股权结构、独立董事与公司绩效的关系研究.doc
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股权结构、独立董事与公司绩效的关系研究,全文53页约18400字论述翔实 摘 要在上市公司中实施独立董事制度作为完善我国公司治理结构的一项重要举措,有着深刻的理论与现实意义。国内外学者做过许多研究,有些研究认为独立董事制度与公司绩效有明显的正相关关系,有些则认为是负相关关系,还有一部分认为不存在相关性,却一直没有得出一个...
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股权结构、独立董事与公司绩效的关系研究
全文53页 约18400字 论述翔实
摘 要
在上市公司中实施独立董事制度作为完善我国公司治理结构的一项重要举措,有着深刻的理论与现实意义。国内外学者做过许多研究,有些研究认为独立董事制度与公司绩效有明显的正相关关系,有些则认为是负相关关系,还有一部分认为不存在相关性,却一直没有得出一个公认的结论.本文以沪深300指数(经过处理,实际有效的样本对象为293家)为例,采用2002年度、2003年度和2004年度三年的数据,对我国上市公司股权结构、独立董事(包括两个方面:独立董事比例和独立董事薪酬)与公司绩效之间的关系进行研究,先通过股权结构对独立董事的影响关系研究,然后在此基础上进行分析独立董事对公司绩效的关系,主要是用来验证独立董事的成效性。本文采用SPSS软件,通过描述性统计分析、相关分析以及回归分析得出以下结论:股权结构与独立董事之间的关系不明显,独立董事比例对公司绩效并没有多大的影响,独立董事薪酬对公司绩效的影响也不显著。这些结论表明了目前独立董事并没有发挥其应有的作用,它必须结合上市公司和证券市场的实际情况,结合合理的股权结构,以使独立董事制度在我国现有的公司治理结构下具有成效性。
关键词:上市公司,股权结构,独立董事,公司绩效
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 录
第1章 前言-------------------------------------------6
1.1 独立董事的基本含义/6
1.2 独立董事产生的背景/6
第2章 独立董事的作用及独立董事与企业绩效的关系--------3
2.1国外独立董事的作用/3
2.2国内独立董事的作用/5
2.3独立董事与企业绩效的关系/6
第3章 理论假设---------------------------------------10
3.1独立董事制度与公司股权结构的相关性/10
3.2独立董事比例与公司绩效的相关性/11
3.3独立董事薪酬与公司绩效的相关性/13
第4章 研究方法----------------------------------------15
4.1样本数据/15
4.2变量定义/15
4.3模型设计/17
第5章 实证分析结果------------------------------------18
5.1描述性统计分析结果/18
5.2相关分析结果/23
5.3回归分析结果/29
第6章 结论与建议-------------------------------------46
致 谢-------------------------------------------------48
参考文献-------------------------------------------------------------------------48
全文53页 约18400字 论述翔实
摘 要
在上市公司中实施独立董事制度作为完善我国公司治理结构的一项重要举措,有着深刻的理论与现实意义。国内外学者做过许多研究,有些研究认为独立董事制度与公司绩效有明显的正相关关系,有些则认为是负相关关系,还有一部分认为不存在相关性,却一直没有得出一个公认的结论.本文以沪深300指数(经过处理,实际有效的样本对象为293家)为例,采用2002年度、2003年度和2004年度三年的数据,对我国上市公司股权结构、独立董事(包括两个方面:独立董事比例和独立董事薪酬)与公司绩效之间的关系进行研究,先通过股权结构对独立董事的影响关系研究,然后在此基础上进行分析独立董事对公司绩效的关系,主要是用来验证独立董事的成效性。本文采用SPSS软件,通过描述性统计分析、相关分析以及回归分析得出以下结论:股权结构与独立董事之间的关系不明显,独立董事比例对公司绩效并没有多大的影响,独立董事薪酬对公司绩效的影响也不显著。这些结论表明了目前独立董事并没有发挥其应有的作用,它必须结合上市公司和证券市场的实际情况,结合合理的股权结构,以使独立董事制度在我国现有的公司治理结构下具有成效性。
关键词:上市公司,股权结构,独立董事,公司绩效
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 录
第1章 前言-------------------------------------------6
1.1 独立董事的基本含义/6
1.2 独立董事产生的背景/6
第2章 独立董事的作用及独立董事与企业绩效的关系--------3
2.1国外独立董事的作用/3
2.2国内独立董事的作用/5
2.3独立董事与企业绩效的关系/6
第3章 理论假设---------------------------------------10
3.1独立董事制度与公司股权结构的相关性/10
3.2独立董事比例与公司绩效的相关性/11
3.3独立董事薪酬与公司绩效的相关性/13
第4章 研究方法----------------------------------------15
4.1样本数据/15
4.2变量定义/15
4.3模型设计/17
第5章 实证分析结果------------------------------------18
5.1描述性统计分析结果/18
5.2相关分析结果/23
5.3回归分析结果/29
第6章 结论与建议-------------------------------------46
致 谢-------------------------------------------------48
参考文献-------------------------------------------------------------------------48