；regression analysis

目  录
一、中小板上市公司治理结构与财务绩效的关系研究问题的提出 1
（一）中小板上市公司治理结构与财务绩效的关系研究背景 1
（二）中小板上市公司治理结构与财务绩效的关系研究意义 2
二、公司治理结构与财务绩效的关系的相关文献回顾 2
（一）公司治理结构与财务绩效的概念 2
（二）国外对于公司治理结构和财务绩效的关系的研究成果 3
（三）国内对于公司治理结构与财务绩效的关系的研究成果 6
三、中小板上市公司治理结构与财务绩效的关系研究设计 7
四、中小板上市公司治理结构与财务绩效的关系实证研究过程 8
（一）样本选择与数据来源 8
（二）研究变量的设定 9
（三）中小板上市公司与财务绩效的回归分析 10
五、实证研究结果分析 11
（一）研究结果分析 11
（二）对策建议 13
六、结论 13
参考文献 15
致 谢 17
附录 18

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