【作者】 李小平；

【导师】 贾志永；

【作者基本信息】 西南交通大学 ， 管理科学与工程， 2006， 博士

【摘要】 良好的公司治理结构作为在经济全球化市场上的一种竞争优势，作为可持续增长和发展的一个不可缺少的重要组成部分，其建设与优化是一个全球性关注的焦点问题。在过去十多年的时间里，中国在建立现代公司治理制度方面虽然取得了显著的进展，但挑战依然存在。本研究试图在委托代理理论的基础上，从价值管理的EVA思想出发，建立EVA概念与公司治理结构的联系，探求EVA理念对我国公司治理结构优化的影响，以寻找有效的公司治理机制。 本研究将公司治理结构的内容定义为公司治理目标、公司治理激励机制、公司治理资本结构、公司治理文化四个方面，基于文献的理论基础和现实的经验数据，采用规范分析与实证分析相结合的方法，讨论了EVA理念作为一种业绩指标、薪酬制度、经济范畴和价值意识对公司治理结构优化的全面影响，并提出了相应的政策建议。论文分三部分： 第一部分是理论探讨与理论模型部分，系统介绍了研究背景、研究现状、研究目的、研究方法及研究架构；依据对基本概念的界定和EVA理念与公司治理结构之间的内在联系，提出了研究假设，建立了理论分析模型。 第二部分是规范分析与实证分析部分，系统分析了EVA指标对于衡量公司治理目标及其实现程度的重要价值；EVA薪酬制度对于提高激励相容和激励程度、降低去职风险和股东成本的相对优势；EVA价值标准对资本结构及其优化决策的重要影响；EVA理念对公司治理文化建设的重要意义。 第三部分是结论部分，从总体上归纳了分析结果，并基于EVA理念对公司治理结构优化的全面影响，从政策上提出了我国在公司治理结构建设中必须关注的基本问题。 对我国公司治理结构的研究是一个理论热点。但国内现有研究中鲜有将公司治理结构与EVA价值管理方法联系起来，系统讨论EVA对我国公司治理结构优化的重要价值。本研究将EVA上升为一种以股东为本的价值理念，基于这一理念与公司治理结构之问的内在联系，建立起了以EVA为基本范畴的关于完善我国公司治理结构的分析框架，这是一条新的、富有启示的路径。论文提出了基于EVA的国有资产保值增值新概念，设计了相应的计算模型，更多还原

【Abstract】 The establishment and optimization of good corporate governance structure, as a competition advantage in economically globalizing markets, and as an essential indispensable ingredient of sustainable growth and development, become a focus of issue attracting global attention. In the past decade, China has extended remarkable progress in laying down modern corporate governance policies and practices. But so far, challenges still exist. On the basis of deputation theory, and from a thought of value management of EVA, this study seeks to create a bond between the concept of EVA and corporate governance structure, digs for impacts made by the idea of EVA on our optimization of corporate governance structure, and finally finds out an effective corporate governance mechanism.The study confines the contents of corporate governance structure to four aspects, that is, its main objectives, motivation mechanism, capital composition, and culture. Adopting such an approach as canonical parse combined with empirical analysis grounded on theoretical underpinnings of literature and real-life empirical data, the study deals with all-round effects on optimization of corporate governance structure exercised by the idea of EVA, as an indicator of performance, a remuneration system, an economic category, and a sense of worth. At the end of this research, the author advances corresponding policy proposals.The dissertation is in 3 sections. The first concerns theoretical exploration and models. It systematically presents research background, status quo, purpose, research methods, and framework. According to the definition of basic concepts and the internal link between the idea of EVA and corporate governance structure, the author brings up the research hypothesis and develops a theoretical analysis model.The second part goes into canonical analysis and empirical analysis. The author systematically analyzes significance EVA indicators reveal in measuring objects of corporate governance and its conformance, the comparative advantages EVA remuneration system gains in improving incentive compatibility and raising excitation degree, reducing risk in leaving one’s job and stockholders’ cost, and the important influences produced by standard for value of EVA on capital structure and its optimization of policy-making, and finally the much significance held by the idea of EVA for construction of culture of corporate governance.The third part comes to a conclusion. On the whole, the author sums up the analytic result, the overall influences the idea of EVA has on optimization of corporate governance structure, and brings forward the basic problems to have to be focused on in construction of corporate governance structure in our country from the aspect of policy.更多还原