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论文编号：	3420
作者编号：	2120092432
上传时间：	2011/6/10 23:37:31
中文题目：	基于股权集中度的两职状态与治理绩效关系研究
英文题目：	Research on Relationship between Duality and Corporate Performance Based on Ownership Concentration
指导老师：	张国萍
中文关键字：	股权集中度;两职状态;治理绩效
英文关键字：	Ownership Concentration;CEO duality;Corporate Performance
中文摘要：	由美国次贷危机引发的全球性金融海啸给世界经济带来了巨大冲击，在后金融危机时代，分析金融危机发生的原因以及如何吸取金融危机的教训成为了重要课题。美国金融机构公司治理机制中高管激励机制缺乏动态性、董事会对公司重大决策控制力低下以及无法对重大决策行为的风险进行有效预判等缺陷，是导致治理风险不断累积并最终引发金融危机的重要原因。而这种缺陷的存在与美国金融上市公司中CEO兼任董事长不无关系。董事长与CEO两职状态如何设置才是正确的选择，再次引起了人们的关注。 董事长与CEO两职状态与治理绩效间的关系，可能是公司治理领域最具争议的问题之一，国内外学者始终无法得到统一的结论。代理理论与管家理论、组织理论支持完全相反的观点，但他们均绝对化地认为两职合一是坏的或好的。随着研究的深入，关于两职状态与治理绩效关系的研究已从绝对化的思路发展到了权变的思路，即认为两职状态对公司绩效的作用在不同的情境下是不同的，两职状态对绩效的影响究竟是正向还是负向要视企业所处的内外环境而定。 而股权集中度则是股权结构的重要内容之一，不同的股权集中度水平下，企业的治理机制、管理模式都有很大的不同。基于此，利用对沪深两市763家A股上市公司2005～2009连续5年共3815组观测数据，对不同股权集中度水平下两职状态与治理绩效的关系进行了实证研究。用前十大股东持股比例之和对股权集中度进行量化，通过聚类分析方法将样本分为了高股权集中度与低股权集中度两组，在组内对两职状态与治理绩效的关系分别进行检验。而为了对治理绩效进行科学量化，构建了囊括多个维度、多种指标的企业绩效评价体系，通过主成分分析法计算出绩效指数作为治理绩效的衡量指标。 研究结论总体上同管家理论与组织理论的观点类似，全样本分析下两职状态与治理绩效不存在显著的相关关系，但在高股权集中度水平下两职状态与治理绩效显著正相关。当公司的股权集中度较高时，总经理兼任董事长对提高治理绩效有积极作用。全样本分析表明，不同两职状态的企业治理绩效的差异并不显著，在低股权集中度与高股权集中度条件下，这一情况都未发生改变。
英文摘要：	The global financial tsunami triggered by the American subprime mortgages crisis had dealt a blow to the world economy, then to analyze the cause of the financial crisis and how to learn the lessons becomes an important issue. The lack of dynamic in the mechanism of incentive for senior managers and board having little capability to control over the major decision and predict the potential risk of major policy decisions, may be accused of being key factor leading to the continuous accumulation of corporate governance risk and ultimately aroused financial crisis. However, The existence of this defect in corporate governance mechanism of American financial institutions might not have nothing to do with the duality in U.S. financial listed companies. Thus, how to set up the status of board chairman and CEO arouses concern again. The relationship between CEO duality and firm performance is probably one of the most controversial issue on corporate governance. Scholars have conducted lots of research to analysis the relationship between them, but still cannot draw a unified conclusion. The agency theory, stewardship theory and organization theory supports different view, which claims CEO duality is bad or good. With further research, the thought of study on the relationship between CEO duality and corporate performance has transformed to be contingent. So the effect that duality exerts on the performance maybe different in different conditions. Duality status affecting firm performance whether positively or negatively depends on the internal and external environment which the corporate has to be confronted with. The degree of ownership concentration is of crucial importance to the survival and development of firm. Corporate governance and management mechanism may be dissimilar on the different level of ownership concentration. Above that, we study on the relationship between duality and firm performance on different level of ownership concentration by utilizing the sample of 763 A-share listed companies and 3815 observation data. We quantify the level of ownership concentration by the amount of top ten shareholders shareholding ratio, then divide the sample by cluster analysis into two subgroups, the high subgroup and low subgroup. After that, principal component analysis is employed to calculate the performance index based on an evaluation system which includes multiple dimensions and multiple indicators of firm performance. Finally, we conduct the regress analysis with the two subgroups to examine the relationship between duality and performance index on high and low degree of ownership concentration. The findings offer support for the view of stewardship theorists and organization theorists and relatively little support for agency theory. The analysis of full sample indicates there is a positive but non-significant correlation between CEO duality status and performance. But duality has a positive effect on firm performance in the high degree of ownership concentration subgroup. Except that, there is no significant difference between corporates which set up board chairman and CEO in different way.
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