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论文编号：	3155
作者编号：	2120092434
上传时间：	2011/6/2 19:38:06
中文题目：	基于高管变更视角的董事会特征与公司治理有效性研究
英文题目：	Research for Relationship between Directorates’ Characteristics and the Effectiveness of Corporate Governance Based on the Perspective of Top Management Team Turnover
指导老师：	张国萍
中文关键字：	高管变更;董事会特征;公司治理有效性
英文关键字：	Top Management Team Turnover;Characteristics of Board of Directors;Effectiveness of Corporate Governance
中文摘要：	随着我国证券市场不断发展，上市公司中高管人员强制性变更事件层出不穷，这些高管变更事件在多大程度上反映了我国上市公司公司治理有效性已经成为理论界和实务界关注的焦点。与此同时董事会治理是公司治理研究中一个核心内容，在我国上市公司中公司内部以董事会为代表的监督机构存在严重“监督缺失”现象的背景下，对董事会特征是否真的会影响公司治理效率，并且是如何影响公司治理效率这一问题进行研究具有重大的理论意义和实践意义。 本文在对已有文献进行研究的基础上对公司治理有效性进行界定，本文认为公司治理有效性应包含两个方面的内容，一是低劣的公司业绩是否导致在位高管人员的及时有效变更；二是高管变更以后是否带来了公司业绩的显著提升。 本文选取了沪深两市2004年至2009年560家上市公司的3360个财务数据和公司治理结构数据，通过统计和研究发现我国高管变更频率要高于其他国家，并呈现逐年上升趋势；发生高管变更公司和未变更公司在董事会特征指标表现出了显著的差异性。在对董事会特征与公司治理有效性之间关系的实证分析中分别验证了董事会特征与高管变更概率之间的关系和董事会特征与高管变更前后公司业绩差值之间的关系，本文发现：低劣的公司业绩是高管发生变更的直接原因；董事会规模与高管变更概率之间呈现显著的倒U型关系，也就是说董事会规模有一个最佳临界点，低于或高于这个临界点都会给高管变更与公司业绩敏感度带来影响；两职分离促进了在低劣公司业绩下高管（特别是总经理）发生变更；董事会会议次数是一种低成本的提高公司治理有效性的手段，适当调整董事会行为可以提高公司治理有效性。但是在对董事会特征与高管变更前后公司业绩差值之间关系的实证分析中并没有得到理想的结果，本文认为这是由于外部经理人市场的缺失和董事会中各利益集团之间的激烈斗争，即使实现了在低劣业绩下高管的变更，也有可能董事会不会按照科学的方法来选择合适的继任高管，也就不能给上市公司带来显著的业绩改善。 基于上述研究发现，本文最后对全文进行了总结并对我国公司治理机制和结构的科学完善提出了几点建议。
英文摘要：	With the continuous development of Chinese securities market, the extents of management team’s turnover in listed companies are emerging in an endless stream. How these management team’s turnover extents reflect the effectiveness of corporate governance has become the focus in theories and practice. At the same time, board governance is a key content in the study of corporate governance. Under the background of “lack of supervision” of the Board, which as the representative of supervising agencies in listed companies, the study of whether and how the characteristics of board affect the efficiency of corporate governance have great theoretical and practical significance. On the basis of studying the existing literature, the effectiveness of corporate governance has been defined in this paper. The content of the effectiveness of corporate governance should indispensably include two aspects: first, whether the poor performance of the company led to timely and effective turnover of top management; Second, whether the turnover of top management brought the change of performance significantly. Based on 3360 financial and corporate governance data of 560 listed companies in Shenzhen Stock Exchange and Shanghai Stock Exchange from 2004 to 2009, the thesis found that the frequency of top management turnover is higher than other countries, and showed an increasing trend year by year; the characteristics of board showed significantly difference between top management turnover companies and not turnover companies. Then the thesis empirically analyzed the relationship between the characteristics of board of and the effectiveness of corporate governance. The thesis respectively examined the relationship between the characteristics of board of directors and the probability of top management turnover and the relationship between the characteristics of board and performance difference between before and after top management turnover. The thesis empirically found: poor performance of the company is the direct cause of top management turnover; size of the board and the probability of top management turnover showed significantly inverted U-shaped relationship, which means that there is an optimal size of the board critical point, below or above this critical point will affect the sensitivity of performance and top management turnover; “two duties separation” will promote top management turnover in the poor performance condition; board meetings is a low cost way to improve the effectiveness of corporate governance. Appropriate adjust behavior of board can improve the effectiveness of corporate governance. Meanwhile, the thesis did not get the desired results in the study of relationship between the characteristics of board of directors and performance difference between before and after top management turnover. The thesis argues that due to the lack of external managers market and the fierce struggle among the interest groups of the board of directors, even if the poor performance led to the turnover of top management, the directors may not choose the right successors in the scientific method. And it would be unable to bring significant performance improvements. Based on the findings above, the thesis summarized the full text and put forward some suggestions on science improvement of corporate governance structure and corporate governance mechanism.
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