【作者】 杨丽丽；

【导师】 郑立群；

【作者基本信息】 天津大学 ， 技术经济及管理， 2009， 硕士

【摘要】 公司治理的目的是提高其治理效率,而治理效率是由多种因素共同作用的。多数学者也做过这方面的理论或实证研究,但是到目前为止,对公司治理效率方面的多因素、实证研究尚属空白。本文从实证角度验证多种影响因素与公司治理效率的关系。首先介绍了公司治理的现状,综述了现有公司治理的有关结论和不足,进而提出自己的研究思路；其次介绍了现有的公司治理相关理论,奠定理论基础；进而定义了什么是公司治理效率,及其与公司绩效的区别,并且评价了现有的各种评价标准,提出了自己的评价标准,并介绍了公司治理的影响因素。接着以2004-2007年中国制造业上市公司582家(ST,PT,数据不完整的公司除外)为研究对象,进行了股权结构与公司治理效率的关系,管理层结构与公司治理效率的关系的实证研究,运用回归分析、检验的方法,验证了自己的假设,得出了与前人不同的结论。公司治理效率与前五大股东持股比例呈倒U型相关,与第一大股东持股比例相关性不明显,与前十大股东持股比例和呈正相关；同时公司治理效率与管理层的薪酬相关性不太显著,因为制造业存在隐性收入。但是与管理层期权存在显著性相关,并且若管理层持有期权,有利于公司未来的发展。同时董事会的独立性也会影响到公司治理效率。最后对全文进行了总结,并提出了解决策略。本文的研究结论有利于制造业上市公司从股权结构和管理层结构两大因素着手提高公司治理效率。更多还原

【Abstract】 The aims of corporate governance are to improve the governance efficiency, but governance efficiency is a combination of many factors. The majority of scholars have been in the theoretical or empirical studies in this field, but so far no scholars do empirical research in many factors. This paper verifies the relationship between the corporate governance efficiency and a variety of influencing factors from empirical verification.Firstly I introduced the status of corporate governance, overviewed of existing relevant conclusions and insufficient research, and put forward of my own idea; Then I evaluate the existing theory of corporate governance related to lay a theoretical foundation; following making the definition of corporate governance efficiency, and telling its the distinction performance, evaluation of the existing evaluation criteria, made my own evaluation criteria, and describing the impact of corporate governance factors. Then I took China’s manufacturing industry,2004-2007, listed companies 582 (ST, PT, incomplete data, except the company) for the study, carried out an empirical study of the relationship between the shareholding structure and the corporate governance efficiency, between management structure and corporate governance efficiency. Using regression analysis, the method of testing to verify my own assumptions, I concluded different conclusions with its predecessors. The relationship between corporate governance efficiency and shareholding ratio of the top five was inverted U-related, and the shareholding ratio of the largest correlation was not obvious, and the shareholding ratio of the top ten and was a positive correlation; At the same time, the corporate governance efficiency and managers’payment significantly less relevance, Because of the existence of hidden income of the manufacturing sector. However, management options, there was a significant correlation, and the option holders may hold shares if the management is conducive to the development of the company’s future. At the same time, the independence of the board of directors will also affect the corporate governance efficiency. Finally, I made a summary of the full text, and put forward solutions. In this paper, the conclusions of the study to improve the manufacturing quoted corporate governance efficiency, in the ownership structure and management structure.更多还原