联系我们

论文查询结果	返回搜索

论文编号：	3082
作者编号：	2120092505
上传时间：	2011/5/23 16:02:26
中文题目：	我国创业板中小企业公司治理问题研究
英文题目：	Research on Corporate Governance of SMEs in China GEM —— In case of Jiangsu Xinning Logistics Co., Ltd.
指导老师：	牛建波
中文关键字：	创业板 中小企业 公司治理 新宁物流
英文关键字：	growth enterprise market, corporate governance, small and medium-sized enterprises, Xinning Logistics Co., Ltd.
中文摘要：	中小企业是一个国家最重要、最基本的经济体，是经济领域最活跃的增长点，在创造GDP、增加税收、提供就业岗位等方面具有无可替代的作用。近些年来，我国中小企业得到了极大的发展，中小企业在国民经济中的地位和作用不断提高。但同时，中小企业在发展过程中也遇到了很多问题，特别是公司治理问题制约了其进一步的发展壮大，也使其在资本市场融资方面遇到很大困难。中小企业的发展问题已经成为世界各国关注的焦点，中小企业尤其是高科技中小企业的发展需要资本市场的推动，这已被发达国家的实践所证实。我国创业板的开启不仅开辟融资的新渠道，解决中小企业发展过程中的资金短缺和瓶颈问题；而且建立符合国际惯例的公司治理结构，扭转目前我国中小企业在管理上存在的混乱局面。 本文以创业板中小企业为研究对象，分析了中小企业，特别是创业版中小企业公司治理现状，特点及成因。由于历史原因，中小企业大都存在现代企业制度不规范，家族式管理盛行，股权结构单一且高度集中，大部分投资人也是企业的主要经营者，所有权与经营权不分，中小股东利益得不到保障；股东大会，董事会，监事会高度统一，也经常造成企业所有权、经营权和监督权高度统一；监事会监督机制没有真正落实，监事会成员独立性不高，行使权力的积极性也不高；无法构建对高级管理人员的有效激励机制和约束机制，缺乏相应的精神激励；独立董事虚设，信息严重不对称，损害中小股东利益等问题。针对创业板中小企业，更存在股权高度集中于创业者群体，经营管理权掌握在家族成员手中，家长式管理模式，和外部治理机制缺失等问题。究其原因，主要是因为对中小企业法律制度体系不健全、产权关系不明、市场体系发展落后、公司治理观念薄弱、经理人市场不完善、经理人诚信体系以及缺乏有效的激励和约束机制等。 本文以新宁物流公司为例，首先介绍了近些年物流行业的几个发展趋向：第三方物流发展趋向；供应链管理发展趋向；国际合作化趋向；信息化趋向等，然后介绍了新宁物流的公司背景，专门从事进口保税货物和外商暂存货物的仓储及相关配套服务的物流公司，符合未来市场发展的需要。新宁物流在公司治理方面存在以下一些问题：股权高度集中于两个大股东手中；对高层管理者缺乏有效的激励机制；其主营业务比较单一，业务风险高；公司业务快速成长累积了其治理风险等。并针对以上问题给出内外部治理对策。内部：逐步实现股权多元化，增加机构持股、公众持股比例，优化企业股权结构，逐步形成有利于企业法人治理建设的有约束、有制衡，相对多元与分散的股权结构；大力培育机构投资者，扩大投资规模创造发挥机构投资者作用的有利条件，引导机构投资者进行正确的投资。增强信息披露制度，打破投资者与上市公司之间的信息不对称现象，保证投资者投资决策的科学与理智，同时，信息披露也有利于监管机构对公司进行监管，从而有利于维护创业板市场稳定健康的发展；建立完善的管理层激励制度，企业经理层可以通过勤勉尽责为公司服务，使公司价值最大化，从而得到的一种以股权形式给予经济权利，在建立完善的物质激励制度的同时，也要着手建立与之相应的精神激励；完善公司治理结构,建立健全股东大会、董事会、监事会及独立董事制度并使其发挥应有的作用。外部治理可通过资本市场股票价格的波动，产品市场的竞争压力，经理人市场的完善，并购市场的被并购风险及法律法规的监督作用对公司治理产生效果。 并通过对新宁物流公司治理问题的分析，推广至创业板中小企业的内外部公司治理机制优化的建议：包括维护中小股东权益，打破原始股一股独大的局面，构造合理股权结构；提高董事会职责与效率，控制执行董事数量，对董事义务进行进一步明确，对控股股东权利进行限制；增强监事会职能，以财务监督为核心；增强对管理层的激励，实施股票期权制和建立经理人的声誉机制；完善独立董事制度，增强独立董事的独立性及设置问责制；维护利益相关者权利，通过进行立法保护等。建立完善的外部监督体系，提高信息披露透明度，增强舆论监督作用；建立完善的退市制度，保护投资者利益也使企业感受到资本市场的压力。 中小企业公司治理问题已成为制约其上市融资发展的重要因素，尤其对创业板中小企业，建立科学、完善的公司治理制度是公司上市必须完成的要求。
英文摘要：	At present, Small and medium-sized enterprises(SMEs) have incontestably been playing an import role in supporting sustainable economic growth of China, not only to produce GDP, raise the tax, but as well create new jobs. However the lack of outside financing makes the pace of the SMEs being heavily bottlenecked now due to governance problems in the SMEs. Small and medium-sized enterprise development problem has become the focus of attention of the countries around the world, and small and medium-sized enterprises especially high-tech SMEs development need the capital market, which has been proved by developed countries in the practice. China growth enterprise market extends new financing channels, and solves the problems of SMEs in shortage of funds. In line with international practice, building of the corporate governance structure will reverse current disadvantageous situation. Based on XinNing logistics companies, for example, first introduced the logistics industry in recent years several developing trend: the third party logistics development tendency; Supply chain management development tendency; International cooperative tendency; informatization, and then introduced the background of XinNing logistics company, specializes in the bonded goods of import and foreign temporary goods warehouse and related services, logistics company with the needs of the development of futures market. XinNing logistics in corporate governance exist the following problems: equity heavily focused on the two big shareholders; top managers’ lack of effective incentive mechanism; its main business is more in one fold, higher business risk. Governance risk is increasing higher because of rapid business growth. Analyze questions above, internal and external treatment countermeasure are given. Internal: gradually realize equity diversification, increase institution constitution, the public, optimizing enterprise shareholding equity structure, construction of corporate governance, and binding, relative multivariate and balances widely dispersed ownership structure. Cultivating institutional investors and expanding investment scale, guiding the favorable conditions for the working of institutional investors. Strengthen information disclosure system and change the information asymmetry between investors and listed companies, which will ensure investment decision-making scientific, meanwhile, information disclosure is also helpful for company regulation, thus helps maintain the healthy development of the gem market stability. Establishing perfect management incentive system, enterprise managers can serve the company diligently, so that the company value will be maximized, thus obtains a kind of economic rights, by equity form in establishing perfect material incentive system at the same time, as well as establish corresponding spiritual encouragement. Perfecting corporate governance structure depends on shareholders, the board of directors and the board of supervisors and independent director system and makes it play a proper role. External treatment can through the capital market stock price fluctuations, product market competitive pressure, the perfect manager market, avoiding m&a market risk also needs the laws and regulations of the supervision effects of corporate governance. With the case study of XinNing logistics company governance problem analysis, its experience can be applied to small and medium enterprises to promote gem of internal and external corporate governance mechanism optimization. The advices includes: medium and small shareholders rights protecting, changing the situation of primitive shareholders being great alone, improving the board responsibilities and efficiency, control of directors numbers, executive director quantity , making duty further clearly, limiting the largest shareholder rights, strengthening the functions of supervisory committee, with financial supervision as the core. Increase the incentive for management, implementation and the establishment of stock options system; the reputation mechanism, improve the system of independent directors, strengthening independent director's rights, maintaining stakeholder rights, through legislation protection, etc. Establishing perfect external supervision system, and improve the information disclosure mechanism, consolidate the supervision of public opinion; Establishing perfect delisting system, to protect investors interests by giving the enterprise capital market pressure. Corporate governance problem has been the bottle-neck to small and medium-sized enterprise in financial market, especially to growth enterprise. Establishing and improving corporate governance system is necessary and important for enterprise that wants to go public.
查看全文：	预览  下载(下载需要进行登录)