股權結構、獨立董事與公司績效的關系研究

全文53頁 約18400字 論述翔實

摘 要

在上市公司中實施獨立董事制度作為完善我國公司治理結構的一項重要舉措，有著深刻的理論與現(xiàn)實意義。國內外學者做過許多研究,有些研究認為獨立董事制度與公司績效有明顯的正相關關系,有些則認為是負相關關系,還有一部分認為不存在相關性,卻一直沒有得出一個公認的結論.本文以滬深300指數(shù)(經(jīng)過處理,實際有效的樣本對象為293家)為例，采用2002年度、2003年度和2004年度三年的數(shù)據(jù)，對我國上市公司股權結構、獨立董事（包括兩個方面：獨立董事比例和獨立董事薪酬）與公司績效之間的關系進行研究，先通過股權結構對獨立董事的影響關系研究，然后在此基礎上進行分析獨立董事對公司績效的關系，主要是用來驗證獨立董事的成效性。本文采用SPSS軟件，通過描述性統(tǒng)計分析、相關分析以及回歸分析得出以下結論：股權結構與獨立董事之間的關系不明顯，獨立董事比例對公司績效并沒有多大的影響，獨立董事薪酬對公司績效的影響也不顯著。這些結論表明了目前獨立董事并沒有發(fā)揮其應有的作用,它必須結合上市公司和證券市場的實際情況,結合合理的股權結構,以使獨立董事制度在我國現(xiàn)有的公司治理結構下具有成效性。

關鍵詞：上市公司,股權結構,獨立董事,公司績效

ABSTRACT


It is of profound theoretic and practical significance to carry out in the listed companies the institution of independent directors as an important practice to improve corporate governance in China’s companies. Scholars home and abroad do many studies, and some think that institution of independent directors and firm performance are of obviously positive correlation, and some believe that they are of negatively correlated, also others think they are of no correlation. But there is no acknowledged result. Based on the cases of hu-shen 300 exponents (by dealing with, effective stylebook objects in nature is 293 ) and adopted the year of 2002,2003,2004’s datas，this paper makes a positive study on the following relationships: stock equity structure and independent directors(containing two aspects: independent directors ratio and independent directors’ salaries ) and firm performance. Fist, we make a study on stock equity structure and independent directors’ correlation; then in this foundation we make a study on independent directors and firm performance’ relation. We do this just to validate independent director’s effect. The research adopts SPSS software and through description statistical analysis, correlativity analysis, regressive analysis the research displays that stock equity structure and independent directors’ relation are of no obviously correlation that firm performance and independent directors ratio are of weak correlation; that the relation of independent directors’ salaries and firm performance is weak. There results indicate that independent directors don’t exert inward function at present, so it must combine listed companies and securities business’s actual complexion and reasonable stock equity structure, in this way the institution of independent directors can have effect in existing corporate governance.
KEY WORDS： Listed Companies, Stock Equity Structure,
Independent Directors, Firm Performance

目 錄

第1章 前言-------------------------------------------6
1.1 獨立董事的基本含義/6
1.2 獨立董事產(chǎn)生的背景/6
第2章 獨立董事的作用及獨立董事與企業(yè)績效的關系--------3
2.1國外獨立董事的作用/3
2.2國內獨立董事的作用/5
2.3獨立董事與企業(yè)績效的關系/6
第3章 理論假設---------------------------------------10
3.1獨立董事制度與公司股權結構的相關性/10
3.2獨立董事比例與公司績效的相關性/11
3.3獨立董事薪酬與公司績效的相關性/13
第4章 研究方法----------------------------------------15
4.1樣本數(shù)據(jù)/15
4.2變量定義/15
4.3模型設計/17
第5章 實證分析結果------------------------------------18
5.1描述性統(tǒng)計分析結果/18
5.2相關分析結果/23
5.3回歸分析結果/29
第6章 結論與建議-------------------------------------46
致 謝-------------------------------------------------48
參考文獻-------------------------------------------------------------------------48