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论文编号：	3151
作者编号：	2120092377
上传时间：	2011/6/2 14:33:31
中文题目：	公司成熟程度对公司治理特征的影响研究
英文题目：	Research on the Impact of Company Aturity on Characteristics of Corporate Governance
指导老师：	薛有志
中文关键字：	公司成熟程度，公司治理特征，股权集中度，独立董事，高管持股比，例
英文关键字：	Company Maturity, Characteristics of Corporate Governance,Ownership Concentration, Independent Director, The Proportion of Managerial Ownership
中文摘要：	本研究使用动态的视角，对公司治理特征在企业生命周期中不同阶段的演变进行了研究和实证检验。目的是更好地了解公司治理，更好地了解中国的公司治理现状，同时本文所做的数据和实证检验能够为以后的研究提供依据。 本文主要运用文献研究和实证研究的方法。首先对企业成熟程度的理论进行研究,找到前人认为的企业成熟以后的特征以及他们衡量企业成熟程度所用的指标，整理这些特征和指标，从而为“企业成熟程度”下一个比较完整的有一定信服力的定义，并确定本研究所用指标。然后总结公司治理理论目前的各个研究方向，从而找出公司治理中最主要的三个维度，并深入研究这三个维度的相关理论。再根据企业趋于成熟的各种变化，结合投资者偏好视角、资源基础观以及知识基础观，推断企业的成熟带来的公司治理特征在三个维度上的变化。基于此推断提出假设。最后，本文采用沪深两市A股制造业上市公司2009年的最新数据，选取公司成熟程度、公司治理两个领域中多个变量，运用多元线性回归的方法来检验所提出的假设，并得出结论。 本研究的主要结论是，随着公司成熟程度的提高，股权趋于分散，高管持股比例呈U形发展。而独立董事数量趋于减少的检验结果并不显著。其中国有控股企业和民营控股企业的情况有差异。 本研究纵向拓展了公司治理理论研究的范围，发掘了随公司成熟程度的增加公司治理特征的变化趋势。并且也拓展了公司成熟程度的衡量指标，为两个领域的研究都拓宽了思路。
英文摘要：	In this thesis, dynamic perspective will be used to study corporate governance.It will study the evolution of corporate governance in different stages in business life cycle.The objective is to know corporate governance and the status of Chinese corporate governance more clearly, and to provide some basis for later research by my data and experimental study. The main method of this thesis is archival research and experimental study.Firstly,learn the theorys of company maturity to find some characteristics of mature company and to find how to measure the degree of company maturity.On this basis we will have a definition of company maturity. Secondly,learn the theorys of company governance to find the most three important dimension of it.Thirdly, according to the changes of characteristics of mature company in different stages, combining with Investor preference theory, Resource-based view and Knowledge-based Theory, deduce the changes on characteristics of company governance in different stages of company life cycle from the three important dimension. At last, I examine the hypothesis by multiple linear regression in the perspective of the latest data of manufacturing of China in 2009, and get my results. The main result of this thesis is, as the degree of company maturity increases, equity tends to spread and the proportion of managerial ownership have a "U" track. Quantity and proportion of Independent Director didn't have a significant variation tendency. And there are some differences between State-owned enterprises and private enterprises. This thesis vertically broadened the scope of the study of Corporate Governance theory, and excavated variation tendency of characteristics of company governance with the change of company life cycle.It also broadened the method of measuring degree of company maturity.
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