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论文编号：	3323
作者编号：	2120092394
上传时间：	2011/6/7 22:09:56
中文题目：	市场化进程、董事会治理与公司绩效的关系研究—基于中国A股市场的经验证据
英文题目：	The Process of Marketization, Board Governance and Corporate Performance: Empirical Analysis of A-share in China
指导老师：	周建
中文关键字：	市场化进程；董事会治理；企业绩效
英文关键字：	The Process of Marketization; Board Governance; Corporate Performance
中文摘要：	随着我国加入世界贸易组织，我国的制度环境发生了很大的变化，以政府干预为主要特征的经济体制逐渐向市场经济转变。公司是开放的组织，要受到外部环境的影响，必须遵循外部制度环境所设定的竞争规则，而竞争规则的改变则意味着企业经营绩效的改变。在竞争规则改变的背景下，如何通过外部制度环境和内部公司治理安排使公司保持较高的绩效，是中国市场化经济改革过程中企业面临的核心问题。 本文首先对市场化进程及董事会治理等核心概念进行了界定，并对现有的市场化理论、董事会治理理论与竞争优势理论等相关理论进行了回顾，并在前人研究的基础上提出了有关的研究假设，最后通过实证研究对市场化进程、董事会治理与公司绩效的关系进行了检验。 本文以2005-2007年度中国A股上市公司共3308个样本为研究对象，以市场化进程代替外部制度环境，以董事会治理来代替公司治理安排，以此来研究这内外两种制度环境对公司的绩效的影响。本文采用SPSS16.0统计分析软件，对样本数据进行描述性统计，并在进行相关性分析的基础上，用最小二乘法对回归模型做多元线性回归，并运用加权最小二乘法对回归结果进行修正，最后为了保证实证分析结果的准确性，进行稳健性检验。实证结果显示，市场化指数与公司绩效显著正相关，董事会治理变量中，董事会独立性、董事会专业委员会设置、董事会会议次数、董事会薪酬、董事会持股比例与公司绩效显著正相关，董事长与CEO两职合一的情况与公司绩效显著负相关。而董事会规模与公司绩效间的相关关系不显著。因此本文得出结论：良好的外部制度环境与有效的内部制度安排有助于公司实现较优的绩效。本文的研究对通过完善内外部制度环境来提高上市公司的绩效具有非常重要的实践意义和指导作用。
英文摘要：	With China's accession to the World Trade Organization, China's institutional environment has changed greatly from government intervention to market drive. As open organizations, enterprises are clearly subject to the external environment for they have to obey the rules of external environment, which means the external environment change will affect company's performance. So, how to keep high performance through corporate governance arrangements in the background of changing rules become a challenge of enterprises of China facing. Firstly, this study identified the core concepts of the Process of Marketization and Board Governance. And the study reviewed the theory of Marketization, Board Governance, and Competitive Advantage. Based on the former research, this study stated the relative hypothesis. And in the end, this study used empirical studies to test the impact of the process of Marketization and Board Governance on corporate performance. On the basis of using these achievements for reference, this study takes 3308 samples of China A shares (2005-2007) as research subject to study the impact of external and internal system environment on the company's performance. In the research, the variable of marketization process represents external environment and the variable of administration of the Board represents corporate governance arrangements. This study has applied descriptive statistic analysis, corresponding analysis and linear regression through SPSS 16.0, and also has done robust test of the model to ensure accuracy of the empirical results. The regression results of a positive significance correlation between Marketization Index and the company's performance, the variables of special committee setup by the board，average number of board meetings , independence and，the salaries of the board, shareholding ratio of the board are positive significant with the company's performance, however, the variables of scale of the board are not.Therefore this study concluded that a good external environment and system effective internal institutional arrangements will help the company obtain better performance. This study is based on the actual situation of China’s process of marketization, and has great practical meaning for improving the Chinese corporate performance by improving the internal and external environment institution.
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