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论文编号：	1064
作者编号：	2120072067
上传时间：	2009/5/30 13:44:38
中文题目：	民营上市公司治理风险实证研究
英文题目：	Empirical Research on Governan
指导老师：	李亚
中文关键字：	民营上市公司 公司治理 治理风
英文关键字：	Private listed company Corpora
中文摘要：	近年来，随着我国民营上市公司治理问题的不断出现，民营上市公司治理风险问题成了理论界和实务界讨论的热门话题。本文在总结和汲取了已有的关于治理风险的研究成果的基础上，结合公司治理相关理论，对民营上市公司治理风险产生的理论根源进行了具体分析，并以我国民营制造业上市公司为研究对象予以实证检验，试图探索公司治理各个要素与治理风险之间的根本性联系。 本文首先回顾了我国民营企业的发展历程，并简要分析了民营企业在不同的发展阶段的特点及其面临的问题，阐述了治理风险在民营企业中的演进过程。随后，本文又从民营企业治理模式、股权结构、董事会独立性、高管的激励与约束及治理风险的预警和防范等方面对国内外学者的研究成果做了简要的总结。接着，介绍了治理风险的相关概念及理论基础，分别从产权理论和委托－代理理论角度分析了治理风险产生的理论根源。最后，在前面分析的基础上，提出了衡量上市公司治理风险指标。 在实证部分，本文以2002年至2007年期间的民营制造业上市公司为样本建立非均衡混合面板模型对影响公司治理风险的因素（包括股权结构、董事会独立性和高管约束与激励等方面）进行了分析。实证结果显示，董事会中独立董事的比例越高、独立董事的薪酬越高，公司治理风险就越低；高管薪酬越高，公司治理风险就越大；管理层在职消费越高，公司治理风险就越大；控制权与现金流权分离度越大，公司治理风险越大。最后，本文从增强董事会独立性、完善高管的激励与约束机制、加强企业文化建设等角度提出了化解治理风险的相关政策建议。 本文的主要创新之处在于较为全面的考虑了影响公司治理风险的各种因素，构建了衡量公司治理风险的数量指标，同时利用2002年至2007年六年的数据建立面板模型使实证分析更加准确。
英文摘要：	In recent years, as the corporate governance problem of China’s private listed companies breaks out frequently, it becomes a hot topic among both theory circle and practice circle. Based on the existing research results and the corporate governance theory, this thesis gave a concrete analysis on the source of private listed company governance risk, and made an empirical research as a try to explore the intrinsic relationship between governance risk and the factors of corporate governance with manufacturing private listed companies as a sample. As a beginning, this thesis reviewed the development process of China’s private companies, analyzed briefly their characteristics in different development stages and the corresponding problems they faced, and illustrated the evolution of private listed company governance risk. Then, a summary of some domestic and abroad scholars’ research results was presented from the aspects of private company governance mode, ownership structure, board independence, incentive and constraint of the advanced management, and the warning and prevention of governance risk. In the end of this section, concepts and theory about governance risk was introduced, and then this thesis analyzed the theory source of governance risk from the aspect of property right theory and principal-agent theory. Based on that, a governance risk index was constructed. In the empirical research section, this thesis used manufacturing private listed companies with time period of 2002 to 2007 as a sample to construct imbalanced pooled panel data Model to analyze empirically the influence of governance factors (such as ownership structure, board independence and advanced management constraint and incentive) on governance risk. Empirical result showed that the higher proportion of independent directors in boards and independent directors’ salary the smaller the governance risk, and the higher advanced managers’ salary, company paid consumption of management and discrepancy between control right and cash flow right, the larger the governance risk. In the last section, some policy advices such as enhancing board independence, improving the incentive and constraint mechanism of advanced management and paying more attention to corporate culture etc. were suggested to control governance risk. The major innovations in this thesis include a fully consideration of the factors affecting corporate governance risk, constructing a quantitative index to describe corporate governance risk, and constructing panel data model making the result more precise.
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