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论文编号：	1306
作者编号：	1120060720
上传时间：	2009/6/17 14:34:21
中文题目：	上市公司自主性治理有效性研究—
英文题目：	Research on Effectiveness of V
指导老师：	马连福
中文关键字：	公司治理、强制性治理、自主性治
英文关键字：	Corporate Governance; Mandator
中文摘要：	新千年伊始，公司治理改革已经成为全球性的焦点问题。随着经济全球一体化的发展和世界经济环境的变化，良好的公司治理既需要国家通过强制性的法规对治理结构进行规定，也需要制定与市场环境变化相适应的、具有非约束性和灵活性的公司治理原则。中国新《公司法》一改旧《公司法》对公司的过度管制，赋予公司诸多自主权，许多事项允许通过公司章程来实施自治，公司章程对规范公司运营的作用更为突出，这也要求企业进一步强化规则意识，通过公司章程设计灵活、高效的公司治理机制。中国的公司治理改革已经进入由“消极守规”向“主动合规”转变的新阶段。此时，合理的公司治理结构不仅仅要“合规”，还必须要有利于企业的创新，有利于企业的发展。 南开大学公司治理研究中心课题组通过CCGINK对2004—2008年连续5个年度的公司治理评价样本数据的比较和分析发现：中国上市公司整体治理水平呈现逐年提高的趋势。我国上市公司治理水平目前正在从完全迫于监管压力的“强制性治理”，向源自市场压力和公司内部需求的“自主性治理”转变。根据中国证监会2007年3月9日颁布的《关于开展加强上市公司治理结构专项活动有关事项的通知》的要求，上海证券交易所和深圳证券交易所各上市公司对公司治理结构状况开展深入的专项自查工作，公司治理创新实践活动备受关注。 然而，与实践中对“自主性治理”有效性认知的迫切要求不相匹配的是，理论上对公司治理新形态—“自主性治理”相关问题的探索却较为薄弱。对中国公司治理制度正在从“合规”阶段的强制性治理向“创新”阶段的自主性治理跃迁无法提供理论支撑，对自主性治理的有效性也没有提供相应的经验证据。 本文借鉴国际上公司治理理论与实践经验，基于历史的、演进的视角，从理论上来探索中国公司治理制度演进的制度基础与内在逻辑，以及自主性治理的有效性原理，从实证上，验证自主性治理的有效性及其实现方式将具有重要的理论和现实意义。 本文首先介绍了选题的背景，提出的问题，研究方法以及主要创新点。其次，对公司治理有效性相关文献进行了述评，并在此基础上对转型经济时期中国的制度背景进行了介绍，为论文的后续研究设计和实证分析奠定了现实基础。再次，探索了强制性治理向自主性治理演进的制度基础和内在逻辑，提出了强制性治理和自主性治理有效性的分析框架。最后，对自主性治理有效性及其驱动因素进行了实证检验，得出了研究结论，并指出未来研究方向。 本文研究的主要结论有： 1．公司治理制度是沿着应对外部市场带来的潜在获利机会和降低公司组织内参与人的不确定性预期，优化信息权配置，提高治理效率为机理，从萌芽式的自发性到国家层面法律强制性治理再到公司层面自主性治理的螺旋式路径演进。 2．国家级自主性治理对公司绩效作用不明显，而省级自主性治理水平越高，公司绩效越高。这一提升更多的是由于股东治理、经理层和公司透明度等自主性治理机制发挥作用的积极结果。同时，省级自主性治理更多的表现为对省级强制性治理的互补作用。 3．在终极控制人为国有控股的样本公司中，国家级和省级自主性治理的改善会显著的提高公司绩效，而在非国有控股的样本公司中，国家级和省级自主性治理对公司绩效作用不明显。 4．在对自主性治理影响因素研究中，公司规模越大，负债率越低，成长性越强的公司，其自主性治理水平提高的可能性越大。 本文创新点主要有： 1．基于信息权配置的视角，分析强制性治理向自主性治理演进的制度基础和内在逻辑。本文以国家法律层面的治理变革向公司层面治理创新演进为背景，以提高公司治理效率为目标，以信息权优化配置为博弈均衡的路径，从理论层面对公司治理创新实践活动进行回应，分析强制性治理向自主性治理演进的制度基础和内在逻辑。 2．构建自主性治理有效性的理论框架。本文抽象现实背景，把现实问题提升到理论高度，以公司治理制度演进机理为基础，分析自主性治理的动力机制，构建自主性治理有效性的理论框架，完善自主性治理理念和理论体系。 3．构建国家级自主性治理、省级强制性治理和省级自主性治理指数。基于中国公司治理的制度背景，从“合规”评价延展到“创新”评价，以公司治理条款采纳与否为标准，构建国家级自主性治理、省级强制性治理和省级自主性治理指数，并在此基础上从股东大会、董事会、经理层、监事会、公司透明度、公司独立性等六个维度构建了自主性治理分指数，对自主性治理从深度和广度上进行了度量，深究了上市公司自主性治理影响公司价值的具体机制、变化效果等，深化了对自主性治理研究积累。
英文摘要：	At the beginning of the new century era, corporate governance reform has become a hot topic.With the development of global economy integration, better corporate governance not only requires country regulate the governance structure through mandatory law, but it is also necessary to develop the principles of corporate governance with non-binding and flexibility which adapt to changes in market environment. China corporate governance reform has entered the “active compliance”new stage from the “passive compliance”. At this point, reasonable corporate governance structure not only to "compliance", but also must be conducive to business innovation and to the development of enterprises. Research Center of Corporate Governance of Nankai University found that: the overall governance level of China's listed companies is increasing year by year, Governance of listed companies in China are currently change from a totally "Mandatory governance" under regulatory pressure to "voluntary government" from domestic market pressure and the company's rationale demand through five consecutive annual corporate governance rating sample data from CCGINK 2004-2008 year. 2007 year, is a crucial year for capital markets shifting full circulation, is also a volatile year for China capital market. Following the Non-tradable Share Reform by the China Securities Regulatory Commission, Self-examination activities of corporate governance is carried out. However, with the urgent requirement for the effectiveness of cognitive of the practice of "voluntary governance" not match, in theory, research for new forms of corporate governance - "voluntary governance" is weak. It is not theory support the Chinese corporate governance system which from the "compliance" stage to the "innovation" phase, and can not provide the corresponding empirical evidence for validity of voluntary governance. To this end, Fully draw on the theory and practice of international corporate governance, based on an integrated, historical, evolutionary perspective, explore the evolution and internal logic of Chinese corporate governance system in theory as well as the effectiveness principles of voluntary governance, verify the validity of voluntary governance and its implementation ,which would have important theoretical and practical significance. This dissertation consists of six chapters. Major contents of each chapter are outlined as follow: Chapter 1 is the introduction.Chapter 2 is the literature review. Chapter 3 describes the institutional background of corporate governance reform of listed companies in China.Chapter 4 studies the theory and research method.Chapter 5 is the empirical results and analysis.Chapter 6 summarizes the research findings of this dissertation, and reports the lessons we learn, the caveats about this research, and points out the direction for further research. This dissertation has reached the following conclusions: Firstly, as a necessary supplement to external mandatory legal system, corporate governance can generate new self-enforcing mechanisms through internal interactions, initiate governance innovations, facilitate the development of capital market, and promote the evolution of a firm’s governance institution from mandatory governance to voluntary governance. Secondly, country level for Voluntary governance is not significant related with the corporate performance, but the province level for voluntary governance is significant with the corporate performance, and this enhancement is more due to the positive results of voluntary corporate governance mechanisms such as shareholder governance, executive incentives, and corporate transparency. Thirdly, in sample which the ultimate control is state-owned holding companies, Country level and province level for Voluntary governance can significantly improve corporate performance, but in samples for non-state-owned holding companies, Country level and province level for Voluntary governance can not significantly improve corporate performance, Fourthly, in research of the impetus factor for voluntary governance, the author found that the level of voluntary governance is likely great, the larger companies, the lower the debt ratio, growth is stronger. This research is exploratory in major improvements and innovations are evident in the following aspects: Firstly, explore the institutional base and internal logic from mandatory governance to voluntary governance based on the evolution of corporate governance institution. Secondly, build the effectiveness principles of voluntary governance, and enriched the research field of corporate governance. Thirdly, based on the Chinese corporate governance system, constructing a country level and province level of voluntary governance and mandatory governance Index, and constructing the six sub-indices dimensions of voluntary governance ,which is the general meeting of shareholders, boards of directors, managers, board of supervisors, corporate transparency, the company independence, get to deeply understand the specific mechanisms .
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