公司内部治理和绩效的关系--基于我国创业板上市公司的实证分析-会计学专业论文.docx

II II ABSTRACT GEM has been three years since its launch in 2009. During that time more than three hundred companies successfully landed GEM. It is a landmark for Chinese capital market. It also exposed a lot of problems in the course of three years. But the most critical factors causing these phenomena is the imperfect governance of companies listed on GEM. The paper analyzes the interaction between the GEM internal corporate governance and the company’s performance, and hope to provide some policies to improve the internal corporate governance of the GEM. First, the paper uses standardized research methods to sort out current researches on the subject and try to figure out the relationship between corporate governance and the performance. Second, we selected companies listed on GEM 2011 as study sample. This paper studies mainly three angles from the GEM companys shareholding structure, board of directors and senior management as an entry point, through empirical research: in the shareholding structure, a positive correlation between the stake of the largest shareholder and corporate performance positive correlation between the second to the fifth largest shareholding ratio and corporate performance; Board Characteristics, negative relationship between the proportion of independent directors and corporate performance positive correlation between the size of the board and corporate performance, the Directors long and general manager negative relationship between the individual and company performance; positive correlation between the senior management, the annual salary of senior management and corporate performance, and a positive correlation between the management stake corporate performance relationship. Finally, on the basis the normative analysis and empirical analysis of the problems for the GEM, the paper put forward some corporate governance policy recommendations. KEY WORDS: Growth Emerge Market; Corporate Governance; Return of Equity I I 目录 摘 要 I ABSTRACT