董事会独立性与现金持有边际价值的实证研究金融学专业论文.docxVIP

硕士学位论文摘要 硕士学位论文 摘要 作为治理机制核心之一的董事会治理制度建设以及企业现金持有边际价值 创造问题成为近年来公司治理的研究重点。随着欧美国家的一系列公司治理丑闻 曝光，董事会在公司治理中“不作为”及“花瓶董事的现象层出不穷，其在防 止股东损失中的拙劣甚至愚蠢表现使得人们引发对董事会制度越来越深的质疑 与忧虑。理论上，董事会独立性能影响公司治理效率，而公司治理效率对于现金 持有边际价值具有决定性作用，因此董事会独立性对现金持有边际价值应该有一 定的影响。 本文选取2008-2014年我国A股1496家上市公司作为研究样本，探究我国 董事会独立性与现金持有边际价值间的关系。研究发现： (1)上市公司董事会 独立性与现金持有边际价值呈正相关关系，董事会独立性指数越高，则现金持有 边际价值越大；而且这种正向影响是通过提升上市公司治理效率而产生的。(2) 进一步将样本划分成融资约束组和非融资约束组对比研究发现，融资约束影响上 市公司现金持有边际价值，融资约束组的董事会独立性对现金持有边际价值有显 著正向影响，而非融资约束组两者之间并无显著影响； (3)不同公司治理效率 影响上市公司现金持有边际价值，治理效率高的上市公司董事会独立性与现金持 有边际价值正向相关，治理效率低的公司董事会独立性对现金持有边际价值无显 著影响。 关键词：董事会独立性；公司治理；融资约束；现金持有边际价值 II 万方数据 董事会独立性与现金持有边际价值的实证研究Abstract 董事会独立性与现金持有边际价值的实证研究 Abstract As the core of governance mechanism，construction of board governance and the marginal value of cash holdings(MVCH)has become the research emphasis in recent years．As a series of corporate governance scandals occurs in the European and American countries，the board of directors in corporate governance usually act as ‘iinaction’and‘‘vase director’．the Poor even bad stupid performance of preventing the loss of its shareholders made．people cause more and more deep questions and concems to the board of directors system．In theory，the independence of board of directors influence the efficiency of corporate govemance，and corporate govemance efficiency has a decisive role on MVCH，SO the board independence should have a certain influence on MVCH． Taking the date of 1 496 A—share listed companies during the period 2008—20 1 4， this paper attempts to explore the effects of independence of board on MVCH．The empirical results show that there is significant positive correlation between them． there is higher MVCH with higher independence index of board；And in the process of independence of board affecting MVCH，corporate governance efficiency plays all intermediary role．Further divide the sample into the financing constraint and the non．financing constraint groups to study the board independence and MVCH，in the financing constra