公司治理对公司价值的影响——基于财务困境上市公司股权结构传导效应的研究.doc

公司治理对公司价值的影响 ——基于财务困境上市公司股权结构传导效应的研究 摘 要 随着我国证券市场发展，上市公司在我国国民经济运行中显示了重要地位和作用，大部分上市公司迅速成长，但也有一些公司陷入财务困境。这些公司经营成果的不理想的原因是否受公司治理对于公司的股权结构的安排不合理的影响，使得激励监督等机制无法适当的运行从而影响了公司价值，还是与公司的行业、规模、地区等因素相关。本文以公司股权结构为视角，从理论和实证两方面研究我国财务困境上市公司的公司治理、股权结构与公司价值之间的关系，研究其三者之间是否存在传导关系。 本文第一部分回顾了公司治理与股权结构以及公司价值与股权结构的国内外研究，第二、三部分分别对公司治理、公司价值进行了概述，并介绍了传导效应的研究方法。第四部分运用回归分析法研究公司治理、股权结构和公司价值之间的关系，得出了股权结构作为公司治理对公司价值的中介变量影响公司价值，三者之间存在传导关系的结论。第五部分针对研究的结果提出了相关对策。 关键词：公司治理，股权结构，公司价值，传导效应  CORPORATE GOVERNANCE IMPACT ON CORPORATE VALUE ——BASE ON OWNERSHIP STRUCTURE CONDUCTION EFFECT OF LISTED COMPANIES IN FINANCIAL DISTRESS ABSTRACT With the development of Chinas securities market, listed companies play a more and more important role in Chinas national economy. Most of the listed companies grow rapidly, but there are also some in financial distress. Whether the unsatisfactory operating result comes from irrational ownership structure arranged by corporate governance, or influenced by factors such as industry sector, size and region. With the perspective of the ownership structure, this paper studies the relations of corporate governance, ownership structure and corporate value from both theoretical and empirical ways to find out whether conduction effect existence. In the first part, this paper reviews the studies on the relation of corporate governance, ownership structure and corporate value from both domestic and abroad. In the second and third part, this paper gives an overview on corporate governance and corporate value. And a brief introduction of conduction effect is given. And then study relationship of corporate governance, ownership structure and corporate value, reach the conclusion that ownership structure acted as the intermediate variables between corporate governance and corporate value, conduction effect existences. In the last part, recommendations are given. Key words: corporate governance, ownership structure, corporate value, conduction effects  目 录 1 前言 5 1.1 选题背景 5 1.2 文献回顾 6