我国上市公司治理结构和激励约束机制的研究

【作者】 刘明桂；

【导师】 李松龄；

【作者基本信息】 湖南大学 ， 政治经济学， 2002， 硕士

【摘要】 国企改革因其重要性和复杂性一直居于我国改革的中心地位。目前，国企改革已进入了制度创新的关键时期和攻坚阶段，而如何完善我国上市公司的治理结构则是重中之重。本文运用公司治理的相关理论论述了影响我国公司治理的主要因素，并针对我国上市公司治理结构和激励约束机制方面存在的主要问题，提出相应的对策。从文章结构看，论文共分为五个部分。第一章是本文的绪论部分，第二至四章是论文的主体部分，第五章是结论部分。 第一章，绪论。这部分交待了本文的研究背景和公司治理的相关概念，为文章以后部分的论述作铺垫。 第二章，公司治理的分析工具：委托——代理理论。通过对委托——代理理论的古典分析和对策模型分析，得出我国公司治理应注意的几个问题。 第三章，我国上市公司治理结构的现状分析。本章运用第二章中委托代理理论的分析结论，论述了我国上市公司治理结构存在的主要问题，指出我国国有资产委托代理关系的缺陷、股权结构不合理、内部人控制严重和激励约束机制的不健全是影响我国上市公司治理结构完善的主要因素。 第四章，我国上市公司治理结构的对策分析。在这一部分，笔者针对第三章中的我国上市公司治理结构存在的问题提出相应的对策，主要包括：实现产权主体多元化，完善股权结构；控制内部人控制；通过实行延迟或有性报酬完善激励机制；引入独立董事制度、加强董事会和监事会的监控功能、建立竞争性的经理人才市场、规范证券市场等，完善约束机制。 第五章，结论。本部分总结了影响我国上市公司治理结构的主要因素及采用的相应对策。更多还原

【Abstract】 Reform of State-owned Enterprises, because of its importance and complexity, has been the central problem of Reform and Open in China, and , at present, it has been forwarded into a key period of institutional innovation and cracking stage, and further how to improve the corporate governance is of the most importance. In this paper, relevant theories of corporate governance are used to present main factors influencing corporate governance in China and to give correspondent solution to main problems in it and incentive-constraint mechanism of listed companies. According to the structure of this paper, there are five chapters: Chapter 1 is the preface; the main body is consisted of chapter 2, 3 and 4; Chapter 5 is the conclusion of this paper.Chapter 1.Preface. In this part the context of the paper and relevant concepts of corporate governance are stated, and the base for the following analyses is provided.Chapter 2. Analytical Means of Corporate Governance: Principal-agent Theory. Some problems in corporate governance in China, to which considerable attention should be paid, are induced by classical analysis and model analysis of principal-agent theory.Chapter 3. Present-state Analysis of corporate governance in Listed Companies in China. The author uses results of analyses in chapter 2 to point out main factors influencing corporate governance in listed Companies in China: shortcomings in principal-agent relationship of state-owned capital, irrationality in share structure, seriousness of insider’s control and unsoundness of incentive-constraint mechanism.Chapter 4. Analysis of Solution to Corporate Governance in Listed Companies in China. In this Chapter, the author presents solutions to the directorate problems put in Chapter 3. mainly including: to multiply property-agents, to improve the share structure, to put insiders’ control in control, to improve incentive-constraint mechanism by postponing contingent payment, to introduce the mechanism of outside supervisor, to enforce supervision of directorate board and control of supervision board, to establish manager market, to normalize security market, etc.nChapter 5. Conclusion. Main factors influencing corporate governance in listed companies in China and solutions to them are concluded in this chapter.更多还原