联系我们

论文查询结果	返回搜索

论文编号：	1240
作者编号：	2120072069
上传时间：	2009/6/12 0:10:37
中文题目：	董事会治理、资本结构与公司价值
英文题目：	Board Governance, Capital Stru
指导老师：	李亚
中文关键字：	董事会治理 资本结构 公司价值
英文关键字：	Board Governance　 Capital St
中文摘要：	以安然公司为代表的一批公司治理丑闻的出现，引发了社会各界对董事会职责和有效性的关注。这些丑闻导致人们对公司治理制度，特别是董事会治理的功效产生了怀疑。公司治理制度是用来保障公司资金提供者可回收其投资的制度，通过建立适当的内部与外部机制，以提升公司的经营绩效，创造公司价值。而公司治理内部机制的核心是董事会，董事会的作用在于保护和增加公司财富、并确认企业行为道德而公平。 国内外大多数的研究认为资本结构会影响公司治理，但是本文认为董事会治理会影响到资本结构的决策，进而影响到公司的价值。在国内外文献回顾分析的基础上，结合中国市场的数据，本文探讨资本结构能否作为董事会治理影响公司价值的中介变量。首先，分析公司治理的核心——董事会治理各个变量与资本结构、公司价值之间的理论关系，为了保证理论分析的可靠性和准确性，利用中国股票市场的数据，运用实证分析的方法，提出假设，进行实证验证。在分析董事会治理各个指标、资本结构、公司价值三者关系和实证检验结果的基础上，本文进一步讨论资本结构能否作为董事会治理相关指标影响公司价值的中介变量。最后，基于董事会治理各个变量，运用因子分析法编制一个可反映上市公司董事会治理水平的综合指标——CGBindex指标，并通过该综合指标，检验董事会治理综合水平与资本结构、公司价值的关系，验证资本结构能否作为董事会治理综合水平影响公司价值的中介变量。 本文的实证结果如下：（1）资本结构是独立董事比例影响公司价值的中介变量，即独立董事比例提高，会提高财务杠杆，进而提高公司价值；（2）资本结构不能作为董事会治理综合水平影响公司价值的中介变量，这和董事会治理单个指标的实证回归结果是一致的，进一步证明董事会治理综合指标是董事会治理单个指标的综合体现，可以反映董事治理综合水平。
英文摘要：	Due to the scandals of a group of companies represented by Enron, all sections of the society have paid more attention to responsibility and validity of the board. These scandals lead to the public’s doubt of the corporate governance system, and board governance in particular. Corporate governance system is to ensure that people who invest in company can get their investments back. This institution enhances the company's operating performance and creates the corporate value by establishing appropriate internal and external mechanisms. The core of the internal mechanisms of corporate governance is the board, which protects and increases corporate value, and guarantees the business ethics as well as the fairness of competitions among companies. Most of the research at home and abroad assumes that capital structure will affect corporate governance, but this thesis considers that board governance will affect decision making of the capital structure, and then affect the value of the company. Associated with literatures and figures from China, this thesis analyzes whether leverage can play the mediating role in the relationship between board governance and corporate value. First, this thesis has done research on the theoretical relationship among the relevant variables of board governance, capital structure and corporate value. In order to test the reliability and accuracy of the theoretical analysis, empirical analysis of the market data is used. Next, On the basis of several proposed hypothesizes, this thesis builds regression models, and then gives empirical analysis. Based on the analysis and the empirical results of the relationship among the relevant variables of board governance, capital structure and corporate value, this thesis further analyzes whether capital structure can play the mediating role in the relationship between the proportion of independent directors and the corporate value. Finally, this thesis proposes a composite index (CGBindex) that can objectively evaluate the level of board governance in listed companies. Using this composite index, this thesis gives hypothesizes, proposes regression models, and then tests the relationship among CGBindex, capital structure and corporate value, and then analyzes whether capital structure can play the mediating role in the relationship between CGBindex and corporate value. The empirical results of this thesis are as follows: (1) Capital structure plays mediating role in the relationship between the proportion of independent directors and corporate value. It works this way: the proportion of independent directors will increase Lev, which will further improve corporate value. (2) Capital structure cannot play the mediating role in the relationship between CGBindex and corporate value due to the non-significant positive correlation between CGBindex and capital structure. This is consistent with empirical regression results between the relevant variables of board governance and capital structure, and it further proves that CGBindex is an integrated index of the relevant variables of board governance, and can reflect the level of board governance.
查看全文：	预览  下载(下载需要进行登录)