中小板上市公司治理結構與財務績效的關系研究[畢業(yè)論文]

　　　摘  要：完善的公司治理結構作為現(xiàn)代企業(yè)制度的核心，不僅是現(xiàn)代企業(yè)制度的重要框架，而且是企業(yè)增強競爭力和提高經營績效的必要條件。作為轉軌經濟中的最大的發(fā)展中國家，我國經濟的活力和明天主要看中小企業(yè)的發(fā)展。因此，創(chuàng)業(yè)板和中小板企業(yè)成為人們關注的重點。人們不禁要問，現(xiàn)在的中小企業(yè)的治理結構如何，目前的治理結構是否促進了其業(yè)績表現(xiàn)，其治理結構應該如何改善。
　　　考慮到我國創(chuàng)業(yè)板成立才一年多時間，本文以中小板企業(yè)作為研究對象。通過選取深圳中小板60家上市公司，用股權結構、董事會、管理層、高管的約束機制以及其他相關利益者等作為公司治理結構代理指標，用經濟增加值作為公司財務績效指標，實證分析中小板上市公司治理結構與財務績效的關系，研究發(fā)現(xiàn)，中小企業(yè)板上市公司治理結構與公司財務績效之間存在著顯著的相關關系，股權結構、董事會、管理層、高管的約束機制以及其他相關利益者等對公司財務績效都有顯著影響。這對完善我國中小企業(yè)板上市公司治理結構，提高公司績效有一定的參考意義。
　　　關鍵詞：中小板；公司治理結構；財務績效；回歸分析
　　　
　　　Abstract： Improved corporate governance structure as the core of the modern enterprise system is not only an important framework for the modern enterprise system, but also to enhance competitiveness and improve business performance of the necessary conditions. As the largest economy in transition countries, Chinese economy mainly depends on the vitality and future development of small and medium enterprises. Therefore, the Growth Enterprise Market and the small and medium enterprises board to become the focus of attention. People will ask, how the corporate governance structure of small and medium enterprises board is. The current corporate governance structure is to promote its performance or not, and how to improve its corporate governance structure.
　　　Taking into account the establishment of GEM was more than a year, the paper small and medium enterprise board for the study. Choosing 60 companies from Shenzhen small and medium enterprises board, with ownership structure, board of directors, management, executive constraint mechanism and other stakeholders such as the proxy for corporate governance structure, then with the Economic Value Added as the company's financial performance indicators, empirical analysis between small and medium enterprises board and the financial performance. We found that small business board governance structure of listed companies and financial performance certain correlation exists between the relationship between ownership structure, board of directors, management, executives of the restraint mechanism and other relevant stakeholders such as the company has a significant effect on performances. This will improve our governance structure of listed companies in the small and medium enterprises board, to improve financial performance has some reference value.
　　　Key Words：small and medium enterprises board；corporate governance structure；corporate performance；regression analysis

目  錄
一、中小板上市公司治理結構與財務績效的關系研究問題的提出 1
（一）中小板上市公司治理結構與財務績效的關系研究背景 1
（二）中小板上市公司治理結構與財務績效的關系研究意義 2
二、公司治理結構與財務績效的關系的相關文獻回顧 2
（一）公司治理結構與財務績效的概念 2
（二）國外對于公司治理結構和財務績效的關系的研究成果 3
（三）國內對于公司治理結構與財務績效的關系的研究成果 6
三、中小板上市公司治理結構與財務績效的關系研究設計 7
四、中小板上市公司治理結構與財務績效的關系實證研究過程 8
（一）樣本選擇與數據來源 8
（二）研究變量的設定 9
（三）中小板上市公司與財務績效的回歸分析 10
五、實證研究結果分析 11
（一）研究結果分析 11
（二）對策建議 13
六、結論 13
參考文獻 15
致 謝 17
附錄 18