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论文编号：	3064
作者编号：	2120082611
上传时间：	2011/5/21 0:33:12
中文题目：	我国中小企业公司治理与绩效关系实证研究
英文题目：	The Empirical Study on Relationship between Corporate
指导老师：	周建
中文关键字：	中小企业,中小板,公司治理,绩效,实证研究
英文关键字：	Small and medium-sized enterprises,SME board,Corporate governance,Performance,Empirical study
中文摘要：	摘 要 中小企业已经成为我国国民经济的重要组成部分。中小企业在股权结构、所处行业等方面与国有企业存在不同，但同时也有别于处于发展初期、具有“两高六新”特征的创业型企业。中小企业公司多为成熟行业和发展稳定期中的细分子行业龙头企业，掌握着领先技术、有着稳定持续经营能力。中小企业公司治理有着自身的特点，过去的研究多集中于对所有类型的企业做公司治理与绩效的研究，专门针对中小企业的研究较少。本文旨在基于中小板上市公司的经验证据研究我国中小企业公司治理与绩效的关系。 本文在总结研究国内外相关文献的基础上，提出中小板公司治理与绩效的八个假设,以截止到2009年12月31日上市的327家中小板上市公司作为研究样本，选取第一大股东持股比例、股权集中度、机构投资者持股比例、董事会人数、监事会人数、独立董事比例、前三董事薪酬、前三管理层薪酬、两职是否兼任等公司治理的九个变量作为解释变量，选取三个表征公司绩效的变量作为被解释变量，通过描述性统计分析，在各变量相关性分析的基础上，建立线性回归模型，对假设进行检验，最后得出中小企业的公司治理与绩效之间的关系并提出政策建议。 通过实证研究我们发现，第一大股东持股比例与公司绩效呈U型关系。管理层、董事会的薪酬与公司绩效的相关关系较强，说明在解决委托代理关系的过程中，薪酬作为一种重要的激励措施有着较明显的作用。机构投资者的持股比例与公司绩效之间呈正相关关系，说明机构投资者的参与能从一定程度上优化上市公司的公司治理结构。本文针对以上问题和所呈现出来的特点进行了相关建议，并对不显著的变量进行了分析。本文对于中小企业公司治理与绩效之间的实证研究对于未来中小企业的公司治理结构设计和改善具有一定的实际意义。 关键词： 中小企业 中小板 公司治理 绩效 实证研究
英文摘要：	Abstract SMEs have become an important part of our national economy. SMEs are different from the state-owned enterprises in the ownership structure, industries and other aspects . Meanwhile, they are also different from growth enterprises which are at the early stages of development and characterized by "two high and six new". SMEs are usually in mature industry and the sub-industry leaders in stable development period. They master advanced technology and have a stable and sustainable operating capacity. Corporate governance in SMEs has its own characteristics, while previous researches have usually study corporate governance and performance with all types of enterprises as a whole, few studies are specifically for SMEs. This thesis aims to study relationship between corporate governance and performance in Chinese SMEs by the empirical evidence of companies listed on Chinese SME Board. This thesis makes eight hypotheses of corporate governance and performance in companies listed on Chinese SME board by referring to relevant literature. 327 companies listed up to December 31, 2009 are researched as sample. Nine explanatory variables such as the largest proportion of shareholding, ownership concentration, institutional shareholding, board size, the number of supervisors, the proportion of independent directors , the first three directors remuneration, the first three executives remuneration and CEO duality and three explained variables characterizing corporate performance are selected for the study. Through the descriptive statistical analysis, correlation analysis, linear regression analysis and hypothesis testing, we bring forward the relationship between corporate governance and performance in Chinese SMEs and make policy recommendations. By empirical study, we have found that relationship between the largest proportion of shareholding and corporate performance is U-shaped. In addition, the remuneration of directors and executives is positively related with corporate performance, indicating that remuneration as a important incentive has obvious effect in the agency relationship. Furthermore, institutional shareholding and corporate performance is also positively related, indicating the participation of institutional investors contributes to optimize the structure of corporate governance in listed companies to some extent. Accordingly the relevant recommendations are made. Meanwhile, the variables which are not significant in statistics testing are analyzed. The empirical study on relationship between corporate governance and performance in Chinese SMEs has a certain practical significance to the board design and improvement of corporate governance structure of SMEs. There are some limitations of this study. Keywords: Small and medium-sized enterprises SME board Corporate governance Performance Empirical study
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