【作者】 吴非；

【导师】 陶萍；

【作者基本信息】 哈尔滨工业大学 ， 会计学， 2014， 硕士

【摘要】 随着公司内部高管控制权的逐步扩大，内部高管控制度过当随之成为不容忽视的问题。尽管一般理论认为内部人控制问题存在很多消极影响，但若控制适度也可能为公司决策有效、业绩提高，减少交易成本作出贡献。本文通过实证研究反映内部人控制度的三个度量指标如何影响上市公司业绩，尝试找出内部人控制度的大小和公司经营业绩好坏相和谐的可行性，为相关部门提供建议。本文首先从概念上对内部人控制度及公司业绩进行了概念界定，提出了内部人控制度度量指标为内部高管持股比例，高管薪酬、内部高管在董事会中任职比例；公司业绩度量指标为每股收益。随后从委托代理理论、内部人控制理论两个方面对内部人控制的形成进行了理论解释，随后，从理论上分析了反映内部人控制度的三方面因素对上市公司业绩的影响；最后利用实证研究方法对提出的假设进行验证。本文选取2010-2012年我国沪深两市存在内部人控制问题的A股上市公司为研究对象，并经过对比分析将每股收益作为公司业绩的度量变量，以反映内部人控制度的三方面因素即内部高管持股比例、高管前三名薪酬总额、内部高管在董事会中任职比例为解释变量，构建多元回归模型检验三者对上市公司业绩的影响。研究发现：内部人控制对上市公司业绩并不是只有消极影响，内部高管持股比例、高管前三名薪酬总额与上市公司业绩呈显著正相关关系，而内部高管在董事会中任职比例越高则会使上市公司业绩明显下降。最后，本文在实证研究结论的基础上就如何使内部人控制与上市公司业绩相统一提出了优化治理建议。更多还原

【Abstract】 With gradual expansion of the insiders’ control of the corporate executives,insiders’ control of executives is becoming a problem which can not be ignored.Although the general theory thinks that there are many negative effects of insiders’control, but if the degree of insiders’ control is proper for the enterprise, it can alsomake contribution to make effective decision, improve operating achievement and cutdown transaction costs. In this paper, we study how three measure indexes whichreflects the degree of insiders’ control affect performance of all the companies in thestock market through empirical research, so that we can find out the balance pointbetween the degree of internal control and the quality of the operating performance ofthe enterprises,and we can provide much practical proposals to the relevantdepartments.In the first place, this paper defines the concept of the degree of insiders’ controland the business results of the corporation and put forward the measure indexes whichreflects the degree of the insiders’ control including the ratio of internal executives’stock-holding, the total number of executives’ compensation, the number of the internaloperators serving on the board, and earnings per share stands for the operatingperformance. Then the paper explains the insiders’control from agency theory and thetheory of insiders’ control theoretically, and analyze how the three measure indicatorswhich reflect the degree of insiders’ control how affect business results of all theenterprises in the stock market; Finally, we put forward some suggestions on how tooptimize corporations’ performance on the basis of the results of the study.During the empirical research, the paper chose the A-shares listed enterprizes fromShanghai and Shenzhen securities transactions place which exist the issue of insiders’control from2010-2012as the study sample. Then I use earnings per share whichrepresents the business results of companies as the independent variables. Meanwhile, Iuse the share of the stock of the executives, the total payroll of the top three managersand the number of executives who take a place on the board of directors as dependentvariables to measure the level of insiders’ control. Afterwards, I study how that threeindependent variables affect the business results of listed companies by setting up themultiple regression model. By the study: insiders’ control is not a adverse problem onthe operating performance of all the enterprises in the stock market, the proportion ofthe stock of the operators, the total cash payroll of the top three managers of all listedcorporations of the market are quite related to the operating achievement, while therising amount of managers who have additional position on the board causes a adverseinfluence on business achievement of corporation. Ultimately, by empirical research on how to make conclusions on insiders’ control and managerial of all listed corporations,we can make quite a lor of applicable recommendations for government.更多还原