【作者】 朱勇；

【导师】 张宗益；

【作者基本信息】 重庆大学 ， 技术经济及管理， 2007， 博士

【摘要】 所有权与绩效关系的研究一直是公司治理理论的核心内容。从本质看,公司治理实际上是关于所有权分配的合约,其核心问题是通过选择恰当的契约安排来实现剩余索取权和控制权的对应,以确保企业的决策效率。我国以建立现代企业制度、现代产权制度为目标的企业所有制改革促进了国民经济的巨大发展,但企业所有权结构调整所带来的成效在各地的表现也不尽相同:东部地区在削减国有企业的同时得到了其它非公有制经济成分的有效补充,保持了经济发展的良好势头,而中、西部地区虽然对国有企业进行了改制调整,但由于区域发展环境影响,非公有制经济成分发展远不如东部地区,从而使地区间发展呈现明显的差距。正是这种我国特有的渐进式经济转型方式及其所形成的区域性差异使我们不得不考虑在此条件下企业所有权结构安排对绩效影响可能存在的新特点,即中国自经济转型以来所形成的地区经济、社会、创新环境的差异可能会使这一问题在我国的研究得出不同于以往研究的新结论。因此,本论文以我国经济转型宏观背景为研究前提,在分析产权理论、转型经济学以及公司治理等相关理论的基础上,探讨了产权理论与公司治理理论的适用性条件,研究了转型经济环境对企业所有权结构调整的影响,结合对我国经济转型特征及区域性差异产生原因的分析,初步建立了区域发展环境影响企业治理结构及企业绩效水平的理论分析框架,明确提出了我国企业所有权结构安排对绩效影响存在区域性差异的理论假说,并以我国910家上市公司为研究样本,运用微观计量经济学面板数据方法对存在区域性经济、社会及创新环境差异条件下所有权结构对绩效影响所呈现的地区差异进行了实证研究,取得了以下创新性成果:①论文构建了区域环境发展指数,建立了新的计量经济模型。在分析可能影响公司治理绩效水平的地区相关指标基础上,考虑了经济、社会、创新等区域指标构建了区域环境发展指数,将其作为环境变量,建立了新的分析区域环境影响公司股权结构与绩效的随机效应计量模型。②建立了2000年至2004年910家公司的区域环境、股权结构与绩效指标等诸多变量的大样本面板数据(Panel Data),采用可行广义最小二乘法(FGLS)进行估计。而目前对所有权结构与绩效关系的研究通常使用截面数据(Cross-Sectional Data),采用普通最小二乘法(OLS)进行估计。由于截面数据偏于关注截面单位在给定时点的观测值,缺乏对截面单位进行特定时段的跟踪观测,因而会遗漏截面单位在时间维度上可能包含的重要信息。面板数据则可以通过设定适当的模型来捕捉微观个体可能出现在截距或斜率之中的异质性,从而增强对系数异质的正确约束并有助于提高估计效率。与普通最小二乘法(OLS)相比,可行广义最小二乘法(FGLS)对随机效应模型的估计更为有效。③实证结果表明上市公司综合绩效水平不仅与其股权结构有关,而且与其所处区域经济、社会及创新发展环境显著相关,地区环境差异是公司股权结构对绩效影响呈现地区性差异的重要原因。与现有对国有股普遍持否定态度的研究结论不同,本文通过实证分析发现,东、中部地区上市公司国有股比重越高对综合绩效的负面影响越大,但在西部地区国有股比例越高则对综合绩效的正面影响越大,国有股在西部地区经济中发挥着重要的作用。论文认为对上市公司国有股的作用应该根据地区发展环境不同而进行区别对待,不能一概而论。由于地区发展差距的存在,我国应从区域发展角度对国有股作用进行新的审视,充分发挥国有股在西部经济发展中所存在的正面影响,并在此基础上建立和完善相应的公司治理结构。最后,论文在总结上述创新成果的基础上,就该课题的未来研究进行了展望,并对如何完善与我国区域经济、社会发展水平相适应的公司治理结构提出了积极的政策建议。更多还原

【Abstract】 The research of ownership and performance relation has been the key content of the company governance theory all the time. By the look of essence, it is the contract assigning about ownership that the company has managed in fact, correspondence of asking for right and control power of surplus that its key question is to realize through choosing to arrange in appropriate agreement, so as to ensure the decision efficiency of enterprises. Enterprise’s ownership reform taking from setting up modern enterprise system, modern property relations as goal of our country has promoted the enormous development of national economy, but the effect brought of structural adjustment of enterprise’s ownership is not the same in all parts: The eastern area has got the valid supplement of other non-public economic sectors while cutting down the state-owned enterprise, therefore has kept the good momentum of economic development, but the reform of the state-owned enterprise in middle and western areas, because the area develops environmental impact, non-public economic sector development is not as good as the eastern area, thus make the development among the areas present obvious disparity. It is this kind of peculiar progressive economic transition way in China and regional differences formed that make us have to consider that enterprise’s ownership structure is fitted under this condition arrange the new characteristic that may exist that the performance is influenced correctly, namely the regional economy which China has formed since economic transition, society, may make question this in to work out the new conclusion that study different from the past.This thesis regards background of economic transition of our country as the prerequisite of studying, in economics of analyzing the property right theory , making the transition and on the foundation of the relevant theory that the company manage, etc., the suitability condition of probing into property right theory and company and managing the theory, has studied the environmental impact on enterprise’s ownership structural adjustment of economy of making the transition, combine it to the economic transition characteristic of our country and regional analysis of producing the reason of difference, have set up the regional enterprise’s administration structure of environmental impact of development and theory of enterprise’s performance level and analyzed the frame tentatively, have put forward enterprise’s ownership structure of our country and arranged to influence the theory hypothesis with regional difference to the performance clearly, and regard 910 listed companies in our country as the sample of studying, use the panel data method of micro econometrics to having regional economy, the ownership structure influences the regional disparity appeared to carry on the positive research to the performance under the society and innovation environmental difference condition, have made the following innovative achievement:①This thesis establishes the index of regional environment, has set up the new economic model of measurement. In analyzing the regional relevant index foundation that may influence the company performance level, have considered that regional index, such as economy, society, innovation, etc. structure the regional environment and develop the index, regard it as the environmental variable, has set up the new regional environmental impact company’s stock right structure of analysis and random effect of the performance and measured models.②Have set up the big sample panel data set in a great deal of variables, such as regional environment, stock right structure and performance index of 910 companies, etc. from 2000 to 2004, adopt the feasible generalized least squares method (FGLS) to estimate. And the study on ownership structure and performance relation usually uses the sectional data (Cross-Sectional Data) at present, adopt the ordinary least square method (OLS) to estimate. Because the observed value which the sectional unit clicks while giving definitely that the sectional data are partial to paying close attention to the thing, lack and carry on the following and observing of specific period to the sectional unit, therefore will omit the sectional unit and link the important information that may include on degree in time. Can catch the heterogeneity that the micro individual may appear in the intercept or the slope through establishing the proper model in panel data, thus strengthen the correct restraint heterogeneous to coefficient and contribute to improving the efficiency of estimating. Compared with ordinary least square method (OLS), the estimation of the random effect model of the feasible generalized least squares method (FGLS) is more effective.③The Empirical analysis indicates that the comprehensive performance level of listed company not merely relates to stock right structure, and it is remarkable and relevant to live in the regional economy, social and innovative development environment with it, the regional environmental difference is that company’s stock right structure influences the important reason which presents the regional difference to the performance. Different with the existing research conclusions that generally hold a negating attitude to state-owned stocks, this text analyses through the real example that finds, the greater the east, negative effect on the comprehensive performance the higher in specific gravity of state-owned stock of listed company of middle part are, but influence the more greatly to the front of the comprehensive performance high in the proportion of the state-owned stock of western region, the state-owned stock is playing an important role in the western regional economy. The thesis thinks that should be with treat with certain discrimination according to the regional development environment to the function of state-owned stock of listed company, can’t treat as the same. Because regional gap of development is stored in, our country should develop the angle to carry on new close examination to the function of the state-owned stock from the area, give full play to state-owned stock front stored in influence in western economic development, and set up and perfect the corresponding company administration structure on this basis.Finally, the thesis has been studied and looked forward to on the future of this subject on the basis of summarizing above-mentioned innovative achievements, and has put forward the positive policy recommendations to the thing that how to perfect the company administration structure in conformity with the regional economy of our country, society’s development level.更多还原