上市公司治理结构对绩效影响的实证分析.docVIP

摘要 股权分置改革以来，我国上市公司治理能力成为关注的重点。随着我国资本市场开发程度日益加大，面临的外部竞争正在加剧，如何在激烈的市场竞争格局中保企业的可持续发展关乎我国企业的生存、市场经济格局的确立和自身竞争力的培养。当前，我国上市公司突出的治理问题表现在内部管理效率低下、职责履行不到位、约束激励机制不完善。 本文通过实证研究，结合定量和定性分析，借鉴国内外学术界研究相关问题的经验，得出董事会规模、股权集中度、对高管的激励机制、次级委员会和高管兼职对上市公司绩效有显著的影响。其中，董事会规模和股权集中度呈现强烈的非线性相关性，高管兼职为较弱的正相关，次级委员会和高管激励则与绩效有负相关的关系。某些与理论相反的反向关系反映了我国上市公司治理不足。本文最后对上市公司和我国监管部门提出相关政策建议。 本文创新之处在于：1）同时考虑了董事会规模、股权集中度以及高管持股和薪酬与上市公司绩效的非线性相关关系，将高管薪酬和高管持股比率一同列为考察对象，以考察激励约束机制是否有效；2）将数据定为股改后的2007年至2012年，可以考察股改后上市公司在治理能力上的不足之处，并分析原因。 关键词：治理结构；绩效；董事会结构；股权结构；激励机制 Abstract The Reform of Non-tradable Shares has made corporate governance the focus of attention in the market. China is now enlarging its degree of openness to the world market, how listed corporates keep sustainable developement in the fierce compitition is related with the survival of the nations companies, the constructing of market economy and the building of the competence. At present, Chinas corporations flaws are the inefficiency in management, incompetent for the job and the immaturity of the incentive mechanism. The dissertation focus on empirical analysis both qualitatively and quantitatively. By studying papers from across the world, the dissertation concluded that the magnitude of board, the ownership concerntration, the incentive mechanism, the number of sub-committee and the part-time job of senior executives have obvious relation with the performance of the corporation. The magnitude of board and the ownership concerntration have an non-linear relationship with the performance. the part-time job of senior executives is comparably positively related with the performance, while the number of sub-sommitte and incentive mechanism negetively. The phenomenon of some disobedience with the mainstream theories shows the weakness of the governance of Chinas corporation. Finally the dissertation puts forward some policy recommendations to both listed corporation and the regulatory authorities. There are two innovations in the dissertation. Firstl