节点文献
中国上市公司内部治理结构、股权结构与财务困境研究
Internal Corporate Governance Structure, Ownership Structure and Financial Distress of Chinese Listed Companies
【作者】 张健;
【导师】 王克敏;
【作者基本信息】 吉林大学 , 数量经济学, 2004, 硕士
【摘要】 财务困境研究是经济领域一个重要的研究课题。在财务困境研究的初期,学术界仅关注于财务指标对财务困境的预测作用。随着研究的不断深入,人们开始挖掘引发财务困境更深层次的原因,并引入其它变量进行分析。公司治理与财务困境的关系成为了普遍关注的焦点。本文的研究目的是在了解我国上市公司现实情况的基础上,探讨其内部治理结构和股权结构对财务困境的影响,寻找改善上市公司内部治理结构和股权结构的方法,从而抑制和改善发财务困境状况。研究我国上市公司内部治理结构和股权结构对财务困境的影响,无论对监管部门还是对投资者,或者是对上市公司本身,都有着重要的意义。首先,财务困境状况促使监管部门审查上市公司的内部治理结构和股权结构方面的问题;另一方面,监管部门将发现的上市公司治理问题作为一种可能引发财务困境的信号向社会公布,从而强化市场声誉对企业的约束力度。其次,对于投资者而言,可以深刻地理解公司的基本运作架构和可能面临的治理和管理方面的风险,有助于保护其自身利益。再次,上市公司完善其内部治理结构和股权结构对于改变财务困境状况、拓展主营业务以及提升企业价值都会产生重要的影响,形成良性循环。此外,这一研究有助于政策制定部门完善相关的法律法规。本文基于以往的研究成果,结合中国上市公司的现实状况,从由股东大会、董事会、监事会和经理层及其相互关系组成的公司内部治理结构方面和股权结构安排的角度入手,研究它们是否是导致公司陷入财务困境的重要因素。首先从公司内部治理结构的内涵出发,综合考察上市公司股东大会、董事会、监事会和经理层及其相互关系,并在对委托代理理论和财务困境理论的演进过程进行系统回顾与述评的基础上,剖析我国上市公司内部治理结构失效的特征及其原因以及股权结构安排上的局限性,并阐述<WP=39>它们和财务困境的关系,强调无效的公司内部治理结构和不利于保护投资者的股权结构是导致财务困境的主要原因之一。其次,从实证角度对我国上市公司内部治理结构和股权结构与财务困境的关系进行了深入的研究。以大量的实证结果反映了我国上市公司内部治理结构和股权结构的现状与存在的问题,验证了公司内部治理结构失效是导致公司陷入财务困境的主要原因之一的假说。最后,从完善公司内部治理结构和股权结构的角度,给出了相应的政策建议。本文的主要采用理论分析与实证检验相结合的研究方法,在剖析以往关于公司治理与财务困境研究成果的基础上,以我国1998—2003年间因财务异常原因而被实施特别处理的149家上市公司和按照“行业相同,资产规模相近”的原则选择的149家匹配公司为研究样本,收集这些公司在内部治理结构和股权结构方面的数据资料,选取董事会规模、董事长和总经理的二位一体性、内部董事比例、高管人员持股比例、总经理持股比例、董事长持股比例、监事会规模、股权集中度和第一大股东持股比例等典型变量,在进行均值和中位数差异比较及多重共线性的检验后,选用对财务困境误判率较低的logistic回归模型(吴世农和卢贤义(2001))进行分析,有步骤地考察这些变量与财务困境的相关关系。通过理论分析和实证检验,本文得到了公司内部治理结构和股权结构与公司陷入财务困境显著相关的结论。无效的公司内部治理结构和不利于保护投资者的股权结构将使公司陷入财务困境的尴尬境地。其中,董事长和总经理的二位一体性以及内部董事占董事会成员比例与财务困境正相关,高管人员持股比例、股权集中度和第一大股东持股比例与财务困境负相关。最后,根据理论分析和实证分析的结果,结合我国上市公司的现实情况,给出了优化内部公司治理结构,构建有利于保护投资者的股权结构的政策建议,并进一步指出我国上市公司的董事长和总经理两职应该分离,应该控制内部董事人数,发挥独立董事制度的作用,协调其与监事会间的<WP=40>关系,同时增加公司高管人员持股,促进激励机制多元化以及在当前我国法律和制度对投资者利益保护较弱的情况下,股权过于分散对公司的经营并没有好处。本文主要创新之处在于:第一,将公司内部治理结构变量和股权结构变量引入财务困境分析的过程中,探寻引发财务困境的深层次原因,为财务困境研究提供了一个有价值的分析角度。第二,在全面考察我国上市公司内部治理结构和股权结构与财务困境关系的基础上,加入了一些新的变量进行研究,更全面地反映了我国上市公司的现实情况。第三,和以往的研究相比,实证研究中选取的样本更新且容量大,能够在一定程度上降低估计误差。本文为我国上市公司优化内部治理结构,构建有利于保护投资者的股权结构和改善公司的经营管理方面提供了依据。
【Abstract】 In recent years, financial distress has become an important subject in the economic field. In initial stage when the financial distress was studied , the academians only paid close attention to the financial indices which could predict financial distress. With the study deepen constantly, people began to find the deeper reasons that caused financial distress, and introduced other variables to analysis. Now, the focus of this research is the relationship between corporate governance and financial distress.The purpose of this research is to explore the relationship among internal corporate governance structure, ownership structure and finacial distress in Chinese listed companies, and we want to find the methods to improve their internal corporte governance structure and ownership structure, which makes the companies health.This study is important to the supervision departments, investors and the listed companies themselves. First, financial distress makes the supervision departments examine the internal corporate governance structure and the ownership structure; on the other hand, the supervision departments regard the unefficient internal corporate governance structure as a signal that may cause the financial distress , and they announce to the society. In order to have good reputations , the companies will improve their internal corporate governance structure and ownership structure. Second , the investors can understand the operation of the listed companies and cope with the management risks. This contributes to protecting their own interests. Third, perfect internal corporate governance structure can benefit the firms in the aspects of changing financial distress, expanding the core business and promoting their values. In addition, this research helps the policy makers to perfect the relevant laws and regulations.On the basis of studies before, combining the realistic situation of the Chinese listed companies and analysing the ownership structure and the internal corporate governance structure which was composed by the shareholders’ meeting, board of directors, board of supervisors and managers, <WP=42>this paper examines the effects of internal control mechanism on financial distress of Chinese listed companies. After comprehending the meaning of internal corporate governance structure and investigating the fuctions of shareholders’ meeting , board of directors , board of supervisors and managers , we analyze the characteristics and reasons of unefficient internal corporte governance structure and limited ownership structure in Chinese listed companies, and then explain their effects on financial distress. Invalid internal corporate governance structure and the ownership structure that is unfavorable to protect the investors are prone to cause financial distress. Second, the empirical results have reflected the conditions and problems of the internal corporate governance structure and ownership structure in Chinese listed companies and have proved the hypothesis that the unefficient internal corporate governace structure is one of the main reasons that caused financial distress. Finally, we provide the corresponding policy recommendations.We make theory analysis and empirical tests in this paper. On the basis of studies before, we define financial distress firms as firms with financial abnormal special treatment (ST) in China. In our sample period 1998 to 2003, we choose 149 firms which were classified as financially abnormal ST firms. Accordingly, we create 149 matching sample firms for this study. The benchmarks for selecting a matching firm include similar asset size and same industry characteristics. We collect the data then and choose variables including the numbers of the directors on the board , CEO duality , the percentage of insiders on the board , the fraction of equity ownership by all officers and directors as a group, the fraction of equity ownership by the CEO, the fraction of equity ownership by the chairman of the board , the numbers of the supervisors , ownership concentration and the fr
- 【网络出版投稿人】 吉林大学 【网络出版年期】2004年 04期
- 【分类号】F276.6
- 【被引频次】11
- 【下载频次】1546